UH sports reports
$480,000 deficitThe estimate includes
a $1 million loan from
the university
The University of Hawaii athletic department yesterday reported a deficit of $480,472 for the fiscal year that began July 1, 2002, and ended June 30, 2003. But that includes a $1 million loan from the university -- without which the current deficit would be close to fiscal 2002's record overspending of $1,533,934.38.
"Everything is factored in," said UH Athletic Director Herman Frazier, who became athletic director Aug. 1, 2002. "Every possible thing that would help. What that million does is offset the changeover. There was Hugh's (former athletic director Yoshida) salary, new contracts for basketball and volleyball coaches and my hiring."
Frazier is paid about $210,000 per year. Yoshida made around $130,000 per year, and continued to work for several months after Frazier's hiring.
The fiscal 2002 deficit was cleared by an unreserved fund balance, or "rainy day fund," of $1,545,726.
Football coach June Jones' new annual $800,000 contract -- about half of which is paid by private donors -- did not go into effect until this fiscal year.
UH's total unaudited expenditures for its 18-sport athletic department are $18,114,257. Actual revenue came out to $15,574,888 (compared to a projected $17,379,232). Adjustments, including accounts receivable and the loan, leave the $480,472 projected deficit.
"We will repay the loan over the course of time," Frazier said. "A repayment schedule is being worked on now."
Three sports made more money than they spent: women's volleyball ($479,632), football ($265,541) and men's volleyball ($247,910). Women's basketball had the lowest net, spending $651,610 more than it brought in.
Frazier emphasized that the numbers released yesterday are unaudited projections.
"A lot of stuff has changed," he said.
In a statement, UH-Manoa Chancellor Peter Englert said the athletic department's budget will continue to expand.
"Based on previous years of spending and in order to comply with the growth of the program and commitments to gender equity, the current budget for the 2003-2004 season is projected to be $18 million," the statement read. "We will continue to try and find new revenue sources while running a quality Division I program that can be competitive. The growth potential of our budget needs to keep growing, and we still predict we should be at $20 million in the not-too-distant future."
Frazier, associate athletic director Tom Sadler, assistant athletic director Marilyn Moniz-Kaho'ohanohano and athletic department business manager Michael Nagafuchi comprise a review committee that is working on budget for the 2003-2004 season.
