NCAA accidentally leaks financial secrets

NCAA accidentally leaks financial secrets - A mistake puts the organization’s most sensitive economic data online for all to see. NCAA Unintentionally Leaks Financial Docs. Someone at the NCAA headquarters in Indianapolis is going to have a lot of explaining to do after closely guarded financial statements from the organization were leaked online for the world to see.

The NCAA mistakenly left its internal SharePoint site unprotected, allowing fans, media and random knuckleheads to have complete access to its most sensitive economic information. The leak involves years of accounting information, slideshows and much more.

Originally the information was spotted on Cats Illustrated, a popular Kentucky fan site. Someone e-mailed the scuttlebutt to rumor-loving writers at Deadspin who were able to get downloaded copies of the data before the NCAA could encrypt the information and make the important files inaccessible to Joe public.

Even the most casual aficionado of college sports is aware the NCAA isn't destitute, but just how affluent are "amateur athletes" making those that run college sports?

Deadspin reports the NCAA took home $693.2 million in revenue in 2008. A majority of that cash came from March Madness which saw Kansas, Memphis, North Carolina and UCLA – all No. 1 seeds – reach the Final Four at the Alamodome in San Antonio. Bill Self's Jayhawks beat John Calipari's Tigers in the championship game.

Just over 51 percent ($359 million) of the 2008 NCAA revenue went back to Division I schools, with slightly more than 33 percent ($230 million) used to stage championship events. Another $26 million (3.7%) was headed to the NCAA's "management and general fund," leaving 3.4 percent ($24 million) in profit.

In addition, Deadspin reports the NCAA had invested a breathtaking $356 million in different financial markets.

via: tpg