University of Oklahoma Athletics
OU Announces Cost-Cutting Measures Due to COVID-19
July 01, 2020 | Athletics
NORMAN — With the start of the 2020-2021 fiscal year, the University of Oklahoma Athletics Department announced Wednesday initial cost-cutting measures that are now in place as a result of the COVID-19 global pandemic.
The department has implemented budget cuts of approximately $13.7 million in controllable operating expenses, including a 10% salary reduction for any employee earning a salary of $1 million or more per year. With these budget modifications, the department also is accounting for COVID-19 expenses, which entail testing protocols and increased safety measures.
In spite of these changes, the department is holding intact and safeguarding all financial aid and services provided to student-athletes, including accommodations for extended eligibility.
"Our goal is to have all activities operate as safely and efficiently as possible. That said, we are planning on a number of contingencies and protocols that will leave us prepared for any number of scenarios."
- Joe Castiglione
OU Vice President and Director of Athletics Joe Castiglione said these reductions represent the department's first steps in responding to the impact of COVID-19, noting that as the pandemic evolves, there may be cause for additional measures.
"All of us understand that a number of circumstances will unfold in the weeks ahead," he said. "Our staff continues to monitor our expense and income projections closely and we'll take other actions, as necessary."
Castiglione added that he was pleased that the department was able to balance its budget for the 2019-20 fiscal year.
"It's a testament to our staff and our practices that we were able to balance our budget for fiscal year 2020," Castiglione said. "We have always benefited from excellent teamwork in our department, but our staff has come together as never before. I am very proud of our people."
Castiglione added that he remains optimistic about the upcoming school year.
"Our goal is to have all activities operate as safely and efficiently as possible," he commented. "That said, we are planning on a number of contingencies and protocols that will leave us prepared for any number of scenarios."
