Wisconsin Athletics covers budget deficit with $ 20 million interest-free campus loan | University sport

The shortfall was ultimately less than $ 20 million due to a “shared sacrifice” by employees in the form of time off, pay cuts and a hiring freeze, Barnes said. Travel costs have been reduced, he said, impacting the team, recruiting and business travel.

Finance Committee Chairman John Schaefer, Chairman and CEO of Fleet Farm, said the loan to be only $ 20 million was a “huge victory” for the sports department in a difficult fiscal year .

“I want to commend the entire sports department for doing all of these little things you need to do to maintain the student-athlete experience, maintain the integrity of the university, and do it under fiscal restraint. and severe monetary policy, ”he told the conference. September 23 meeting. “I don’t think that can be said about a lot of places in the United States.”

Not including money for capital projects, UW included nearly $ 140 million in spending in the original 2020-21 budget that was approved by the Sports Council weeks before the pandemic hit and the planning does not become obsolete.

The board of directors last April approved a budget of $ 129 million for 2021-2022 which indicated conservative estimates on the rebound in revenue streams, but also optimism that most of its operations would be close to normal. .

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