December 5th, 2018 | by CollegeAD

After Kansas Athletics posted a second straight year of financial losses, KU Chancellor Douglas Girod’s office highlighted the need to grow revenue and upgrade athletic facilities. Not mentioned was the idea of cutting expenses of the athletic department, despite new financial statements that showed the department’s overall expenses grew about twice as fast as revenue and income last year. After Kansas Athletics released its audited financial statements for fiscal year 2018 recently, the Journal-World asked Girod what direction he had provided new Athletic Director Jeff Long regarding the finances of the athletic department, given that the department has now posted a second year of losses. Through a spokesman, Girod’s office did not provide specific information about Girod’s direction to Long, but highlighted the need for new revenue and new athletic facilities. The Journal-World reported on Monday that audited financial statements for the 2018 fiscal year, which ended June 30, showed that Kansas Athletics Inc. saw its unrestricted net assets decline by $5.4 million for the year. That was on top of an approximately $827,000 decline in unrestricted net assets in fiscal year 2017. – Chad Lawhorn, kusports – Read More

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