Schools are beginning to reveal the creative ways they secured extra funds to weather the pandemic storm.
Indiana, for example, received a major donation from its foundation — which helped the athletic department significantly.
The Indiana University athletic department received $38 million as part of a gift to the university from the IU Foundation, according to the Indy Star. In total, the gift was worth $150 million.
The money helped the university as a whole — as well as the athletic department — cover losses due to the pandemic. Another large chunk went to residences. As such, it was reflected in the 2022 fiscal year report.
But the foundation didn’t receive the money through donations. It’s on the hook for the whole sum — the money came from a loan that will be paid back over a period of three decades.
Not all schools have dipped into their university funds, however. Athletic departments in the SEC, for example, received cash infusions of $23 million from the conference in 2021.