FSU Athletic Budget news (update)

https://www.tallahassee.com/story/sports/college/fsu/2020/07/07/paycheck-protection-program-seminole-boosters-inc-coronavirus-pandemic-florida-state-fsu-athletics/5389295002/

A database released by the United States Small Business Administration includes Seminole Boosters, Inc., on its list of 82,708 small businesses or non-profit organizations that have received a million dollars or more in funding from the Paycheck Protection Program.

The program was enacted this spring during the coronavirus pandemic to allow these businesses and organizations to continue paying their employees.

According to the database listing, Seminole Boosters was approved for a loan between $1 million to $2 million on April 14 in order to continue to support 54 jobs during the pandemic.

Andy Miller, President and CEO of Seminole Boosters, confirmed to the Democrat that the organization received $1,017,455 through the Payroll Protection Program, but later returned $130,430 after a further review of the terms of the loan.

https://theosceola.com/notes-fsu-sets-2019-20-budget-acc-distribution-to-increase/

"Florida State athletics director David Coburn and various administrators found solutions to the fiscal year’s budget through cost-cutting and is now balanced thanks to a $6.15 million additional transfer from Seminole Boosters, Inc. The Booster transfer will be funded by the liquidation of real estate held by the Boosters for such a need.

Coburn and the FSU athletics board met on Wednesday afternoon and approved a proposed 2019-20 budget of $108.07 million – an increase from $106.95 million in 2018-19.

– The projected ACC distribution for 2019-20 is $32,076,073, an increase of $2.37 million from the projected 2018-19 distribution. The additional revenue factors in money expected from the new ACC Network. Then-FSU athletic director Stan Wilcox had said in 2017 that revenue would jump by $8 million – $10 million annually but Coburn said that number is not accurate.

– FSU will receive $4 million to buy gear from Nike, up from a $2.8 million allowance in 2018-19.

– Ross Cobb has been hired from the University of Arizona to be FSU’s new Chief Financial Officer. Longtime FSU athletics administrators Bernie Waxman (Associate AD for Facilities and Event Management) and Dr. Greg Beaumont (Senior Associate AD for Student-Athlete Academic Services) are retiring this summer.