The AT Fund endowment base experienced a loss in investment value in FY 12. As a result, after annual draws were made to support scholarship expenses and provide startup funding for the Sports, Technology and Society program, the balance in the AT Fund endowment base dropped from $92.6 million at the beginning of FY 12, to $90.1 million at fiscal year-end.
Last year, the GTAA issued bonds that are financing the construction of the McCamish Pavilion and the John & Mary Brock Football Practice Facility. This past February, the GTAA issued bonds that refinanced existing debt resulting from Bobby Dodd Stadium re-construction and provided funding for construction of the Byers Tennis Center.
These bond issuances allowed the Athletic Association to benefit from manageable construction costs and low interest rates existing in the capital markets. The funding model associated with these bond issuances combines resources from our operational funds and an annual draw from our Facility Quasi Endowment to service the annual debt generated by these bonds. The balance in this Facility Quasi Endowment account is currently $29.3 million (See Table B) and is projected to receive an additional $13 million in pledged donations over the next five years.
| INCOME STATEMENT | FY 2008-09 |
FY 2009-10 |
FY 2010-11 |
|---|---|---|---|
| - Cash Basis | ACTUALS |
ACTUALS |
PROJECTED YEAR END |
| REVENUES | |||
| ACC Distribution | $12,261,000 | $11,773,000 | $16,581,000 |
| Ticket Sales | 12,977,000 | 10,450,000 | 13,787,000 |
| Guarantees Received | 350,000 | 601,000 | 100,000 |
| TECH Fund | 4,726,000 | 4,553,000 | 3,917,000 |
| Club Seats and Suites | 3,668,000 | 3,570,000 | 3,074,000 |
| Sponsorships | 5,399,000 | 5,741,000 | 6,000,000 |
| Student Fees | 4,643,000 | 4,787,000 | 4,938,000 |
| Alex. Tharpe and Endowment Draws | 6,050,000 | 7,083,000 | 6,265,000 |
| Institutional Support | 1,459,000 | 1,667,000 | 2,028,000 |
| Other | 3,876,000 | 4,303,000 | 3,384,000 |
| TOTAL REVENUES | $55,409,000 | $54,528,000 | $60,074,000 |
| EXPENSES | |||
| Personnel | $19,067,000 | $20,305,000 | $21,542,000 |
| Scholarships | 7,670,000 | 7,286,000 | 8,679,000 |
| Travel & Post Season | 4,273,000 | 3,640,000 | 4,350,000 |
| Recruiting | 1,042,000 | 1,493,000 | 1,407,000 |
| Event & Other Services | 2,422,000 | 2,489,000 | 3,401,000 |
| General and Administrative | 6,240,000 | 5,555,000 | 7,548,000 |
| Guarantees | 925,000 | 901,000 | 1,048,000 |
| Physical Plant | 1,698,000 | 2,168,000 | 2,419,000 |
| Utilities | 1,500,000 | 1,355,000 | 1,035,000 |
| Uniforms and Equipment | 649,000 | 567,000 | 753,000 |
| Capital Repairs | 445,000 | 161,000 | 265,000 |
| Debt Service | 8,286,000 | 8,518,000 | 6,515,000 |
| Sales Taxes | 1,051,000 | 801,000 | 990,000 |
| TOTAL EXPENSES | $55,268,000 | $55,239,000 | $59,952,000 |
| NET INCOME | $141,000 | ($711,000) | $122,000 |
| TABLE A: GTAA Fund Balance | |||
| Beginning Balance | $4,293,000 |
$4,877,000 |
$4,876,000 |
| Projected investment growth (loss) | $443,000 |
$710,000 |
($96,000) |
| Addition of GTAA FY12 Net Income | $141,000 |
($711,000) |
$122,000 |
| Ending Balance | $4,877,000 |
$4,876,000 |
$4,902,000 |
| TABLE B: Facility Quasi-Endowment Accts | |||
| Beginning Balance | $25,132,000 |
||
| Projected investment growth (loss) | ($91,000) |
||
| Additions to accounts in FY 12 | $4,678,000 |
||
| Draw to fund FY 12 debt service | ($400,000) |
||
| Ending Balance | $29,319,000 |
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