The NCAA lost $9 million in 2015, reports USA Today’s Steve Berkowitz.
The deficit marked the first time in 11 years that the association ended a fiscal year at a loss.
According to the report, the NCAA had never before possessed less than a $10.9 million surplus at the end of a fiscal year.
“We took a significant hit in August,” NCAA spokeswoman Stacey Osburn said of the impact of last summer’s stock-market decline on the association.
In addition to the market decline, the NCAA experienced a $3 million increase in general expenses in 2015. Despite the loss, the NCAA’s net assets still reached nearly $698 million.
In fiscal 2015, the NCAA had more than $912.3 million in revenues, as well as $921.6 million in expenses.