Board of Supervisors proposal could have Athletics Department give $7.2 million a year to University

The LSU System Board of Supervisors will deliberate Friday whether LSU Athletics should help tackle the University?s ongoing budget crisis.

If passed, the LSU Athletics Fund Transfer Policy would create an annual transfer of $7.2 million dollars from the Athletics Department to the University for five years, totalling of $36 million. The money would fund academics, research, public service and allow the University to have more certainty when developing operating budgets, according to Interim System President and Chancellor William ?Bill? Jenkins.

?For the first time in a long time, we?d have discretionary funds that we can use for key matters,? Jenkins said. ?We would be able to invest in students and faculty.?

Along with the annual $7.2 million, the policy also allows for funding to go to the University if LSU Athletics makes a surplus of money.

Of any surplus between $3-5 million, 25 percent will be transferred to the University. If a surplus exceeds $5 million, 50 percent of the funds will be transferred to the University. The policy will also provide a one-time donation of $4 million to the University for the fiscal year.

Over the past four years, the state has cut 43.6 percent from the University?s appropriations. To offset the cuts, the University has upped self-generated funds by $103.15 million, or more than 54 percent, spearheaded by increases in tuition.

LSU Athletics pitched in to close the budget gap, most recently donating $5.5 million after cuts this year ? $4 million to protect the University?s academic core and a $1.5 million permanent contribution to fund the Cox Academic Center for Student Athletes.

In 2011, the Board of Supervisors approved a $7.9 million LSU System Flagship and Excellence Fund, one-time additional support for the University using self-generated money and interest earnings.

?I am not aware of another university that has something like this,? Jenkins said. ?I believe it?s unique. The success of athletics will impact the success of academics.?

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Contact Chris Grillot at cgrillot@lsureveille.com
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Source: http://www.lsureveille.com/news/board-of-supervisors-proposal-could-have-athletics-department-give-7-2-million-a-year-to-university-1.2757607

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