As a sport manager in intercollegiate athletics, a strong background in sport finance is a necessity. Without sound financial knowledge, athletic departments will not survive.

1. Identify atleast 3 current and well known financial challenges facing intercollegiate athletic programs. Explain each identified "challenge" thoroughly. Your focus in answering this question correctly are the financial implications, with current examples (include references).

In light of the varied financial challenges identified in the above question, what role does budgeting, an understanding of financial statements, and fundraising play in the financial management of athletic departments? In answering this question, you should be sure to define all of the financial terms/concepts listed and show how each concept is used in the collegiate athletic setting to provide financial stability and growth. APPLY THE CONCEPTS TO YOUR IDENTIFIED CHALLENGES. Your response here would not be complete if you neglected to discuss our current economic climate, namely skyrocketing inflation.