How much is COVID-19 pandemic affecting Clemson monetarily?

How much is COVID-19 pandemic affecting Clemson monetarily?

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How much is COVID-19 pandemic affecting Clemson monetarily?

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Little by little, the Clemson Athletic department is starting to feel the effects of COVID-19.

So far, the effects have been minimal as Clemson University provided numbers to The Clemson Insider Wednesday on estimates and projections of foregone revenue and expense savings.

The impact on Clemson Athletics 2019-’20 fiscal year is just a little more than a $1 million. In fact, the athletic department reported to the Board of Trustees on Tuesday an estimated net of $1,038,000 will be lost for the last three months of the spring semester.

The fiscal year ends on June 30.

Clemson reported it will save $1.2 million in team travel and postseason, now that the spring seasons have been closed. Also, with recruiting in a dead period, Clemson is expecting to save $400,000 in its recruiting budget, which consist of traveling and the cost of mailing recruiting letters and things of that nature.

The athletic department will save another $750,000 with the cancellation of all spring events on campus, such as team banquets and the CLEMMYs, the annual awards ceremony for Clemson Athletics that is held in the spring.

When it is all said and done, Clemson estimates it will save $2,350,000 by spring sports being canceled.

However, there is another side to all of this. As for what revenue Clemson was planning to receive, but it will not because of the cancellation of games and events due to the COVID-19 pandemic, it is expecting not to receive $3,368,000 in revenue that it had budgeted for the 2019-’20 fiscal year.

Clemson will not receive $2,693,000 from the ACC and the NCAA distribution. They also will refund $595,000 to baseball and softball season ticket holders and will lose an estimated $80,000 in concession sales.

The bottom line, Clemson will take a $1,038,000 hit.

“I think what you end up doing is not spending maybe an equivalent amount of that money between now and the end of this year,” Clemson athletic director Dan Radakovich told TCI back on March 19. “So, the fact that we don’t have home events, we are not traveling to road events, people are grounded and not recruiting at this point in time, the spring game has been canceled, a number of other events that we would have had as cost drivers will not be there.

“The trick will be the things we don’t spend money on add up to the money we don’t get as we look to a June 30 fiscal year close.”

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