The Florida Board of Governors approved an amendment that allows state universities, such as the University of Florida, to allocate up to $22.5 million in auxiliary funds to athletics annually.
Last week’s House settlement that ended the NCAA’s amateurism model opened the door for schools to pay players, and Florida’s universities needed a workaround to help stay competitive in this ever-changing NIL/transfer portal era of college sports. It reverses what was a unique-to-the-state rule that prohibited auxiliary funds from being used on athletics.
“Specifically, the auxiliary funds will come from areas such as student housing, parking fees, food services, bookstore sales, telecommunications, printing services, postal services and computing services,” said the Orlando Sentinel.
Universities that plan to use those auxiliary funds must provide a justification to its board of trustees. From there, the board sends a recommendation to the Board of Governors. Schools that use the funding must also create an approved multi-year athletic budget.
The financial cap will increase year by year before reaching $32.9 million in 2035.
