Mandatory Financial Transparency for NCAA Division I Collegiate Sports Programs
This Act mandates NCAA Division I institutions to report detailed revenues and expenditures for each sports team. Citizens, including students and parents, will gain access to information on how money from ticket sales, student fees, and donations is spent on collegiate athletics. This increases financial transparency, allowing for better assessment of whether funds are fairly distributed across different sports.
Key points
Mandatory Reporting: Division I NCAA institutions must disclose detailed revenues (e.g., ticket sales, broadcast rights, donations) and expenses (e.g., coach salaries, scholarships, travel) for every sports team.
Increased Transparency: This information will be publicly available, enabling students and the public to monitor the finances of collegiate athletics.
Definitions and Audit: The Secretary of Education, in consultation with experts, will establish standard accounting definitions, and reports can be submitted by athletic associations if independently audited and certified by the institution's chancellor.
Association Requirements: Athletic organizations (like the NCAA) must also report their revenues and expenses (e.g., disbursements to institutions, executive compensation) broken down by event and contract.
Expired
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