Georgia athletics posted an operating surplus of just over $34.0 million from its fiscal year 2022 NCAA financial report, a 12-month period that included the school’s first football national championship in 41 years.

The UGA Athletic Association reported $203,048,566 in operating revenue and $169,026,503 in operating expenses for the fiscal year that started July 1, 2021 and ended June 30, 2022, according to information it released Wednesday to the Athens Banner-Herald through an open records request.

That’s about $33.9 million more in revenue than a year earlier and about $46.3 million more in expenses.

Georgia’s operating surplus is the second highest among schools whose financial numbers have been reported publicly so far for fiscal year 2022 behind only Indiana’s $34.4 million. Others reported include: Ohio State ($25.9 million), Auburn ($22.9 million), Alabama ($18.5 million), Michigan ($17.1 million), Missouri ($15.5 million) and Florida State ($10.3 million).

Georgia contends it’s actual surplus is $287,352 because of differences with how it accounts for revenues and expenses compared to the report. The NCAA’s data doesn’t account for $4.5 million UGA athletics gives to the university as an expense and about $34 million in donor contributions from Magill Society members for facility projects. About $3.5 million in interest income from investments are counted as operating revenue in the NCAA report.

“It’s important to remember the information in this report does not capture all financial information included in our audited financial statements,” UGA athletic director Josh Brooks said. “That said, we are proud of the operating results of fiscal year 2022 and our continued strong financial position thanks the collective effort within our department and the unwavering support of Bulldog Nation.”

The NCAA requires schools to submit the report in January.

Indiana in a statement also said its operating surplus “does not reflect the full financial picture. The Indiana University Foundation provided a gift to Indiana University to be used for unrestricted needs consistent with the University’s mission to mitigate the impacts of the COVID-19 pandemic. A portion of these funds were applied to IU Athletics. The true picture for FY22 is that the Indiana University Department of Intercollegiate Athletics’ expenditures were equally aligned with its revenues.” Indiana did not respond to a request for exact amounts that impacted their surplus.

Georgia’s 2021 football season, which fell during the fiscal year in the latest report, had six home games, a neutral site game in Charlotte against Clemson as well as the Orange Bowl and national championship game in Indianapolis. UGA listed $35.4 million in football ticket sales.

Georgia played just three home football games the previous year during the COVID-shortened season with attendance limited to 20,524 in Sanford Stadium in 2021. SEC schools each also got a $23 million advance from the conference to help offset the impact of the pandemic.

Donor contributions, multimedia rights and licensing from championship apparel went up with the football national championship, Brooks said.

Licensing listed in the NCAA report as part of “royalties, licensing, advertisement and sponsorships,” jumped $8.65 million to $20.88 million. Of that, $15.58 million came from football.

Brooks said what doesn’t show up on the bottom line now may be building lifelong fans such as a “10-year old that has witnessed now two national championships that is maybe going to be a Georgia fan the rest of his life.”

There were increased expenses also for travel to Miami and Indianapolis for the marching band, staff and other travel party. Georgia listed $5.73 million for bowl expenses with $3.1 million for postseason football bonuses.

Football recruiting expenses for coach Kirby Smart and staff ballooned from $699,782 during the previous fiscal year impacted by the pandemic to $4.51 million, the most ever for Georgia.

Georgia reported $3.68 million for fiscal year 2019 for football recruiting. Adjusted for inflation using the U.S. Bureau of Labor Statistics inflation calculator, the fiscal year 2019 number is $4.25 million. That’s about $250,000 less than the fiscal year 2022 number.

Coaching salaries, benefits and bonuses rose from $29.2 million to $37.2 million and support staff pay went from $26.3 million to $28.9 million

Georgia also had about $1.7 million in expenses for Alston payments as an academic achievement award for all of its approximately 500 athletes.

The operating surplus was dented with the changeover in basketball staffs that included expenses for buyouts with the firing of men’s basketball coach Tom Crean and hiring of Mike White and women’s basketball coach Joni Taylor going to Texas A&M and being replaced by Katie Abrahamson-Henderson. That shows up in the severance payment listing going from $168,678 the previous year to $4.67 million.

This article originally appeared on Athens Banner-Herald: UGA athletics reports big surplus for latest NCAA financial report