BLACKSBURG - Virginia Tech’s annual financial report filed to the NCAA this month shows the athletic department operating with a surplus of $4.8 million.
It’s the first time since 2014-15 the department generated a surplus. The department had a $3.2 million deficit last year.
The NCAA requires Division 1 member schools to submit financial data detailing operating revenues and expenses for their athletic department on an annual basis. The Roanoke Times obtained the report through a Freedom of Information request.
This year’s report summarizing the 2017-18 fiscal year showed Virginia Tech’s 22 athletic programs (11 men’s, 11 women’s) generated revenue of $98,485,395.00, an $11 million increase from the revenue generated by the athletic department in 2016-17 ($87,427,526).
Last year, the $87 million in revenue ranked No. 44 among public universities, according to USA Today.
The biggest areas of year-to-year growth for Virginia Tech were in ticket sales (up from $17.3 to $19.4), contributions (up from $15,6 to $22.1) and media rights (up from $22.4 to $25.2). It’s the first time since 2007 the department brought in more than $20 million in contributions and most money the department has generated in ticket sales.
The Hokies football team generated $57.6 million of that revenue.
It was the second straight year the football team brought in more $50 million. The athletic department benefitted from the football team hosting seven home games. The team brought $16.3 million in ticket sales up from the $14.5 million in 2016-17.
The basketball team’s revenue jumped up to $14.2 million — nearly a $5 million jump from 2016-17 — thanks in part to a $1.9 million increase in contributions.
Virginia Tech’s expenses weren’t far off from the $90.7 million the athletic department spent in 2016-17. The Hokies' expenses in 2017-18 totaled $93.5 million with an uptick of $1.6 in administrative expenses accounting for more than 50 percent of the increase.