For the first time in five years, the University of Minnesota athletic department is in the black.
According to an annual revenue and expenses database published by USA today on Wednesday, Minnesota turned a profit of roughly $1.9 million in 2013, the first time the university has made money since 2008 and only the third time it has done so since 2005.
"That's something that we're going to strive to do each and every year and hopefully as we continue to improve in all of our sports, we will continue to show more profit," athletic department spokesman Chris Werle said.
The year 2013 marked the first full year new athletic director Norwood Teague, who was hired in April of 2012, resided over the department.
According to the database, Minnesota ranked 15th among Division I programs with a revenues intake of $98,286,669, up from $83,619,526 in 2012. But the department also spent a lot more, shelling out $96,427,632. A significant portion of the substantial jump in revenues and expenses came from a $7 million fee involved with installing the new scoreboard in Williams Arena, Werle said. The athletic department borrowed money from the university for the fee, then later paid it back, meaning that the $7 million shows up in both the revenue and expenses columns.
Still, the improvement is notable.
In recent years, Minnesota's revenues have skirted just under its expenses. The department ended each year from 2009 to 2012 with modest deficits around $1 million, which it filled with money from the University of Minnesota Foundation fund in order to balance the budget, Werle said.
Minnesota is one of seven Big Ten teams in the top 20 revenues nationally in 2013: Wisconsin (No.2), Michigan (No. 4), Ohio State (No. 5), Iowa (No.11), Penn State (No. 12) and Michigan State (No. 17). Wisconsin led the pack with a whopping $149 million in intake. Michigan State took in the least, with just under $98 million in revenues. Ohio State turned the greatest profit, posting a mammoth $23.6 million surplus. Michigan, ranked fourth in revenue, was next with a profit of $12.5. Of those seven schools, only Penn State lost money. With both ticket sales and contributions dropping, the Nittany Lions came up nearly $6 million short of their budget.