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Frank Bonner ll with the Daily Memphian covers 901 Fund's quarterly financial reports filed with the Tennessee Secretary of State's office. 901 Fund generated a total revenue of $831,437 during its first eight months of operation. However, expenses amounted to $344,344, 88% was allocated towards student-athletes. "The excess between money raised and money spent is because the financial reporting is based on the calendar year and not the school year. The 901 Fund was still operating in the 2022-23 sports year beyond December 2022, which is when the financial reporting cuts off" , Bonner wrote.
Clay Presley is proud of the first sports year 901 Fund has fundraised but believes there is a lot more work left to be done. “I think in terms of money raised in 2023, it is far outpacing where we were even through the first half of 2022,” Presley said. “But we have to continue to build on the momentum. At large, we need more people involved and we need the people who are involved to give more in order for us to have an NIL program that would be viewed as successful."
Presley also recognized that NIL cannot be used as a recruiting inducement, but it plays a vital role in the overall success of the university. Coaches benefit from a thriving NIL program, and athletics contribute significantly to a university's overall reputation and success.
“NIL can’t be a recruiting inducement, but it is important to be able to point to a successful NIL program for coaches. NIL is critical to the success of the university as a whole because I really believe athletics are a big part of how you have a successful university.”
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