(The Center Square) − An audit of Louisiana State University’s athletic department found that the Southeastern Conference powerhouse operated at a deficit of nearly $1 million for the 2023-24 fiscal year.
LSU’s financial struggles are not unique among Louisiana’s public universities. The Center Square reported last week that five other institutions also faced deficits, with a combined shortfall of over $21.7 million.
According to the Louisiana Legislative Auditor’s report, LSU’s athletic department brought in $220.28 million in revenue but incurred $221.1 million in expenses, leaving a shortfall of approximately $818,000.
LSU’s top revenue sources included $51.78 million from ticket sales, $79.14 million in contributions — up $15.6 million from the previous year — and $43.62 million from media rights as part of the Southeastern Conference. Additionally, the program received $5.22 million in guarantees and $1.53 million in football bowl revenues.
On the expense side, the university spent $43.19 million on coaching salaries, benefits and bonuses, while support staff and administrative compensation totaled $38.06 million. Other operational costs accounted for $36.2 million, with an additional $2.07 million spent on football bowl-related expenses.
The audit also detailed capital asset activity for LSU’s athletic department, showing total capital assets valued at $320.39 million. After accounting for depreciation, the net value of these assets stood at $183.89 million.
The Tiger Athletic Foundation, a nonprofit organization that supports LSU athletics, reported net capital assets of $202.8 million.
LSU’s athletics department also carries a significant debt load. The university had $47.58 million in outstanding principal from a $102.37 million bond issuance. The department retired $3.41 million in principal this past year, while its interest obligations totaled $9.09 million.
January audits for other Louisiana universities revealed significant deficits as well.
Louisiana Tech University recorded the largest deficit at $10.5 million, with $33.37 million in expenses against $22.87 million in revenue. The school’s largest revenue sources included $6.77 million in institutional support and $5.03 million in contributions, while coaching salaries and athletic student aid made up a significant portion of its costs.
Similarly, Northwestern State University ran a $2.66 million deficit, while the University of Louisiana at Monroe faced a $4.49 million shortfall. McNeese State University and Nicholls State University posted deficits of $1.65 million and $1.69 million, respectively.
Each of these programs relies heavily on institutional support and student fees to balance their books.