Membership in the wildly lucrative SEC continues to pay huge dividends for South Carolina.
Bolstered by successes on and off the field, the USC athletic department is conservatively projecting total revenues of $84.1 million in Fiscal Year 2013-14, an increase of approximately $2.3 million over last year.
However, the projection does not include possible revenues from a bowl game, or distributions by the SEC office from the conference's bowl pool. Thus, actual revenues could be significantly higher when the fiscal year ends.
Athletics Chief Financial Officer Jeff Tallant estimated expenditures at $75.31 million, leaving a surplus of $8.7 million from all department operations.
"We hope to continue to grow our revenue with the success of our athletic teams," USC athletic director Ray Tanner said after the meeting. "We're still a ways down the road, but the SEC Network should provide us an increase as well."
USC plans to double its contribution to the university's general scholarship fund from $1 million to $2 million due to ever-increasing revenues from SEC TV contracts, along with a donation of $350,000 to the marching band. More than $600,000 for scholarships will be donated to the school from a $10 ticket surcharge for the Clemson game on Nov. 30.
As always, tickets accounted for the highest percentage of revenue ($20.32 million), closely followed by distributions from the NCAA and SEC ($19.2 million), Gamecock Club ($13.34 million), sponsorships and royalties ($9.38 million), gifts and donations ($6.62 million), premium seat payments ($5.04 million), ancillary sales ($3.87 million) and student fees ($2.31 million).
Salaries paid to department employees (including all coaches) are expected to reach a record $32.48 million in 2013-14, by far the largest expense. Athletic scholarships (grants-in-aid) are a distant second at $9.66 million, with facilities third at $6.35 million.
Projected revenues for 2013-14 include a $300,000 payment from UCF for the road game in Orlando on Sept. 28. USC will pay North Carolina $300,000 for coming to Williams-Brice Stadium for the nationally televised Aug. 29 season opener.
In addition, Coastal Carolina will earn $375,000 for the Nov. 23 game in Columbia, the first-ever matchup between the Gamecocks and Chanticleers on the gridiron, while Clemson receives $250,000 for the annual rivalry game at Williams-Brice Stadium on Nov. 30.
Athletic department debt stands at $121.92 million, well below the $200 million maximum allowed by the state legislature. USC targets $8.34 million for debt service payments in 2013-14. Eight dollars from every football ticket sold (approximately $3.31 million) is dedicated to payment of the debt service.
The debt figure is projected to rise to $133.25 million in 2014-15, when construction of the new $14 million indoor practice facility should be completed.
"I'm comfortable (with the debt level)," Tanner said. "One of my initial thoughts when I took this job was where we'd be and what we can do with our programs and how much we can increase our resources and facilities. That's something very important, but it's not easy to do. You have to have the revenue to handle the responsibilities.
The new indoor practice facility is expected to cost about $15 million and be ready for spring practice in 2015.
"We're not approaching our legal limit, and I'm not interested in approaching that. Right now, I'm comfortable where we are and with the projects we have coming on line and being able to service the debt."
NEW PUBLISHING CONTRACT: The days for "Spurs and Feathers" are numbered. USC awarded a new publishing contract to Aiken Communications and the company plans an in-house newspaper, magazine and website. "Spurs and Feathers" was outbid for the contract, USC attorney Terry Parham told the Board. The Gamecock Club's executive committee voted to change publishers, sealing the fate of "Spurs and Feathers."
"It has been here for a long, long time," Tanner said. "(Possibly changing publishers) was part of the agenda when I first took this job. We did not address it at the time. The contract ran out with 'Spurs and Feathers,' so we re-bid the process. There were three bidders that did presentations.
"The Executive Board of the Gamecock Club listened to the three presentations and made a decision to go in a different direction."
Aiken Communications has agreed to 20 bi-weekly newspapers, plus three quarterly magazines, each year along with creation of a website. Gamecock Club members at the Century level and above will have access to the website as part of their dues.
NEW DEALS FOR OLYMPIC COACHES: Three Olympic sport coaches were given new four-year deals on Monday with long-time track and field coach Curtis Frye (17 years at the helm) leading the way with an annual base salary of $191,400, $50,000 in personal services compensation and the ability to earn more through a wide array of athletic and academic incentives.
Swimming and diving coach McGee Moody will be paid a base salary of $108,500 annually plus incentives, while equestrian coach Boo Major will be paid $93,600 on a yearly basis with the right to earn additional sums through incentives. All three newly inked deals expire in spring 2017.
"Having been on that side of the fence, I'm probably more sensitive to coaches' contracts than other athletic directors around the country," Tanner said. "Coach Frye has been here for a long, long time and he is a world-class coach. But we haven't improved the facilities in track and field for so many years.
"Now that has been improved by the Board of Trustees and the next two or three years we'll make strides there, with a new track and an indoor track as well. I felt we needed to make a commitment to him to try to get our track and field program back to where it used to be. Some other schools made a lot of progress in facilities, but we didn't."
CATERING CONTRACT AWARDED: Southern Way, a Columbia-based company, has won a four-year catering contract through the 2016 season for The Zone, 200 level west side luxury boxes and some 600 level suites at Williams-Brice Stadium after a lengthy selection process, including a food tasting contest, in accordance with the S.C. Procurement Code. Parham described the procurement process preceding the awarding of the catering contract as "comprehensive."
"It was a very elaborate bid process," Tanner acknowledged. "We want our customers, our fans, our Gamecock Club members, to be happy with their experience."
NOTES
* USC compiled a 3.198 grade-point average for the spring semester, the 13th straight semester that Gamecock athletes have eclipsed the 3.0 plateau. The men's basketball team recorded its highest GPA on record with a collective 3.012. Overall, 15 of 17 teams logged a 3.0 or better team GPA.
* The Board of Trustees approved a contact with IMG Learfield Ticket solution to help sell football and basketball season tickets. Tanner said a trend around the country is hiring a third party to help boost ticket sales. He hopes the largest gain will come in basketball season tickets.
* Chief Operating Officer Kevin O'Connell told GamecockCentral.com that all Phase II approvals have been given for the new football practice fields planned for the rear of the transformed Farmer's Market. The next step is preparing the construction documents and putting the project out to bid. USC officials want the practice fields ready by the start of preseason camp in August 2014.
* The $15 million indoor practice facility was set to be approved by the Joint Bond Review Commission on Monday. If so, the project will go in front of the powerful Budget and Control Board on Tuesday for final endorsement. USC officials eye a spring 2015 opening for the indoor facility.
* The Board of Trustees approved a $431,000 contract with Delta Airlines for charter flights to UCF, Arkansas, Tennessee and Missouri for football. The team will bus to Athens for the key Week 2 clash at Georgia.
Link: http://southcarolina.rivals.com/content.asp?CID=1516665
Bolstered by successes on and off the field, the USC athletic department is conservatively projecting total revenues of $84.1 million in Fiscal Year 2013-14, an increase of approximately $2.3 million over last year.
However, the projection does not include possible revenues from a bowl game, or distributions by the SEC office from the conference's bowl pool. Thus, actual revenues could be significantly higher when the fiscal year ends.
Athletics Chief Financial Officer Jeff Tallant estimated expenditures at $75.31 million, leaving a surplus of $8.7 million from all department operations.
"We hope to continue to grow our revenue with the success of our athletic teams," USC athletic director Ray Tanner said after the meeting. "We're still a ways down the road, but the SEC Network should provide us an increase as well."
USC plans to double its contribution to the university's general scholarship fund from $1 million to $2 million due to ever-increasing revenues from SEC TV contracts, along with a donation of $350,000 to the marching band. More than $600,000 for scholarships will be donated to the school from a $10 ticket surcharge for the Clemson game on Nov. 30.
As always, tickets accounted for the highest percentage of revenue ($20.32 million), closely followed by distributions from the NCAA and SEC ($19.2 million), Gamecock Club ($13.34 million), sponsorships and royalties ($9.38 million), gifts and donations ($6.62 million), premium seat payments ($5.04 million), ancillary sales ($3.87 million) and student fees ($2.31 million).
Salaries paid to department employees (including all coaches) are expected to reach a record $32.48 million in 2013-14, by far the largest expense. Athletic scholarships (grants-in-aid) are a distant second at $9.66 million, with facilities third at $6.35 million.
Projected revenues for 2013-14 include a $300,000 payment from UCF for the road game in Orlando on Sept. 28. USC will pay North Carolina $300,000 for coming to Williams-Brice Stadium for the nationally televised Aug. 29 season opener.
In addition, Coastal Carolina will earn $375,000 for the Nov. 23 game in Columbia, the first-ever matchup between the Gamecocks and Chanticleers on the gridiron, while Clemson receives $250,000 for the annual rivalry game at Williams-Brice Stadium on Nov. 30.
Athletic department debt stands at $121.92 million, well below the $200 million maximum allowed by the state legislature. USC targets $8.34 million for debt service payments in 2013-14. Eight dollars from every football ticket sold (approximately $3.31 million) is dedicated to payment of the debt service.
The debt figure is projected to rise to $133.25 million in 2014-15, when construction of the new $14 million indoor practice facility should be completed.
"I'm comfortable (with the debt level)," Tanner said. "One of my initial thoughts when I took this job was where we'd be and what we can do with our programs and how much we can increase our resources and facilities. That's something very important, but it's not easy to do. You have to have the revenue to handle the responsibilities.
The new indoor practice facility is expected to cost about $15 million and be ready for spring practice in 2015.
"We're not approaching our legal limit, and I'm not interested in approaching that. Right now, I'm comfortable where we are and with the projects we have coming on line and being able to service the debt."
NEW PUBLISHING CONTRACT: The days for "Spurs and Feathers" are numbered. USC awarded a new publishing contract to Aiken Communications and the company plans an in-house newspaper, magazine and website. "Spurs and Feathers" was outbid for the contract, USC attorney Terry Parham told the Board. The Gamecock Club's executive committee voted to change publishers, sealing the fate of "Spurs and Feathers."
"It has been here for a long, long time," Tanner said. "(Possibly changing publishers) was part of the agenda when I first took this job. We did not address it at the time. The contract ran out with 'Spurs and Feathers,' so we re-bid the process. There were three bidders that did presentations.
"The Executive Board of the Gamecock Club listened to the three presentations and made a decision to go in a different direction."
Aiken Communications has agreed to 20 bi-weekly newspapers, plus three quarterly magazines, each year along with creation of a website. Gamecock Club members at the Century level and above will have access to the website as part of their dues.
NEW DEALS FOR OLYMPIC COACHES: Three Olympic sport coaches were given new four-year deals on Monday with long-time track and field coach Curtis Frye (17 years at the helm) leading the way with an annual base salary of $191,400, $50,000 in personal services compensation and the ability to earn more through a wide array of athletic and academic incentives.
Swimming and diving coach McGee Moody will be paid a base salary of $108,500 annually plus incentives, while equestrian coach Boo Major will be paid $93,600 on a yearly basis with the right to earn additional sums through incentives. All three newly inked deals expire in spring 2017.
"Having been on that side of the fence, I'm probably more sensitive to coaches' contracts than other athletic directors around the country," Tanner said. "Coach Frye has been here for a long, long time and he is a world-class coach. But we haven't improved the facilities in track and field for so many years.
"Now that has been improved by the Board of Trustees and the next two or three years we'll make strides there, with a new track and an indoor track as well. I felt we needed to make a commitment to him to try to get our track and field program back to where it used to be. Some other schools made a lot of progress in facilities, but we didn't."
CATERING CONTRACT AWARDED: Southern Way, a Columbia-based company, has won a four-year catering contract through the 2016 season for The Zone, 200 level west side luxury boxes and some 600 level suites at Williams-Brice Stadium after a lengthy selection process, including a food tasting contest, in accordance with the S.C. Procurement Code. Parham described the procurement process preceding the awarding of the catering contract as "comprehensive."
"It was a very elaborate bid process," Tanner acknowledged. "We want our customers, our fans, our Gamecock Club members, to be happy with their experience."
NOTES
* USC compiled a 3.198 grade-point average for the spring semester, the 13th straight semester that Gamecock athletes have eclipsed the 3.0 plateau. The men's basketball team recorded its highest GPA on record with a collective 3.012. Overall, 15 of 17 teams logged a 3.0 or better team GPA.
* The Board of Trustees approved a contact with IMG Learfield Ticket solution to help sell football and basketball season tickets. Tanner said a trend around the country is hiring a third party to help boost ticket sales. He hopes the largest gain will come in basketball season tickets.
* Chief Operating Officer Kevin O'Connell told GamecockCentral.com that all Phase II approvals have been given for the new football practice fields planned for the rear of the transformed Farmer's Market. The next step is preparing the construction documents and putting the project out to bid. USC officials want the practice fields ready by the start of preseason camp in August 2014.
* The $15 million indoor practice facility was set to be approved by the Joint Bond Review Commission on Monday. If so, the project will go in front of the powerful Budget and Control Board on Tuesday for final endorsement. USC officials eye a spring 2015 opening for the indoor facility.
* The Board of Trustees approved a $431,000 contract with Delta Airlines for charter flights to UCF, Arkansas, Tennessee and Missouri for football. The team will bus to Athens for the key Week 2 clash at Georgia.
Link: http://southcarolina.rivals.com/content.asp?CID=1516665
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