ATHENS — The University of Georgia athletic department generated an eye-popping $179,295,904 million in revenue while posting $138,757,891 in operating expenses during the 2019-2020 fiscal year ending last July.

Those numbers reflect more than a $5 million bump in revenue from the year before ($174,042,482) and nearly a $5 million reduction in operating expenses from 2018-2019 ($143,299,554).

UGA ranked fifth in the nation in athletic department revenue last year, per a USA Today report.

UGA issued a release Friday indicating it has submitted the 2019-2020 annual financial report as required by the NCAA.

The school took the added step of issuing a press release to explain that the school’s net profit was “closer to $13 million” than the $40 million rough math might imply.

It’s because the current capital expenditures and the athletic department’s contribution to the university are not included in the expense totals that the profit margin looks misleadingly high.

That $13 million net is key, as former UGA athletic director Greg McGarity said last September that Georgia is anticipating a $55 million shortfall in the 2021-2022 athletic budget.

Georgia’s football ticket sales were greatly affected by the Covid-19 seating restrictions, with the stadium capacity limited to just 20,504 down from 92,746 when at full capacity.

UGA also played just three home games, as Vanderbilt canceled on playing the Bulldogs twice.

Further, there were added costs incurred this past fall sports season on account of Covid-19 guidelines and logistics.

RELATED: UGA expects $55 million shortfall in 2020-2021

New athletic director Josh Brooks said he will update the anticipated losses for the 2021-2022 year at Tuesday’s athletic board meeting.

UGA deputy athletic director for finance Stephanie Ransom provided some perspective in the school release Friday, helping to put the numbers into context.

“We are extraordinarily fortunate to have been able to operate this year without some of the drastic cost-cutting measures our peers had to employ,” Ransom said. 

“Our leadership team, coaches and staff did a tremendous job adhering to our mission-critical spending strategy to limit financial pitfalls during the onset of the global pandemic.  We will continue to be fiscally prudent to ensure we maintain a healthy financial outlook.”

The numbers below reflect why football is known as the engine in the revenue train.

Football and men’s basketball were Georgia’s only two sports producing more revenue than expenses.

Women’s basketball had the largest deficit between revenue and operations costs, more than $3 million, while baseball had a gap of nearly $2 million ($1.889).

Some key revenue numbers from the report included:

• $38.6 million from ticket sales

• $64.6 million in contributions

• $38.4 million in media rights

• $14.2 million sponsorships and licensing

• $8.1 million in SEC bowl generated revenue

Some of the larger expenses included:

• $28.4 million in coaching salaries, benefits and bonuses

• $26.6 million to administrative and supportive staff compensation and benefits

• $14.7 million in overhead and administrative expenses,

* $7.7 million in game-day expenses, including officials, security, event staff, ambulance

• $5.8 million in team travel, including expenses for football team before home games

• $3.8 million in recruiting expenses, including transportation, lodging and meals

Link to full report here

By sport, operating revenues/expenses

Football generated $134,463,859  – Expenses $48,501,193

• Men’s basketball $9,651,731 – Expenses $8,304,553

• Women’s gymnastics $1,136,781 – Expenses $2,197,690

• Women’s basketball $933,372 – Expenses $4,364,698

• Baseball $724,323 – Expenses $2,614,119

• Equestrian $635,590 – Expenses $2,122,554

Women’s Soccer $365,005 — Expenses $1,643,837

Men’s Tennis $64,398 – Expenses $1,053,175

Women’s Tennis $65,051 – Expenses $1,187,358

Men’s Golf $64,262 – Expenses $919,818

Women’s Golf  $61,235 – Expenses $791,115

Volleyball $88,209 – Expenses $1,684,824

Men’s track/X-country $183,701 – Expenses $1,634,592

Women’s track/X-country $183, 701 – Expenses $1,823,964

Softball $62,228 – Expenses $1,577,095

Men’s swim & dive $91,839 – Expenses $1,435,463

Women’s swim & dive $91,840 – Expenses $1,697,997