Private schools: conference payouts, boosters & debt

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The Knight-Newhouse database covers public schools only, so the 14 private schools in our 68 (13 Power 4 members plus Notre Dame) have no detailed NCAA-style budget breakdown. This page collects what public filings do show: what each conference paid them, the nonprofits that support their athletes, and their stadium and facility financing.

Conference distributions, FY2025

Actual amounts each conference reported paying the school on its own IRS Form 990, Schedule I (grants to member institutions), for the year ended June 30, 2025. These are conference payouts only, not total athletics revenue. New members (USC, SMU, Stanford) and BYU received reduced or partial shares; Notre Dame's ACC share excludes football, whose NBC media money is not public. Vanderbilt is an estimate: the SEC's Schedule I lists only NCAA pass-through money by school, so the range shown is the SEC's lowest and highest full-share payout that year (average $72.4M), not a Vanderbilt-specific figure.

Conference 14 rows

School	Conference	FY2025 conference distribution	FY2024	Note
Baylor University	Big 12	$39.95M [Schedule I]	$37.89M [Schedule I]
Boston College	ACC	$47.09M [Schedule I]	$44.60M [Schedule I]
Brigham Young University	Big 12	$23.11M [Schedule I]	$20.67M [Schedule I]	Partial share as a new member (joined 2023)
Duke University	ACC	$48.24M [Schedule I]	$45.87M [Schedule I]
Northwestern University	Big Ten	$77.51M [Schedule I]	$63.32M [Schedule I]
Southern Methodist University	ACC	$17.07M [Schedule I]	—	Joined ACC July 2024; FY2025 is first year (reduced share). FY2024 was in the American (no 990 pulled).
Stanford University	ACC	$19.56M [Schedule I]	—	Joined ACC July 2024 (reduced share). FY2024 was in the Pac-12.
Syracuse University	ACC	$49.45M [Schedule I]	$45.20M [Schedule I]
Texas Christian University	Big 12	$39.27M [Schedule I]	$37.78M [Schedule I]
University of Miami	ACC	$48.25M [Schedule I]	$45.66M [Schedule I]
University of Notre Dame	ACC	$18.14M [Schedule I]	$20.73M [Schedule I]	Non-football ACC member; football media money (NBC) is not public
University of Southern California	Big Ten	$78.06M [Schedule I]	—	Joined Big Ten Aug 2024; FY2025 is first year. FY2024 was in the Pac-12.
Vanderbilt University	SEC	Estimate $70.3M-$74.5M (SEC full-share range; not a Vanderbilt-specific figure) [usatoday.com] [aol.com] · Schedule I lists only $515,512 in NCAA pass-through money [Schedule I]	Estimate $53.8M SEC full-share average [usatoday.com]	The SEC 990 Schedule I lists only NCAA pass-through assistance per school; the main revenue distribution is reported as one program expense ($1,027.8M, FY2025) and is not itemized by school.
Wake Forest University	ACC	$42.81M [Schedule I]	$43.07M [Schedule I]

Conference filings: ACC: FY2025 [Schedule I] FY2024 [Schedule I] · Big Ten: FY2025 [Schedule I] FY2024 [Schedule I] · Big 12: FY2025 [Schedule I] FY2024 [Schedule I] · SEC: FY2025 [Schedule I] FY2024 [Schedule I]

SEC FY2025 total distribution $1.03B; full-share avg $72.4M [secsports.com]

Booster and NIL-related nonprofits

Tax-exempt organizations tied to each school's athletes, with figures from their own Form 990s. Most NIL collectives are for-profit LLCs and file no 990, so these cover only the nonprofit side. Revenue and spending are the organization's totals, not money paid to any one athlete.

9 rows

School	Nonprofit	Relationship (per its filings or reporting)	Status	Filings
Baylor University	Waco Entrepreneurial Ecosystem Collaborative Inc (Start Up Waco), home of the GXG NIL program EIN 82-2094253 · [ProPublica]	501(c)(3) that ran the GXG (Green and Gold) student-athlete program for Baylor athletes	active	CY2024: revenue $10.8M, expenses $11.4M, student-program spending $10.5M [Form 990] Part III line 4c combines GXG with a Hankamer School of Business advisory program; GXG alone is not broken out CY2023: revenue $8.2M, expenses $2.9M, student-program spending $2.3M [Form 990] GXG Fund stopped taking tax-deductible gifts after Apr 2, 2025 per GXG Elite site [gxgelite.co]; for-profit GXG Elite (Green and Gold Sports Properties LLC) files no 990.
Brigham Young University	The Royal Blue Collective Foundation EIN 92-1410832 · [ProPublica]	501(c)(3) arm of BYU-licensed collective The Royal Blue; its 990 says it serves BYU student-athletes	active	CY2024: revenue $746K, expenses $361K, grants paid $361K [Form 990] The Royal Blue collective itself (for-profit) files no 990.
Duke University	Durham Devils Giving Inc EIN 88-3286213 · [ProPublica]	501(c)(3) connecting Duke athletes with charities	final return (Schedule N filed with TY2023 return)	CY2023: revenue $1.2M, expenses $1.3M, grants paid $28K, year-end assets $0 [Form 990]
Northwestern University	TrueNU EIN 92-0354787 · [ProPublica]	501(c)(3) NIL-for-charity platform for Northwestern athletes	final return (Schedule N filed with TY2025 return)	CY2025: revenue $3.1M, expenses $10.0M, year-end assets $0 [Form 990] CY2024: revenue $10.9M, expenses $4.2M [Form 990] CY2023: revenue $1.6M, expenses $1.6M [Form 990]
Texas Christian University	Flying T NIL Inc EIN 87-3225936 · [ProPublica]	501(c)(3) "Flying T Club" providing NIL opportunities for TCU athletes	active	CY2024: revenue $13.5M, expenses $10.0M, grants paid $75K, year-end assets $5.7M [Form 990] CY2023: revenue $6.1M, expenses $4.7M [Form 990] CY2022: revenue $1.9M, expenses $1.2M [Form 990]
University of Miami	Canes Initiative Inc EIN 92-1542863 · [ProPublica]	501(c)(3) youth mentorship and clinics staffed by UM athletes	final return (Schedule N filed with TY2023 return)	CY2023: revenue $1.0M, expenses $1.0M [Form 990]
University of Miami	Canes Club EIN 88-2786913 · [ProPublica]	501(c)(7) social club promoting interest in Hurricanes teams	small	Apr 13-Dec 31 2022 (990-EZ): revenue $60K, expenses $430 [Form 990]
University of Notre Dame	Friends of the University of Notre Dame Inc (FUND) EIN 87-4530736 · [ProPublica]	501(c)(3) NIL-for-charity using Notre Dame athletes	active	CY2024: revenue $7.1M, expenses $11.4M, grants paid $120K, year-end assets $16.9M [Form 990] CY2023: revenue $20.5M, expenses $5.6M, year-end assets $21.2M [Form 990]
Vanderbilt University	Anchor Impact Fund Inc EIN 92-0762483 · [ProPublica]	501(c)(3); its 990 says it gives Vanderbilt athletes NIL-for-charity opportunities	active (assets nearly depleted at end of 2024)	CY2024: revenue $555K, expenses $1.4M, grants paid $1.2M, year-end assets $26K [Form 990] CY2023: revenue $2.2M, expenses $1.7M, grants paid $1.3M [Form 990]

Schools with no booster or NIL 990 found

Boston College: Collective Friends of the Heights is an LLC (no 990); charitable gifts route through national BPS Foundation (EIN 88-2260784), not BC-specific. [friendsoftheheights.com]
Southern Methodist University: Boulevard Collective is an LLC and states it is not a charity (no 990). [boulevardcollective.com]
Stanford University: no Form 990 found for a booster or NIL nonprofit.
Syracuse University: 315 Foundation Inc (NY charity, inc. June 2022) supports Syracuse athletes, but no EIN or 990 was found on ProPublica. Orange United is for-profit. [315foundation.org]
University of Miami: Official collective Canes Connection is privately held (no 990).
University of Southern California: House of Victory Inc is a CA mutual-benefit nonprofit; no 990 found. Its foundation is a project of fiscal sponsor Community Initiatives (EIN 94-3255070), so it is not broken out. [houseofvictory.com]
Wake Forest University: Roll the Quad, Winston-Salem NIL Club and Top Hat Collective are not 501(c)(3)s (no 990). [rollthequad.com]

Stadium and facility financing

EMMA's Terms of Use forbid scraping or systematically downloading content, so EMMA was not crawled. Bond facts come from university-hosted disclosures, state conduit-issuer documents (CEFA, NCCFFA, Miami-Dade, OCDC) and TEFRA notices.

Baylor University

Intercollegiate athletics operating revenue (university audited statements, $ thousands): FY2025 65,876; FY2024 62,065 [financialservices.web.baylor.edu]
Deferred intercollegiate athletics income (advance tickets, suites, TV etc.): $12.286M at May 31 2025; $19.900M at May 31 2024 [financialservices.web.baylor.edu]
Baylor Waco Stadium Authority is excluded from the university statements; it dissolved in 2023 after 10 years [wacotrib.com]
Bond continuing disclosure: Foster Pavilion Baylor share $212.6M (gifts, City of Waco grants, university funds); Fudge Football Development Center $89.6M (gifts + university funds). No athletics-specific bond series identified. [financialservices.web.baylor.edu]

Boston College

2021 MassDevelopment bonds ($101.96M) funded science building, heating plant and replacement of the Flynn Recreation Complex (student rec, not varsity); Fish Field House ($52.6M) was donor funded [massdevelopment.com]
BC audited statements (FY2026, year ended May 31 2026) describe athletics revenue as mainly ticket sales and conference revenue sharing; no separate athletics dollar line [bc.edu]

Brigham Young University

No BYU bond issues or audited statements found; BYU is owned by the Church of Jesus Christ of Latter-day Saints and files no 990.

Duke University

Wallace Wade Stadium renovation (2014-16) "funded entirely by private gifts" [goduke.com]

Northwestern University

New Ryan Field (~$800M): university COO said about $78M of debt, repaid by athletics through stadium operations (~$5M/yr debt service), plus a $124M university commitment; rest Ryan family gift [dailynorthwestern.com]

Southern Methodist University

Garry Weber End Zone Complex (~$100M) funded by a fundraising drive led by a $50M Garry Weber Foundation gift; no bond financing identified [smu.edu]
SMU 2010 bond official statement notes SMU set up Stadium Club, Inc. to run a private club in Ford Stadium [smu.edu]

Stanford University

FY2025 annual financial report lists Maples Pavilion expansion and new Stanford Softball Stadium under way; no athletics-specific debt figure [bondholder-information.stanford.edu]

Syracuse University

JMA Wireless Dome renovation $163M, "funded entirely by the University and private philanthropy" [library.syracuse.edu]
2025 OCDC bonds (up to $500M) are for residence halls and dining, not athletics [ongoved.com]
Total debt outstanding $1,092.8M (Aug 2025); no athletics-only series [ir.syr.edu]

Texas Christian University

Series 2019 $75.0M taxable senior notes (3.82%, due 2043) funded the Harrison administration building and the east-side expansion of Amon G. Carter Stadium (split not disclosed) [finance.tcu.edu]
FY2025 "other income" $81.5M, which TCU says is mostly athletics revenue; Athletics Human Performance Center renovation was donor funded [finance.tcu.edu]

University of Miami

Hard Rock Stadium use agreement through Dec 31 2032; remaining payments $8.6M at May 31 2025 ($9.6M at May 31 2024) per audited statements in 2026 MDCEFA bond application [miamidade.gov]

University of Notre Dame

FY2025 intercollegiate athletics revenue: contract-based $186.110M + other $32.582M (FY2024: $150.567M + $33.584M) [treasury.nd.edu]
Athletics endowment $670.7M at June 30 2025 ($550.9M in 2024); athletics endowment payout $21.656M FY2025 [treasury.nd.edu]
Deferred athletics ticket and other revenue $75.084M (2025) vs $82.842M (2024) [treasury.nd.edu]
Campus Crossroads ($400M): about $200M from gifts, the rest from debt and premium seat licenses (contemporaneous reporting; the project debt is not broken out in FY2025 statements) [scholastic.nd.edu]

University of Southern California

CEFA Resolution 333 (Mar 27 2025): about $600M tax-exempt bonds; about $80M for the baseball complex and golf practice facility, about $44M for the new Rawlinson Stadium (women soccer and lacrosse) [treasurer.ca.gov]
$315M Coliseum renovation (2019) was privately funded (gifts, sponsorship, naming rights) [today.usc.edu]

Vanderbilt University

Series 2024 official statement: athletics capital projects $37M FY2023 vs $10M FY2022; FirstBank Stadium renovation funded by the $300M Vandy United campaign (gifts + university) [fmsbonds-wpoffload.s3.amazonaws.com]
Same official statement (FY2023, $ thousands): television revenue 38,151; tournament revenue 12,717; student athletics ticket revenue 7,635 [fmsbonds-wpoffload.s3.amazonaws.com]

Wake Forest University

Series 2016 NCCFFA bonds ($159.1M original) financed up to $36.3M for football stadium additions and renovations and up to $8.3M for acquiring and renovating Ernie Shore Field. They are being refunded by Series 2026 (not to exceed $150M; planned par $110.82M). [classifieds.mcclatchy.com]
NCCFFA staff analysis of the 2026 refunding (par $110,820,000; Aa3/AA) [nctreasurer.gov]

Related: Tax filings explorer (every private university's 990, with coach pay by year) · Revenue sharing tracker