Here’s how USF Athletics spent its money in 2022-23

*USF football saw increased spending in recruiting during the 2022-23 reporting year. ORACLE PHOTO/JUSTIN SEECHARAN*

USF Athletics operated at a $135,000 financial loss during the 2022-23 fiscal year – a 97% decrease from its $6.2 million deficit in 2021-22, according to its financial report.

The department totaled roughly $70.6 million in revenue and $70.7 million in expenses in its most recent report. USF football made roughly $9.4 million in revenue.

The Oracle obtained USF Athletics’ most recent financial report, which spans from July 1, 2022, to June 30, 2023, through a public records request.

Here’s a deeper dive into how USF Athletics made and spent its money this past year.

Severance payments

The Bulls paid roughly $2.7 million to athletic administrators and coaching staff who were fired from their positions.

Roughly $2.2 million was attributed to football and $478,000 to men’s basketball. USF fired then-football coach Jeff Scott in November 2022 and men’s basketball coach Brian Gregory last March.

Scott’s and Gregory’s full buyouts are unknown because their deals are funded through the USF Foundation.

Recruiting spending is up

USF spent roughly $2.1 million on recruiting expenses in 2022-23, around a 91% jump from the $1.1 million in 2021-22.

Most of the recruiting expenses came from the football program, which spent around $1.5 million this past year. It’s a substantial increase from the roughly $607,000 it spent the year before.

The next highest recruiting expense came from the women’s basketball team at $185,992 which rose 17.5% from the $158,249 in 2021-22.

Men’s basketball spent roughly $130,581 in 2022-23, a 19.8% uptick from $109,026 the previous year.

Other expenses

Expenses rose 13% from $62.3 million in 2021-22 to $70.7 million in their most recent year. Here are some of the biggest contributing factors:

$13 million in coaching staff salaries
$11.9 million on supporting staff members
$8.9 million in student-athlete financial aid
$6.5 million in team travel

USF also has an athletic facilities debt service that costs roughly $2.6 million annually. The athletics department’s total debt experience rose, with a 13.5% uptick from $28.8 million last year to $32.7 million this year. The school also is taking on a $200 million debt for its on-campus stadium.

Notable revenues

USF Athletics’ total revenue increased 26% from $56.1 million to $70.6 million from the previous fiscal year. Here are other categories that the athletics department saw an increase in:

$19.5 million in direct support from the university, compared to $10.5 million in 2021-22.
$10.4 million from outside contributions, such as donations, compared to $7.1 million the previous fiscal year.
$9.7 million in distributions from the American Athletic Conference, compared to $7.3 million the previous year.
$5.8 million in sponsorship royalties, a 61% increase from 2021-22.

The Bulls’ share of American Athletic Conference revenue only considers the regular season. The Bulls’ Boca Raton Bowl could add to the department’s revenue in next year’s report.