FY2025 Financial Snapshot
Source: FY2025 NCAA MFRS · Prepared by Data Driven HBCU · March 2026
Total Revenue
$25.0M
FY2025 MFRS
Total Expenses
$25.0M
FY2025 MFRS
Net Position
+$0.0M
Revenue − Expenses
Athletic Aid
$5.5M
21.9% of expenses
Scholarship Equivs.
147.78
216 athletes receiving aid
Sports Offered
15
7M / 8W
FY2025 Revenue Sources
Athletic Aid vs. All 13 HBCU Peers
2024 Football Record
4-8
Cost / Equiv.
$36,985
In-State COA: $27,551
Pell Recipients
150
$847,011 total Pell aid
FY2025 Revenue Mix
Revenue source breakdown as reported in FY2025 NCAA MFRS filing.
Revenue Sources — FY2025 (Norfolk State)
| Revenue Source | Amount | % of Total |
|---|---|---|
| Student Fees | $9,651,929 | 38.6% |
| Direct Institutional | $8,897,480 | 35.6% |
| Ticket Sales | $1,051,571 | 4.2% |
| Guarantees | $933,000 | 3.7% |
| NCAA / Conference | $1,789,129 | 7.2% |
| Sponsorships | $935,243 | 3.7% |
| Donor Contributions | $577,456 | 2.3% |
| Other | $1,144,453 | 4.6% |
| TOTAL | $24,980,261 | 100.0% |
FY2025 Expense Mix
Source: FY2025 NCAA MFRS
Expense Breakdown — Norfolk State
Expenses by Category
| Expense Category | Amount | % of Total |
|---|---|---|
| Athletic Aid | $5,465,706 | 21.9% |
| Coaching Comp | $5,069,219 | 20.3% |
| Staff Comp | $2,765,086 | 11.1% |
| Game Exp & Travel | $3,324,909 | 13.3% |
| Facilities / Debt | $825,741 | 3.3% |
| Recruiting | $170,006 | 0.7% |
| Medical & Meals | $1,092,532 | 4.4% |
| Other | $6,267,062 | 25.1% |
| TOTAL | $24,980,261 | 100.0% |
FY2025 Scholarship Equivalencies
Source: FY2025 NCAA MFRS Page 43. Equivalency data as reported.
Grand Total Equivs.
147.78
216 athletes receiving aid
Total Aid Dollars
$5.5M
21.9% of expenses
Cost / Equiv.
$36,985
11-peer avg: ~$26K
Men's Aid
$3.4M
141 athletes
Women's Aid
$1.7M
75 athletes
Men's Scholarship Equivalencies by Sport
Women's Scholarship Equivalencies by Sport
| Men's Sport | Equivs. | Aid ($) |
|---|---|---|
| Football | 66.33 | $2,182,940 |
| Basketball | 11.57 | $380,772 |
| Track/XC | 12.77 | $420,264 |
| Baseball | 7.58 | $249,460 |
| Tennis | 4.55 | $149,742 |
| Men's Total | — | $3,383,178 |
| Women's Sport | Equivs. | Aid ($) |
|---|---|---|
| Basketball | 10.63 | $395,547 |
| Track/XC | 10.18 | $378,802 |
| Volleyball | 7.68 | $285,776 |
| Softball | 7.32 | $272,380 |
| Bowling | 3.76 | $139,911 |
| Tennis | 5.41 | $201,308 |
| Women's Total | — | $1,673,725 |
HBCU Peer Comparison — FY2025 MFRS
All 13 programs. Norfolk State highlighted in gold.
Athletic Aid — 11 HBCU Programs (FY2025)
| School | Conf. | Revenue | Expenses | Net | Aid | Aid % | Equivs. |
|---|
Head Coaching Salaries — 11 HBCU Programs (FY2025)
Football, Men's Basketball, and Women's Basketball head coach compensation (university + third-party combined). Source: FY2025 NCAA MFRS. — indicates no football program.
Men's & Women's Basketball HC Salary — 11 HBCU Programs (FY2025)
| School | FB HC Salary | MB HC Salary ▼ | WB HC Salary |
|---|
Endowment Data — 11 HBCU Programs (FY2025)
Restricted endowment income (MFRS L17), athletics dedicated endowments (L54), and institutional endowments (L55). Source: FY2025 NCAA MFRS.
Institutional Endowment — 11 HBCU Programs (FY2025)
| School | Restricted Endow Income | Athletics Endowment ▼ | Institutional Endowment |
|---|
Key Findings & Research Verdict
Prepared: March 2026 | Data: FY2025 NCAA MFRS Actuals
Research Verdict — Norfolk State
Norfolk State is the financial leader among HBCU peers by revenue and total aid dollars. The institutional investment is real and significant. The opportunity is to convert that financial commitment into stronger on-field results in the MEAC.
FINDING 1
Highest total revenue among 11 HBCU peers at $25.0M
Norfolk State is the highest-revenue HBCU athletics program in this cohort, surpassing NC A&T ($22.5M). Revenue is driven by strong institutional support ($8.9M) and the largest royalties/sponsorships total ($935K).
FINDING 2
Leads all HBCU peers in total athletic aid dollars ($5.47M)
At $5.47M, Norfolk State invests the most in athletic aid in absolute terms among all 12 peers, giving the program a clear MEAC-wide recruiting advantage in financial resources.
FINDING 3
Cost per equivalency ($36,985) is the highest in the cohort
NSU's high aid cost per equivalency reflects out-of-state tuition rates. Unlike NC A&T and NCCU, Norfolk State does not benefit from a state in-state tuition law for out-of-state athletes.
Historical Financial Trends — FY2005–FY2025
Norfolk State University · 21-Year View · FY2005–FY2024 data sourced from the Knight-Newhouse College Athletics Database; FY2025 data from NCAA MFRS reports provided by the institution.
Total Revenue vs. Total Expenses
Revenue by Category
Student Fees, Institutional Support, NCAA/Conference Distributions, Ticket Sales, Donor Contributions
Expenses by Category
Athletic Student Aid, Coaches Compensation, Staff Compensation, Game Travel, Facilities & Debt Service
Student Fees & Institutional Support
The two largest sources of institutional subsidy tracked over 21 years.
Data Attribution
FY2005–FY2024 historical data sourced from the Knight-Newhouse College Athletics Database, a project of the Knight Commission on Intercollegiate Athletics and the Newhouse School of Public Communications at Syracuse University. FY2025 data from NCAA MFRS reports provided by the institution. All figures reflect reported actuals for Norfolk State University.
FY2005–FY2024 historical data sourced from the Knight-Newhouse College Athletics Database, a project of the Knight Commission on Intercollegiate Athletics and the Newhouse School of Public Communications at Syracuse University. FY2025 data from NCAA MFRS reports provided by the institution. All figures reflect reported actuals for Norfolk State University.