LSU's athletic department announced Monday that it'll transfer $10 million to the university -- about $3 million more than its required payment.
LSU’s main campus receives a guaranteed $7.2 million from its athletics program each year, according to the athletics funds transfer policy approved by the Board of Supervisors in 2012. In a news release, the athletic department said a surplus this year allowed for an additional $2.85 million to be given to the university.
Facing budgets cuts, LSU President F. King Alexander said in mid-March that the school's administration was exploring ways to increase that annual $7.2 million transfer.
“There is no athletic event without the university,” Alexander said at the time.
In the past five fiscal years, the department said it has transferred an average of $8.7 million each year ($43.5 million overall).
“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," Athletic Director Joe Alleva said.
LSU is one of only seven athletic departments in the country that relies solely on self-generated revenue and doesn't take student fees. The other schools are Texas, Ohio State, Oklahoma, Penn State, Nebraska and Purdue.
Higher education in Louisiana avoided deep budget cuts this past legislative session. The 2015-16 state budget will give public universities the same amount of money they currently receive, thanks to $615 million in new tax revenue.