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Slide 5: Table 1: COVID-19 Financial Impacts

Fiscal years prior to COVID Impacts are highlighted in the Orange Box.

Slide 4: Highlighting Non-COVID Fiscal Years

Operating Expenses: “cash outflows” including salaries/benefits, debt Service/facilities and student-athlete grant-in-aid.

The left-hand column notes major ICA components including: Each fiscal year is noted across the top of Table 1.īlack numbers designate cash inflows and reserves, red numbers designate cash outflows. Table 1 provides an overview of ICA financial data for fiscal years 16/17, 17/18, 18/19, 19/20, and 20/21. Slide 3: Table 1 – COVID-19 Financial Impacts

Ending ICA Reserve Balance: result of all above activity at year-end.

Borrowing: COVID response required borrowing, in this case access to a University established line of credit.

Major Maintenance/Capital Projects: “cash outflows” to fund significant building maintenance and construction of new facilities.

Operating Expenses: “cash outflows” including salaries/benefits, debt Service/facilities and student-athlete grant-in-aid (for example).

Operating Revenues: “cash inflows” from (for example) ticket sales, media rights, and Nittany Lion Club contributions.Beginning ICA Reserve: the reserve is impacted annually by the surplus/deficit created by operating revenues/expenses, combined with a reduction for what ICA chooses to spend in the area of major maintenance/self-funded capital projects.The left-hand column notes major ICA components including:.These fiscal years run across the top of Table 1. Paul Shrivastava, Chief Sustainability Officer.Richard Bundy, III, Senior VP for Development and Alumni Relations.Sara Thorndike, Senior VP for Finance and Business.Starlette Sharpe, Graduate Student Senator.Brian Shultz, Undergraduate Student Senator.These slides were developed by Sandy Barbour in collaboration with UPC Chair James Strauss and tables and financial numbers were reviewed and approved by the University Education Committee on 3/16/21. This presentation is similar to a presentation made the Penn State Board of Trustees in November 2020. The University Planning Committee strongly supports this important report for plenary presentation because it represents a student support portion of the University Budget that was substantially impacted by COVID and complete understanding of COVID impacts on the overall Penn State Budget necessitates review of this operational area.

As a result of COVID shutdowns, governor mandates, and operational protocols, the usual revenues that fund these operations were severely impacted. It is largely funded by ticket sales, media contracts, and Big Ten revenue sharing. This is the portion of the budget that funds Penn State student athlete training, coaching, competitions and academic support. Sandy Barbour, the Vice President of Intercollegiate Athletics, will present the annual Penn State Budget report on Intercollegiate Athletics. 4/27/21 SENATE COMMITTEE ON UNIVERSITY PLANNING Intercollegiate Athletics Budget Report (Informational) Background/Introduction