Maryland Blowing Through A Frightening Amount Of Money

[zls44]

And not just by stupidly picking Randy Edsall!

BTW, this comes after their AD sent a letter to fans BEGGING them to come to the football games. Literally, begging. #BegHarder Kevin.

http://www.washingtonpost.com/sport...es-are-taken/2011/11/02/gIQArPNogM_story.html

Maryland knew it had a budget problem when university President Wallace D. Loh appointed a commission in July to study the matter. But financial documents provided to The Washington Post lay bare just how severe the problem is and stands to become.

Among them is a chart showing that Maryland ranks at the bottom of the ACC in its spending per student-athlete.

Florida State, which offers 19 varsity sports, spends the most per athlete: $118,814. Maryland spends $67,390, less than 57 percent of Florida State's investment per player. All other ACC schools spend more than $71,000 per athlete, and five schools - Florida State, Miami, Clemson, Duke and Wake Forest - spend more than $100,000.

The spending comparison was derived from data in the federally mandated Equity in Athletics Disclosure Act for 2010. Per-athlete spending reflects many factors in addition to scholarships, such as coaching staffs, travel, athletic trainers, academic support staff and equipment.

The Post also received a spreadsheet that projects a $4.7 million deficit in the fiscal year that ends June 30, 2012, a shortfall that will more than triple in five years if not addressed. Members of the President's Commission on Intercollegiate Athletics appointed by Loh reviewed similar budget documents.

 

[SAMCRO]

How can Maryland have financial problems? They're in the ACC and reaping the rewards of the ginormous TV contract that bringing in the likes of BC and having a successful championship game has provided for them. Plus they have all those great uniforms. I'm not buying it. Must be an accounting error.

 

[uconNYC]

So they have the lowest per athlete costs but a massive deficit???? Yikes!

 

[freescooter]

I'd be pretty nervous if I was on the water polo or wrestling team at Maryland. m

 

[Jarhead_1775]

I'd be pretty nervous if I was on the water polo or wrestling team at Maryland. m

How can you possibly spend less on a wrestler?
"ooh, sorry kid, no money for suits this year, you're going to have to go old school like the greeks used to. Good news is we got a line on some cheap olive oil"

 

[Kingspoint]

How can Maryland have financial problems? They're in the ACC and reaping the rewards of the ginormous TV contract that bringing in the likes of BC and having a successful championship game has provided for them. Plus they have all those great uniforms. I'm not buying it. Must be an accounting error.

I know you were being a little facetious, but to be somewhat fair, another part of the article hints at an answer to your question.
"Maryland differs from many other Division I schools in that its athletic department is required to be self-sustaining.
Mandatory student fees represented the third-largest source of income for Terrapins sports, accounting for $11.1 million this fiscal year, following revenue generated by football ($16.1 million) and men’s basketball ($12.1 million). "

What the AD really needs to worry about is the follow on statement.
But Maryland lags behind most of its ACC peers in revenue generated by its main booster group, the Terrapin Club.
In April, Anderson said in the past two to three years, the athletic department had lost between 2,000 and 3,000 donors."

It's something that most likely contributed greatly to Hathaways undoing.

 

[Kingspoint]

I wonder how much of that is spent on new uniforms?

 

[ibleedhuskyblue]

I wonder how much of that is spent on new uniforms?

about 30K less than it could have been since they didnt have names on the back.
i never realized how expensive embroidery was.

 

[rich1122]

My reaction exactly.

http://www.youtube.com/watch?v=zhELPbFKNRk

 

[Husky68]

If the "cost" of going to a school is included, if Duke costs $50k and Maryland $25k just for the scholarships, seems would be one of the reasons for the higher Duke than Maryland. Also, if have 27 sports, many will have little more than scholarship costs and a coach/assistant and some lesser (than football/basketball) travel costs so the low average per student athlete is due to "filler sports re title IX". Uconn track doesn't go to a lot of "far away meets" so if Maryland has 27 sports, would expect some to be funded like "need to get enough chicks for title IX rules so what can we have" as sports that don't cost a lot per student athlete.

Just eliminate girls basketball and Brenda Freese's salary and you would just about break even.

Think of the problem when they have two head football coaches salaries to pay in a couple of years!

 

[upstater]

http://www.usatoday.com/sports/college/ncaa-finances.htm

Shows Maryland loses $15 million a year. But UConn loses about the same amount.

Maryland though also bonded to renovate their stadium.

 

[upstater]

If the "cost" of going to a school is included, if Duke costs $50k and Maryland $25k just for the scholarships, seems would be one of the reasons for the higher Duke than Maryland.

While this is true in terms of accounting, it's not true in actual numbers. The cost per student is different than tuition. In many private schools, tuition is actually higher than cost per student. In many public schools, cost per student is 1/2 or 1/3 of actual cost per student.

 

[buckley503]

I thought they were floating in Under Armour cash??