PISCATAWAY -- In order to compensate for a shortfall of about $38 million in expenditures during the 2016 fiscal year, Rutgers athletics took out what amounts to a $10 million loan from the university.
That loan, which Rutgers officials say is an advance on future Big Ten revenues, is on top of the $28.6 million subsidy. Rutgers received $17.1 million from the university's general fund, $11.4 million in student fees and $29,163 in state government support.
The $38 million is the amount needed to balance an $83.97 million operating budget, according to a NJ Advance Media review of the annual report filed to the NCAA and obtained through an Open Public Records Act request.