Whoa! ACC pays out more than expected to FSU: Board of Trustees

[arbitragegls]

meeting noted no short fall for '11 and no short fall for next budgetary cycle. So much for dollars needed to cover losses--except the football team just isnt winning enough. Hey FSU, get with the program and win for the ACC!!! (more coming from ACC shortly as noted from my previous posts on NCstate source--maybe things are cooling down!)

10:08 a.m. — Spetman announces that FSU received more than it had expected from the ACC in conference distribution money. The Seminoles received $1.6 million more than the conference had originally told them. Were expecting about $14.1 million given in payouts on Dec. 1 (of last year) and June 1 (of this year). On June 1, the school received the additional money, totaling just short of $16 million for the year.
This means, that previously reported $500,000 budget shortfall the athletic department had from this past school year’s budget cycle, has now been cleared. FSU is in the black for that budget. Spetman said there also should not be a budget shortfall, as previously reported, for the next budgetary cycle. The athletics budget is in the black.
10:10 a.m. — Spetman asked about the reports about FSU’s supposed $2.4 million shortfall entering the 2012-13 budgetary cycle. He didn’t say the reports were false, just that they reported what was essentially incomplete information. Because the ACC was conservative on its payout, the athletics board hadn’t included the $1.6 million in its budget. So, a shortfall was reported based on the numbers that had been provided.
10:22 a.m. — The board learns that Seminole Boosters have received approximately $20 million in funds for the Indoor Football Practice Facility. That’s not to say, however, that all of those funds are in the coffers right now. Those funds are all timed to come in at different times, according to one trustee member. But, the pledges have been made. They could go into a special investment fund that would have to be paid off at a particular time. Essentially, it sounds like the IPF is on solid schedule footing, for now.

 

[HtownOrange]

Good news. Good find!

 

[texascpa]

Do you have a link to this or are you receiving it from a source?

 

[HtownOrange]

Do you have a link to this or are you receiving it from a source?

Try this: http://floridastate./content.asp?SID=1061&CID=1373468

 

[orange79]

meeting noted no short fall for '11 and no short fall for next budgetary cycle. So much for dollars needed to cover losses--except the football team just isnt winning enough. Hey FSU, get with the program and win for the ACC!!! (more coming from ACC shortly as noted from my previous posts on NCstate source--maybe things are cooling down!)

10:08 a.m. — Spetman announces that FSU received more than it had expected from the ACC in conference distribution money. The Seminoles received $1.6 million more than the conference had originally told them. Were expecting about $14.1 million given in payouts on Dec. 1 (of last year) and June 1 (of this year). On June 1, the school received the additional money, totaling just short of $16 million for the year.
This means, that previously reported $500,000 budget shortfall the athletic department had from this past school year’s budget cycle, has now been cleared. FSU is in the black for that budget. Spetman said there also should not be a budget shortfall, as previously reported, for the next budgetary cycle. The athletics budget is in the black.
10:10 a.m. — Spetman asked about the reports about FSU’s supposed $2.4 million shortfall entering the 2012-13 budgetary cycle. He didn’t say the reports were false, just that they reported what was essentially incomplete information. Because the ACC was conservative on its payout, the athletics board hadn’t included the $1.6 million in its budget. So, a shortfall was reported based on the numbers that had been provided.
10:22 a.m. — The board learns that Seminole Boosters have received approximately $20 million in funds for the Indoor Football Practice Facility. That’s not to say, however, that all of those funds are in the coffers right now. Those funds are all timed to come in at different times, according to one trustee member. But, the pledges have been made. They could go into a special investment fund that would have to be paid off at a particular time. Essentially, it sounds like the IPF is on solid schedule footing, for now.

I assume this means everyone got more than expected, not just FSU. Correct?

 

[KaiserUEO]

where does this 16mill come from??

thats a big nut. considerably larger than what they were to get from tv.

 

[TexanMark]

http://articles.orlandosentinel.com...08_1_athletics-budget-acc-conference-official

 

[texascpa]

http://articles.orlandosentinel.com...08_1_athletics-budget-acc-conference-official

This is most interesting:

"They give us what they project is their budget for conference distribution based on television, based on any media rights they have in championship games, the NCAA basketball tournament, the conference football championship game, the NCAA distribution," Spetman said. "This conference distributes money evenly. There's nobody that gets more money for TV appearances or otherwise.
"It's a great way to run a conference."

Hey Spetman, you might want to let Haggard know, you won't get the same treatment in the B12.

 

[OrangePA]

This is most interesting:

"They give us what they project is their budget for conference distribution based on television, based on any media rights they have in championship games, the NCAA basketball tournament, the conference football championship game, the NCAA distribution," Spetman said. "This conference distributes money evenly. There's nobody that gets more money for TV appearances or otherwise.
"It's a great way to run a conference."

Hey Spetman, you might want to let Haggard know, you won't get the same treatment in the B12.

Excellent stuff.

Love our conference - The ACC!

 

[rrlbees]

Does that jive with what the same guy said in another article today? If they got this money on 6/1, why did he not talk about it this morning when he presented to the FSU BOT?

http://floridastate./content.asp?SID=1061&CID=1373468

 

[Toga]

And if you're still having problems - there's another $1.6M where that came from.

 

[Faegan]

And if you're still having problems - there's another $1.6M where that came from.

No shite.

 

[CuseLegacy]

In a recent Teel article it was stated that in a previous year the ACC had used reserves to award each school a bonus to compensate for a lean economy. Possibly they just dipped into their slush fund again this year to keep everyone happy.

 

[arbitragegls]

this is coming from an article with link below...but interestingly I have confirmed the following:
1. all teams get same $$$...equal sharing
2. NCState got there money beginning of this month as did FSU--which should have quelled stories by June 2
3. Being told more dollars on way...maybe another $750,000-$1,250,000 which completes payout from NCAA bowls, BBall tournament, etc.
So final $ figure for each school will be $17,000,000 give or take a few $.
This equal share revenue is why Nortre Dame is not as yet welcome to place all sports but football into the conference:

Here is a short excerpt from article...very funny and meaningful at same time:
To that point, trustee Mark Hillis asked: "So Randy, you're saying that all the press you received related to this $2.4 million deficit was really not a deficit yet, we just hadn't completed our budgeting process?
Spetman replied: "Yes."
Hillis continued his inquiry: "So we didn't have (the deficit) and we took a lot of … when we shouldn't have?"
Spetman took credit for letting the budgetary process get past him.
"They reported accurately what they saw in the athletic board," Spetman said. "We will in the next couple of weeks close that out and move forward."
Trustee chair Andy Haggard then pressed Spetman one last time: "Whatever word you use, we don't have a deficit?"
"No," Spetman said. "We do not have a deficit."
Here is link:
http://articles.orlandosentinel.com...08_1_athletics-budget-acc-conference-official

 

[rrlbees]

this is coming from an article with link below...but interestingly I have confirmed the following:
1. all teams get same $$$...equal sharing
2. NCState got there money beginning of this month as did FSU--which should have quelled stories by June 2
3. Being told more dollars on way...maybe another $750,000-$1,250,000 which completes payout from NCAA bowls, BBall tournament, etc.
So final $ figure for each school will be $17,000,000 give or take a few $.
This equal share revenue is why Nortre Dame is not as yet welcome to place all sports but football into the conference:

Here is a short excerpt from article...very funny and meaningful at same time:
To that point, trustee Mark Hillis asked: "So Randy, you're saying that all the press you received related to this $2.4 million deficit was really not a deficit yet, we just hadn't completed our budgeting process?
Spetman replied: "Yes."
Hillis continued his inquiry: "So we didn't have (the deficit) and we took a lot of … when we shouldn't have?"
Spetman took credit for letting the budgetary process get past him.
"They reported accurately what they saw in the athletic board," Spetman said. "We will in the next couple of weeks close that out and move forward."
Trustee chair Andy Haggard then pressed Spetman one last time: "Whatever word you use, we don't have a deficit?"
"No," Spetman said. "We do not have a deficit."
Here is link:
http://articles.orlandosentinel.com...08_1_athletics-budget-acc-conference-official

That article was already posted. But parts were left out in the Sentinel. Some before what you posted and part from after.

I also wonder why during the full questioning by the BOT, the AD didn't mention the "new" ACC money they got 6/1. Curious he made no note of it at all.

FSU Athletic Director Randy Spetman: I know that part of the discussion has been through the budget process that next year's budget, it was described that we had a budget deficit for next year and (it was reported). It was, again, terminology.
We had what I call a budget gap or disconnect between what was a snapshot at the time and December with the Seminole Boosters thought they could give us and what we had budgeted for. We took it to committee, we set our budget back, we looked at it, we looked at all the different avenues in that regard and (Boosters CEO) Andy Miller and I looked very closely in where we could go with that in that we reduced our budget by an additional $1 million and then went with Andy and we started a series of initiatives, 25 different initiatives we put in place, things that have come up that we didn't know were going to happen or we weren't sure - we're in the middle of a beverage negotiation for the athletic department that realistically looking there could be extra money from that. Andy has done some adjusting of some of the fees he's charged. His annual fundraising has been better than he had predicted also.
And we also have the ability - I hadn't sat down with the President and we have yet to finalize this - but the athletic department has a $1.5 million reserve that the boosters are holding for us that we have had there and we were looking maybe long term and that can be a possibility, in which it still will, to use that for the painting of the stadium. Well in the short term and what we know for the future and we're not ready to paint the stadium for a few years, we were going to go to the president and be allowed to use that $1.5 million. So we have closed that gap, and we will go into next year with a balanced budget for next year.
Trustee Emily Duda: What are you going to use the $1.5 million for, were you going to use it to balance your budget?
RS: We were going to use it this year to balance our budget then replenish it as the TV contract comes in in the future.

~~~~~~~~~~~

Trustee Emily Duda: So we are going into next year with a surplus?
RS: Well, it will not be a surplus, no, because we are going to borrow from our reserves for next year.
Trustee Emily Duda: You won't keep your painting money for next year, you will use it.
RS: Yes.
Trustee Emily Duda:: For next year.
RS: Yes.
Trustee Emily Duda:: But then your TV revenues will kick in …
RS: But as they kick in, and other initiatives that we are starting, and (Boosters CEO) Andy (Miller) and I are working very aggressively on some of the different pricing increases in ticketing, diff way to market our program and the annual fundraising.

 

[rrlbees]

this is coming from an article with link below...but interestingly I have confirmed the following:
1. all teams get same $$$...equal sharing
2. NCState got there money beginning of this month as did FSU--which should have quelled stories by June 2
3. Being told more dollars on way...maybe another $750,000-$1,250,000 which completes payout from NCAA bowls, BBall tournament, etc.
So final $ figure for each school will be $17,000,000 give or take a few $.
This equal share revenue is why Nortre Dame is not as yet welcome to place all sports but football into the conference:

Here is a short excerpt from article...very funny and meaningful at same time:
To that point, trustee Mark Hillis asked: "So Randy, you're saying that all the press you received related to this $2.4 million deficit was really not a deficit yet, we just hadn't completed our budgeting process?
Spetman replied: "Yes."
Hillis continued his inquiry: "So we didn't have (the deficit) and we took a lot of … when we shouldn't have?"
Spetman took credit for letting the budgetary process get past him.
"They reported accurately what they saw in the athletic board," Spetman said. "We will in the next couple of weeks close that out and move forward."
Trustee chair Andy Haggard then pressed Spetman one last time: "Whatever word you use, we don't have a deficit?"
"No," Spetman said. "We do not have a deficit."
Here is link:
http://articles.orlandosentinel.com...08_1_athletics-budget-acc-conference-official

Army, I'm still waiting on why in the full BOT transcript, not the partial you posted, the AD did not once mention the new money they got from the ACC and it helping with their deficit. He mention other coat cutting efforts and even said they were taking money out of a booster slush fund. No ACC $$$ mention

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[arbitragegls]

Bees, as you read you missed the following in my posts...the fact is each ACC school knew by June 1st what additional funds would be coming as they received a check...so basically the whole shooting match should have been over then insofar as a athletic budget shortfall. Was it new money or money not budgeted to come in...basically the same:
10:08 a.m. — Spetman announces that FSU received more than it had expected from the ACC in conference distribution money. The Seminoles received $1.6 million more than the conference had originally told them.

all teams get same $$$...equal sharing
2. NCState got there money beginning of this month as did FSU--which should have quelled stories by June 2
3. Being told more dollars on way...maybe another $750,000-$1,250,000 which completes payout from NCAA bowls, BBall tournament, etc.
So final $ figure for each school will be $17,000,000 give or take a few $.
To that point, trustee Mark Hillis asked: "So Randy, you're saying that all the press you received related to this $2.4 million deficit was really not a deficit yet, we just hadn't completed our budgeting process?
Spetman replied: "Yes."
Hillis continued his inquiry: "So we didn't have (the deficit) and we took a lot of … when we shouldn't have?"
Spetman took credit for letting the budgetary process get past him.
"They reported accurately what they saw in the athletic board," Spetman said. "We will in the next couple of weeks close that out and move forward."
Trustee chair Andy Haggard then pressed Spetman one last time: "Whatever word you use, we don't have a deficit?"
"No," Spetman said. "We do not have a deficit."

 

[rrlbees]

Bees, as you read you missed the following in my posts...the fact is each ACC school knew by June 1st what additional funds would be coming as they received a check...so basically the whole shooting match should have been over then insofar as a athletic budget shortfall. Was it new money or money not budgeted to come in...basically the same:
10:08 a.m. — Spetman announces that FSU received more than it had expected from the ACC in conference distribution money. The Seminoles received $1.6 million more than the conference had originally told them.

all teams get same $$$...equal sharing
2. NCState got there money beginning of this month as did FSU--which should have quelled stories by June 2
3. Being told more dollars on way...maybe another $750,000-$1,250,000 which completes payout from NCAA bowls, BBall tournament, etc.
So final $ figure for each school will be $17,000,000 give or take a few $.
To that point, trustee Mark Hillis asked: "So Randy, you're saying that all the press you received related to this $2.4 million deficit was really not a deficit yet, we just hadn't completed our budgeting process?
Spetman replied: "Yes."
Hillis continued his inquiry: "So we didn't have (the deficit) and we took a lot of … when we shouldn't have?"
Spetman took credit for letting the budgetary process get past him.
"They reported accurately what they saw in the athletic board," Spetman said. "We will in the next couple of weeks close that out and move forward."
Trustee chair Andy Haggard then pressed Spetman one last time: "Whatever word you use, we don't have a deficit?"
"No," Spetman said. "We do not have a deficit."

That is part of the article and out of context. Read the full article (or post #15 in this thread for the before and after of the middle part you posted) that I linked. He did not once mention to the BOT the money they got. The $2.4m you talk about was off set by other means as is stated in the full article. Does not say at all it was off set by new ACC money. Talks about cutbacks, booster funds etc.

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