Updated: 2:30 p.m.: Florida’s Athletic Director Jeremy Foley, who announced his retirement at the University Athletic Association board meeting Tuesday, will be paid an annual salary of about $448,000 after he retires for his role as adviser, said Steve McClain, the UAA spokesperson.
Foley announced this week he would stay on until Oct. 1 so he can take part in planned celebrations for the 50th anniversary of Steve Spurrier’s Heisman Trophy and reunions with national championship teams in September. After October, Foley will stay on as an adviser to President Fuchs and the new athletic director.
"Jeremy Foley plans to make himself available to provide executive services and other expertise to the university," said Janine Sikes, UF's assistant vice president for media relations and public affairs. "He will be eligible to receive up to his base annual salary for five years, depending on how much he decides to work."
Foley said he had been considering retirement for the past six months after 25 years with the University Athletic Association.
He said an athletic director often might leave a school on bad terms or after a tough stretch, which is why it was important to him that he announce his retirement now, while Gator athletics are in good shape, so the transition is easier on the university.
In the meantime, Foley lightheartedly told the board Tuesday, “I’m still the boss, folks.”
Afterwards, the meeting continued with reports from the finance committee, which included the following items.
The committee approved its 2016-2017 budget of about $119.3 million, which includes $50,000 set aside for Spurrier's Heisman celebration as well as another $46,000 for a football ticket price-structure study.
The UAA and Gator Boosters have asked Legends Global Sales’ subsidiary, Conventions Sports & Leisure, to conduct a study evaluating seat contributions and ticket pricing for football games, UF spokesperson, Steve McClain, wrote in an email. The firm, which is jointly owned by the Dallas Cowboys and New York Yankees, will assess the pricing based on historical data, marketplace analysis and growth potential to develop recommendations for future football donation levels, amenities, and ticket pricing.
"The 2016 season marks the third and final year of our pledge to freeze Gator Boosters contribution levels, so this assessment will be vital to determine pricing for the 2017 season," McClain wrote.
The total cost of the project is $92,500, which will be split between UAA and Gator Boosters.
The committee also approved $1.09 million for upgrades to the Keys Dorm Complex. The 25-year-old building known as The Keys, currently houses 44 student athletes and is in need of renovations, according to McClain. The renovations include adding five dorms in the first phase and another four dorms during the second phase of the project. The upgrades and repairs will add new entrance breezeways and increased security for the students. The apartment-style dorms will have stainless steel appliances, larger beds, new flooring, solid surface counter tops, new cabinets, furniture, window treatments, paint and a 50-inch flat-panel television.
The University Athletic Association and the University’s Division of Housing are working together on the project.
An additional $250,000 was passed to cover final construction costs on the football team's new indoor practice facility, which opened last fall.
Meanwhile, $750,000 was allocated to upgrade existing SEC Network facilities in UF's Department of Media Properties. The upgrades will go toward scaling and expanding game coverage operations on the network. The money will be repaid with future network revenue.
The final expenses for the 2016 Citrus Bowl were presented, which showed a profit of $175,636 after expenses of $23, 213.