Alabama athletics showed a $12.1 million deficit for fiscal year 2023, according to the revenues and expenses report that UA submitted to the NCAA, obtained by AL.com. The fiscal year spanned July 1, 2022 through June 30, 2023.

However, according to the university, things weren’t quite what they seemed.

“$14.3 million in gifts collected during FY23 were excluded from the report because those gifts were not expensed in 2022-23,” UA open records and project specialist Jessica Lindsey said in an email.

Revenues for FY 2023 hit $199.9 million, excluding the gifts. That’s down from FY 2022, when Alabama brought in $214.4 million.

Expenses were also up for the third fiscal year in a row. UA reported $212 million in that category, after spending $195.9 million last year.

Media rights remained Alabama’s biggest driver of revenue, bringing in $55.6 million. That number rose from $53.6 million in FY 2022.

As expected, the football program generated the majority of athletics department funds. FY 2023 will be the final fiscal year where Nick Saban was entirely in charge of the team, which brought in $129.3 million.

That’s down slightly from the $130.9 million generated in FY 2022. UA spent more on football in FY 2023, up to $83.3 million from $78.5 million last year.

Overall, the football program had a $46 million budget surplus for FY 2023. That’s down from its $52.3 million surplus in FY 2022.

As usual, the athletics program’s biggest expense was debt service. Alabama spent $22 million in that category for FY 2023, similar to the $22.4 million last year.