Director of Athletics Kevin Saal

[Kung Wu]

And for $19.99 a month you get this adorable Kung Wu blanket.

[pinstripers]

bake sale?

[1972Shocker]

The WSU-ICAA annual financial report for FYE 06/30/24 has finally been posted on goShockers.com: https://goshockers.com/documents/202...ED_FS_ICAA.pdf.

The accountants dated their report on September 27th. Not sure why it took so long to be published.

They are not great by any means, but they are better than what I was expecting. I don't have the time or the inclination to do a deep dive right now but here is quick overview:

Revenues were $33.8 million in FY24 compared to $27.9 million in FY23. That is a healthy increase of $5.9 of which $4.6 million came from increased booster contributions. Revenues from ticket sales, student fees and SASO memberships were flat year over year. Conference distributions were up $760k and other revenues were up $400k.

Total operating expenses, excluding severance pay, were $33.4 million in FY24 compared to $29.6 million in FY23. That's an increase of $3.8 million on the expense side. The big contributors to that increase was coaches compensation up $813k, athletic student aid up 606k, team travel up $1 million, and marketing and promotion up $889k accounting for $3.3 million of the $3.85 million increase in expenses.

FY24 had $515k in nonoperating revenues including investment income and endowed scholarship contributions vs $575k in FY23.

The bottom line, excluding severance pay, resulted in net income/surplus of $868k in FY24 compared to a loss/deficit of $1.1 million in FY23.

As of the June 30, 2024 total assets were $13.6 million vs liabilities of $12.1 million for a net worth of $1.4 million (vs $740k at the end of FY24). Liabilities include severance pay obligations of $5.7 million of which $2.6 million will be paid in FY25, $2.6 million in FY26 and $500k in FY27.

Thank goodness for the boosters for boosting their contributions. Absent the $4.6 million increase in contributions we would have ran a deficit of $3.7 million this year. Of course, if those additional contributions had not come in ADKS would no doubt had to take action to cut expenses where he could and/or to borrow the needed funds to absorb that. I think you have to give ADKS some credit for this.

We really needed this year and the nest couple of years to be a big year for men's basketball. So far that's not looking too promising.