Cedar Rapids, Iowa News, Sports, and Weather
IOWA CITY The University of Iowa's athletics department earned more than $107 million in the 2013 fiscal year, nearly a $10 million hike year-over-year.
According to a financial document supplied by Iowa to The Gazette through the Freedom of Information Act, Iowa also spent close to $107 million. The department finished in the black by $184,555. The university's 2013 fiscal year ended June 30, 2013.
The numbers are a one-year reversal from fiscal year 2012 when Iowa brought in nearly $98 million but spent $104.65 million. That was the first time in at least a decade Iowa reported more expenses than revenue. Iowa prepared for that year's shortfall with previous years' contributions that were earmarked for debt service.
"We were able to not dip as low as we anticipated," Iowa Athletics Director Gary Barta said. "We still have expenses coming in the next year or two related to the construction. Some of that just depends on when it's finalized and when the final billing goes out."
Read more: http://thegazette.com/2014/01/29/iowa-athletics-earns-record-amount-in-2013/