The association's board voted unanimously Wednesday to let university President Michael Adams use the money however he wants. The state cut the university's funding by 10 percent, or about $40 million, this fiscal year and could slash another 10 percent next fiscal year, which starts July 1.
Adams says he plans to use the money to help keep top-notch faculty members by paying for travel to conferences and buying academic journals and books.
The athletic association expects to make $77.6 million in revenue this year, ending the year $4.2 million in the black. The board expects income to drop next year.