In the past six years, revenue from college athletics at Colorado’s institutions rose by greater than $49 million, according to a new report from the state auditor, even though costs have increased more rapidly.

In the past fiscal year, Colorado’s 11 public colleges and universities were members of the National Collegiate Athletic Association. Three were in Division I, which supports larger programs, and eight were in Division II. All have a requirement to report revenue and expenses to the NCAA.

In total, the institutions generated $133.3 million of self-supporting revenue during the last fiscal year, and required $100.1 million in institutional subsidies. This compared to $234.4 million in expenditures. Over the past six years, costs grew across all programs by a total of $75.9 million, compared to only $49.2 million in increased income.

“The institutions did not generate enough self-supporting revenue to cover all of their athletic expenses for Fiscal Years 2013, 2016, or 2019,” auditors found, noting that expenditures were growing faster than income. “Individually, the University of Colorado’s Division I football program and men’s basketball program were the only Division I or Division II programs with self-supporting revenue in excess of program expenses for Fiscal Year 2019.”

There were 8,751 students last year who participated in Colorado’s NCAA activities, and they received more than $46 million in financial aid related to their extracurricular activities.

The University of Colorado at Boulder’s programs had the largest budget, with $82.7 million in income and $98.4 million in expenses. But Colorado State University’s Fort Collins campus had the largest gap between the two, at $22 million.

Among Division I institutions, contributions and donations comprised one-quarter of income, with media rights, ticket sales and royalties each generating between one-tenth and one-fifth of revenue. The rest of the programs’ income came primarily from the direct support of the college or university, with student fees also providing financial contributions.

Of the programs’ expenses, the largest categories – coaching salaries and overhead – were a combined 35%.

“Major programs,” as defined by the institutions, were football and basketball at all three Division I organizations. CU-Boulder designated 13 programs as major, eight of which were women’s activities. 

Among the eight Division II organizations, contributions and donations were a much higher percentage of budgets, at 43%. Financial aid to athletes and coaching salaries together made up 52% of expenditures. None of the programs mentioned in the auditor’s report covered its expenses.

Despite the fact that student aid was a larger percentage of costs for Division II, “The average amount of student aid awarded to each Division II student-athlete was $7,516 for Fiscal Year 2019. This amount is significantly lower than the average amount of student aid – $30,275 – awarded to each Division I student-athlete,” the audit found.