Saturday, March 12, 2016

FAMU Trustees Approve Athletics Five-Year Financial Plan

Bragg Memorial Stadium
Florida A&M University Campus
TALLAHASSEE, Florida -- FAMU Athletics Director Milton Overton submitted the department's Five-Year Financial Plan. He outlined to the Board of Trustees how he plans to get the athletics department out of the deficit of $7,624,114.

Overton told trustees during the board meeting Thursday that he's trying to build a championship football team.

To do that, he says they have to start with the foundation, and the repairs of what he called the financial pillar.

Overton said, "No matter who comes in, no matter who the coach is, you have to make sure that those coaches and those student athletes have what they need to be successful. That's just a fact."

Overton says revenues are projected to increase by nearly 44 percent.

Key components of that increase include an increase in Football Game Guarantees, from $685,000 in the current year to $2.6 million in 2020-2021; increase in licensing revenues from $100,000 to $500,000; an increase in Athletics donations from $500,000 to $1 million; and growth in advertising revenue over six years from $200,000 to $1.2 million.


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