We linked federal athletic-department records with tax filings from booster foundations and NIL collectives. Across 54 Division I programs with verified funders, booster foundations reported 17 times as much revenue as NIL collectives. The figures describe organizational funding before schools began paying athletes directly.
Analysis by Matthew Hanauer, PhD, Chief Technology Officer at Civly · from the U.S. Department of Education’s EADA survey and IRS Form 990 filings.
The analysis combines athletic-department financial reports with nonprofit tax filings.
Colleges that receive federal student aid and field a team report annual athletic-department revenue and expenses. The survey includes private universities such as Notre Dame, USC, Duke, Stanford, and Vanderbilt, whose finances can be absent from databases based on NCAA filings and state records requests.
Nonprofit booster foundations and NIL collectives report revenue in tax filings. These records can be searched by organization name or tax ID.
The two datasets do not share a program-to-funder identifier. We matched organizations to schools using names, locations, and mission statements, with manual review where needed.
The verified funders include established booster foundations and newer NIL collectives. Their most recent tax filings show a large difference in revenue.
NIL collectives account for 5.5% of reported revenue in this sample. Booster foundations, athletic associations, and booster clubs account for the rest. University of Georgia Athletic Association Inc reported revenue equal to 3.0× the combined revenue of all 12 collectives.
Collective coverage is incomplete. Some collectives file late or have no public return, and for-profit collectives do not publish Form 990s. The comparison includes only organizations whose filings we could obtain and link to a program.
The table lists each funder, its program, current and prior revenue, tax year, and matching method. Select a column heading to sort.
| Organization | Program | Type | Total revenue | Contributions | Year before | Change | Tax year | Link |
|---|---|---|---|---|---|---|---|---|
| University of Georgia Athletic Association Inc EIN 580652518 · Athens, GA | University of Georgia | Booster foundation | $291.6M | $131.4M | $241.6M | +$50.1M | 2024 | hand-verified |
| Georgia Tech Athletic Association Inc EIN 580622514 · Atlanta, GA | Georgia Institute of Technology-Main Campus | Booster foundation | $200.2M | $93.1M | $155.2M | +$45.0M | 2024 | mission + state |
| University of Louisville Athletic Association EIN 311106941 · Louisville, KY | University of Louisville | Booster foundation | $142.9M | $35.7M | $140.7M | +$2.2M | 2024 | name + state |
| Tiger Athletic Foundation EIN 721004960 · Baton Rouge, LA | Louisiana State University and Agricultural & Mechanical College | Booster foundation | $123.9M | $106.0M | $86.8M | +$37.0M | 2024 | hand-verified |
| Texas A&M University 12th Man Foundation EIN 741185725 · College Station, TX | Texas A&M University-College Station | Booster foundation | $110.9M | $101.1M | $95.7M | +$15.2M | 2024 | name + state |
| Tigers Unlimited Foundation EIN 364538203 · Auburn, AL | Auburn University | Booster foundation | $91.3M | $88.1M | $62.5M | +$28.8M | 2024 | hand-verified |
| Seminole Boosters Inc EIN 591561180 · Tallahassee, FL | Florida State University | Booster foundation | $82.1M | $68.1M | $80.6M | +$1.6M | 2024 | mission + state |
| Iptay EIN 465666637 · Clemson, SC | Clemson University | Booster foundation | $71.6M | $63k | $78.5M | −$6.9M | 2024 | hand-verified |
| Gator Boosters Inc EIN 590737883 · Gainesville, FL | University of Florida | Booster foundation | $71.0M | $65.9M | $52.9M | +$18.1M | 2024 | mission + state |
| Razorback Foundation Inc EIN 710540644 · Fayetteville, AR | University of Arkansas | Booster foundation | $62.1M | $60.2M | $33.3M | +$28.8M | 2024 | hand-verified |
| Ole Miss Athletic Foundation EIN 640474850 · Oxford, MS | University of Mississippi | Booster foundation | $60.2M | $26.1M | $42.6M | +$17.7M | 2024 | mission + state |
| Virginia Student Aid Foundation Inc EIN 540517188 · Charlottesville, VA | University of Virginia-Main Campus | Booster foundation | $50.3M | $47.4M | $59.7M | −$9.5M | 2024 | mission + state |
| Montlake Futures Fund EIN 873396900 · Seattle, WA | University of Washington-Seattle Campus | NIL collective | $44.3M | $44.4M | $6.3M | +$38.0M | 2024 | hand-verified |
| California State University Fresno Athletic Corporation EIN 942874546 · Fresno, CA | California State University-Fresno | Booster foundation | $43.8M | $11.7M | $42.5M | +$1.3M | 2024 | name + state |
| University of Tennessee Athletics EIN 993405430 · Knoxville, TN | The University of Tennessee-Knoxville | Booster foundation | $40.0M | $40.0M | n/a | n/a | 2024 | mission + state |
| Cowboy Athletics Inc EIN 020669448 · Stillwater, OK | Oklahoma State University-Main Campus | Booster foundation | $35.8M | $31.2M | $22.1M | +$13.7M | 2024 | mission + state |
| Georgia State University Athletic EIN 586043293 · Atlanta, GA | Georgia State University | Booster foundation | $32.9M | n/a | $31.5M | +$1.4M | 2024 | name + state |
| Florida State University Athletics Association Inc EIN 813227626 · Tallahassee, FL | Florida State University | Booster foundation | $29.3M | $18.4M | $42.9M | −$13.6M | 2024 | name + state |
| East Carolina University Educational EIN 566061192 · Greenville, NC | East Carolina University | Booster foundation | $17.9M | $15.1M | $20.4M | −$2.4M | 2024 | name + state |
| Athletic Foundation of the University EIN 237050570 · Charlotte, NC | University of North Carolina at Charlotte | Booster foundation | $16.6M | $15.0M | $6.2M | +$10.5M | 2024 | mission + state |
| Texas One Fund Inc EIN 873873183 · Austin, TX | The University of Texas at Austin | NIL collective | $16.5M | $16.8M | $10.5M | +$6.0M | 2024 | hand-verified |
| Classic City Collective Inc EIN 933070490 · Santa Rosa Beach, FL | University of Georgia | NIL collective | $16.2M | $16.1M | $2.9M | +$13.3M | 2024 | hand-verified |
| Gamecock Club of the University of EIN 576024939 · Columbia, SC | University of South Carolina-Columbia | Booster foundation | $14.6M | $13.6M | $14.6M | +$28k | 2023 | mission + state |
| The Kennesaw State University Athletic EIN 272508471 · Kennesaw, GA | Kennesaw State University | Booster foundation | $11.9M | $1.5M | $6.3M | +$5.6M | 2024 | name + state |
| Georgia Southern University Athletic EIN 581485954 · Statesboro, GA | Georgia Southern University | Booster foundation | $11.4M | $7.9M | $15.3M | −$3.9M | 2024 | name + state |
| Clemson Athletic Properties Company EIN 871538054 · Clemson, SC | Clemson University | Booster foundation | $11.0M | $88k | $8.7M | +$2.3M | 2024 | mission + state |
| The College of Charleston Athletic Fund EIN 570640443 · Charleston, SC | College of Charleston | Booster foundation | $9.9M | $9.7M | $5.1M | +$4.8M | 2024 | name + state |
| University of Southern Mississippi Athletic Foundation EIN 640929171 · Hattiesburg, MS | University of Southern Mississippi | Booster foundation | $9.7M | $8.9M | $7.2M | +$2.5M | 2024 | name + state |
| Big Green Scholarship Foundation EIN 550631935 · Huntington, WV | Marshall University | Booster foundation | $7.7M | $957k | $10.4M | −$2.7M | 2024 | mission + state |
| The Varsity Collective Charitable Fund EIN 882810939 · Madison, WI | University of Wisconsin-Madison | NIL collective | $7.6M | $7.5M | $4.3M | +$3.3M | 2024 | mission + state |
| Pokes with a Purpose Inc EIN 881533796 · Tulsa, OK | Oklahoma State University-Main Campus | NIL collective | $6.4M | $6.4M | $946k | +$5.5M | 2023 | hand-verified |
| Unm Lobo Club EIN 856018840 · Albuquerque, NM | University of New Mexico-Main Campus | Booster foundation | $5.8M | $4.9M | $6.1M | −$334k | 2024 | mission + state |
| Bronco Athletic Association Inc EIN 826026578 · Boise, ID | Boise State University | Booster foundation | $5.3M | $5.3M | $4.2M | +$1.2M | 2024 | mission + state |
| Ahahui Koa Anuenue EIN 237253559 · Honolulu, HI | University of Hawaii at Manoa | Booster foundation | $5.0M | $4.4M | $8.7M | −$3.8M | 2024 | mission + state |
| Garnet Trust Foundation EIN 920463073 · Columbia, SC | University of South Carolina-Columbia | NIL collective | $4.7M | $4.7M | $3.5M | +$1.2M | 2024 | mission + state |
| Lion Athletic Association EIN 721008129 · Hammond, LA | Southeastern Louisiana University | Booster foundation | $4.2M | $2.3M | $2.3M | +$1.9M | 2024 | mission + state |
| UWG Athletic Foundation Inc EIN 462304510 · Carrollton, GA | University of West Georgia | Booster foundation | $4.0M | $3.6M | $2.0M | +$2.1M | 2024 | mission + state |
| Hilltopper Athletic Foundation Inc EIN 610656420 · Bowling Green, KY | Western Kentucky University | Booster foundation | $3.9M | $3.7M | $3.7M | +$177k | 2023 | mission + state |
| Chanticleer Athletic Foundation EIN 570765209 · Conway, SC | Coastal Carolina University | Booster foundation | $3.6M | $3.1M | $3.3M | +$222k | 2023 | mission + state |
| David X Marks Foundation EIN 956034304 · Los Angeles, CA | University of Southern California | Booster foundation | $3.1M | n/a | $3.3M | −$173k | 2022 | mission + state |
| Jaguar Athletic Fund Inc EIN 631035650 · Mobile, AL | University of South Alabama | Booster foundation | $2.1M | $281k | $2.4M | −$304k | 2023 | mission + state |
| Cohesion Foundation Inc EIN 881525390 · Dublin, OH | Ohio State University-Main Campus | NIL collective | $1.1M | $1.0M | $1.5M | −$367k | 2023 | hand-verified |
| Montana State University Bobcat Club EIN 810378594 · Bozeman, MT | Montana State University | Booster foundation | $1.1M | $627k | $892k | +$222k | 2024 | name + state |
| The Penguin Club Inc EIN 237301468 · Youngstown, OH | Youngstown State University | Booster foundation | $1.1M | $469k | $1.4M | −$301k | 2024 | mission + state |
| Bleed Purple Athletic Alliance EIN 882362069 · Fort Worth, TX | Tarleton State University | NIL collective | $709k | $625k | $39k | +$670k | 2024 | mission + state |
| Sawmill Collective Inc EIN 933106151 · Nacogdoches, TX | Stephen F Austin State University | NIL collective | $609k | $609k | n/a | n/a | 2025 | mission + state |
| Athletics Foundation of Norfolk State University Inc EIN 521228618 · Norfolk, VA | Norfolk State University | Booster foundation | $518k | $320k | $180k | +$338k | 2021 | name + state |
| City Fans 210 Inc EIN 921327399 · San Antonio, TX | The University of Texas at San Antonio | Booster foundation | $446k | $446k | n/a | n/a | 2023 | mission + state |
| Aaun Endowment Fund Inc EIN 880296894 · Reno, NV | University of Nevada-Reno | Booster foundation | $386k | $88k | $661k | −$274k | 2024 | mission + state |
| Idaho State University Bengal Athletic Boosters Inc EIN 820434759 · Pocatello, ID | Idaho State University | Booster foundation | $372k | $226k | $241k | +$131k | 2023 | name + state |
| Buckeye Boosters Inc EIN 237038930 · Columbus, OH | Ohio State University-Main Campus | Booster foundation | $288k | n/a | $151k | +$137k | 2024 | mission + state |
| Jags Impact Inc EIN 920900351 · Mobile, AL | University of South Alabama | NIL collective | $258k | $258k | n/a | n/a | 2023 | mission + state |
| Varsity House Inc EIN 930523882 · Corvallis, OR | Oregon State University | Booster foundation | $224k | $11k | $196k | +$28k | 2024 | mission + state |
| Light The Tower Collective EIN 883320065 · Denton, TX | University of North Texas | NIL collective | $211k | $211k | n/a | n/a | 2022 | mission + state |
| Seahawk Intercollegiate EIN 874444176 · Wilmington, NC | University of North Carolina Wilmington | Booster foundation | $203k | $187k | $168k | +$35k | 2025 | mission + state |
| Trojan Athletic Foundation Inc EIN 203657234 · Little Rock, AR | University of Arkansas at Little Rock | Booster foundation | $172k | n/a | $198k | −$26k | 2023 | mission + state |
| University of Kentucky Varsity EIN 237220532 · Lexington, KY | University of Kentucky | Booster foundation | $162k | n/a | $180k | −$18k | 2019 | name + state |
| The Uconn Club Inc EIN 061333372 · Storrs, CT | University of Connecticut | Booster foundation | $122k | $6k | $86k | +$36k | 2024 | mission + state |
| Oregon Booster Association Inc EIN 943180347 · Eugene, OR | University of Oregon | Booster foundation | $71k | $32k | $71k | +$131 | 2024 | mission + state |
| The Thunder Trust Foundation Inc EIN 883715207 · Huntington, WV | Marshall University | NIL collective | $16k | n/a | $158k | −$142k | 2025 | mission + state |
| Crimson Tide Foundation EIN 201715023 · Tuscaloosa, AL | The University of Alabama | Booster foundation | n/a | n/a | n/a | n/a | n/a | hand-verified |
| Athletic Association University EIN 237046624 · Reno, NV | University of Nevada-Reno | Booster foundation | n/a | n/a | n/a | n/a | 2024 | mission + state |
| Wichita State University Intercollegiate Athletic Assoc Inc EIN 480690618 · Wichita, KS | Wichita State University | Booster foundation | n/a | n/a | n/a | n/a | n/a | name + state |
All 63 organizations we can tie to a named program, covering 54 of 358 Division I programs. Each figure is from that organization’s most recent filing, spanning tax years 2019–2025. The tax-year column identifies each return; totals combine these different years. Organization names retain the spelling and any truncation in the source filing.
Change is the movement against the prior year in dollars, available for 55 of the 63 filings. Dollar changes make it easier to compare the amounts raised by organizations of different sizes. Every program name links to that school’s own page.
Each of the 358 programs in the federal survey has its own page: what it earned and spent, where it ranks, what each sport costs, and the funder we can name for it, or a plain statement that we could not name one. Grouped the way the survey groups them.
128 schools · median athletic revenue $116.0M · a funder named for 41 of them
131 schools · median athletic revenue $23.8M · a funder named for 9 of them
99 schools · median athletic revenue $22.8M · a funder named for 4 of them
We match organizations to schools using names and stated purposes. An automatic match must meet three conditions:
1. the organization’s name contains the
school’s own name, built into a phrase that must include “university,”
“college” or “institute” so a place name alone can never match;
2. it is registered in the school’s state;
3. it says it exists for athletics, in its own name or in its 990 mission statement.
Nickname matches never publish automatically. “Crimson Tide,” “Buckeye” and “Gator” are shared with thousands of high-school clubs, a swim team and, in one case, a dairy. Those go to human review.
Of the 63 links here: 37 matched on mission text, 15 on name, and 11 were verified by hand. Matches across state lines require manual review. That includes Georgia’s Classic City Collective, which files from Florida through a management company in Alabama.
These figures measure organizational revenue. They do not measure individual athlete compensation or deal values.
Coverage is 54 of 358 programs. Where a program is absent, that means we have not verified a funder for it, not that it has none. Many programs have no separately filing booster entity at all, because the money runs through the university’s main foundation, which files as one organization covering the whole institution. We exclude unconfirmed matches to avoid assigning another organization’s revenue to a school.
These filings predate the rule change. Schools could first pay athletes directly on 1 July 2025, and most of these returns cover the year before that. They describe the funding landscape going into revenue sharing, not its effects.
There is no single “donor money” line. IPTAY, Clemson’s booster foundation, books donor money as program service revenue. Its contributions line reads $63k against $71.6M of revenue. Collectives commonly book athlete payments as fees for services rather than grants. The register leads with total revenue for that reason.
Civly builds research tools from federal surveys, tax filings, campaign-finance records, and broadcast archives. Contact us for a custom dataset or analysis.
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