LSU’s athletic department will transfer over $10 million to the university itself this year so that academics, research and other areas may be funded. Vice Chancellor and Athletic Director Joe Alleva made the announcement earlier today, which was posted on the official website for the university’s athletic department.
“Our athletic department is sincerely committed to supporting the academic mission of the university, and we’re extremely proud to transfer over $10 million this year,” Alleva said. “These funds provide vital resources for our students, faculty and staff, and they help to sustain LSU as one of the top research institutions in the country.”
LSU’s athletic department has an agreement with the school that states it will transfer $7.2 million annually to the university based on the “Athletics Fund Transfer Policy,” so the extra being transferred this year thanks to athletics having a surplus following last fiscal year will definitely be appreciated.
LSU president F. King Alexander offered a brief statement on the transfer, which could not have been timed better since the university had been staring potential bankruptcy in the face for a long time.
“This surplus comes on the heels of an extremely challenging budget year, and the real beneficiaries will be our students, “ said LSU President F. King Alexander. “Few athletic departments across the country have the capacity to give back to their university the way ours does, and we appreciate their deep commitment to all our students.”
It isn’t a long-term solution by any means, but the gesture on the athletic department’s part is still nice and provides a temporary stopgap to what could ultimately have become a greater problem.
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*Featured Photo (above) credit to USA TODAY Sports
