LSU accidentally overpaid Brian Kelly $1M, audit shows
BATON ROUGE, La. (WAFB) - LSU overpaid head football coach Brian Kelly a little more than $1 million in 2022, according to a report by the Louisiana Legislative Auditor.
The report stated auditors found Kelly was paid an extra “$1,001,368 in supplemental payments in fiscal year 2022 when the university made double payments in May and June 2022.”
It added LSU started making supplemental payments to his LLC in May 2022 but also continued to make supplemental payments to Kelly directly, doubling his monthly payments. Auditors said LSU discovered the error in November 2022.
According to the report, LSU and Kelly have enacted an adjustment payment schedule to recoup the amount overpaid by the end of the 2023 fiscal year.
Also from the Louisiana Legislative Auditor:
In addition, the university misclassified $6,667,000 in severance payments as coaching salaries, benefits, and bonuses on its Statement of Revenues and Expenses. Auditors found as well that the university omitted $139,895,732 in debt on its NCAA Financial Report. The university’s Statement of Revenues and Expenses showed the athletic department’s revenues exceeded its expenses by $1,943,722 in fiscal year 2022 – $199,309,382 in total revenues compared to $197,365,660 in total expenses. The football program generated $95,104,156 in revenue and, after expenses of $59,384,456, netted $35,719,700, which was an increase of slightly more than $29 million from fiscal year 2021.
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