Penn State Intercollegiate Athletics (ICA) recently filed its 2012-13 NCAA Annual Financial Report and has taken measures to remain a self-supporting unit in the near future. Penn State Athletics does not receive any funding from the Commonwealth of Pennsylvania or its taxpayers.
During the 2012-13 academic year, Penn State Athletics used existing reserves to cover the deficit caused by expenses exceeding revenues by $5.9 million. Current projections, though, indicate that ICA will not be able to rely on the use of reserves in the near-term (anticipated 3-4 years) to cover projected annual deficits.
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