UNIVERSITY PARK, Pa. – The Penn State athletic department finished the 2014-15 school year with a $4.8 million budget surplus, athletic director Sandy Barbour and senior associate athletic director of finance Rick Kaluza told trustees today. But the department needed help from a $10 million loan to get there.
The department received the second installment of a $30 million loan from the university, helping to bolster its financials. The department now has cash reserves of $6.6 million. In February, the department reported a year-over-year surplus of $150,351.
Penn State supports 31 varsity athletic programs, plus men’s and women’s rugby and sports camps, among other endeavors.