North Carolina State University Athletics
NC State Athletics Eliminates Deficit, Balances Budget for 2020-21
7/15/2021 9:49:00 AM | Pack Athletics
RALEIGH, N.C. - The challenges of the 2020-21 athletic year were evident from the onset. In the wake of starting the year with little or no spectators and a limit on traditional sources that fund Athletics, the financial obstacles of a year unlike any other were very evident.
NC State entered the 2020-21 athletic year anticipating a $22.8 million deficit due to COVID-19 and its impacts on many of the traditional revenue streams need to support Athletics. A year later, NC State is proud to report that not only did it eliminate that entire deficit, the budget for this year was balanced and the program will move into 2021-22 with no assumed debt.
"There was so much sacrifice made by so many to get us to that point and we are grateful that we can now put our focus on our future and advancing NC State Athletics," said Director of Athletics Boo Corrigan.
This could not have been accomplished without the entirety of Wolfpack Nation, from generous support from multiple groups, to the hard work of the Wolfpack Club, to sacrifices made by NC State coaches and staff.
Some notable factors contributing to balancing NC State's budget:
With an enormously challenging financial year in which competitive and academic results were not sacrificed, NC State looks forward to welcoming its fans back in 2021-22 and continuing to build upon the significant momentum of its many programs.
NC State entered the 2020-21 athletic year anticipating a $22.8 million deficit due to COVID-19 and its impacts on many of the traditional revenue streams need to support Athletics. A year later, NC State is proud to report that not only did it eliminate that entire deficit, the budget for this year was balanced and the program will move into 2021-22 with no assumed debt.
"There was so much sacrifice made by so many to get us to that point and we are grateful that we can now put our focus on our future and advancing NC State Athletics," said Director of Athletics Boo Corrigan.
This could not have been accomplished without the entirety of Wolfpack Nation, from generous support from multiple groups, to the hard work of the Wolfpack Club, to sacrifices made by NC State coaches and staff.
Some notable factors contributing to balancing NC State's budget:
- The Guardian Wolves, an incredibly generous group of alumni that contributed $5.5 million towards reducing the overall deficit.
- Those who chose to donate to Preserve the Pack contributed $3.3 million towards NC State's operating budget for the 2020-21 year.
- Finally, the NC State Athletics staff went through significant salary reductions and furloughs resulting in $6.3 million in total reductions.
With an enormously challenging financial year in which competitive and academic results were not sacrificed, NC State looks forward to welcoming its fans back in 2021-22 and continuing to build upon the significant momentum of its many programs.
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