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NEW BRUNSWICK, N.J. – Following a national search, Rutgers’ Director of Intercollegiate Athletics Robert E. Mulcahy III and Senior Vice President for Finance and Administration Bruce C. Fehn today announced the appointment of Richard J. Costello to the position of Deputy Director of Athletics-Finance and Administration.
Under the terms of his contract, Costello’s primary reporting relationship will be to the senior vice president for finance and administration. However, with respect to the day-to-day operations of the Division of Intercollegiate Athletics, his supervisor will be the director of athletics.
Costello comes to Rutgers from Delaware State University where he is director of athletics. Immediately prior to that, he served for four years as associate athletic director and chief financial officer at the University of South Florida.
“Rick brings an impressive background in finance, budget planning and management of intercollegiate athletics to this very important position,” said Rutgers President Richard L. McCormick. “Our athletics program has experienced significant growth and as we move forward, the university will continue to make every effort to ensure that its practices and policies are consistent with Rutgers’ high standards.”
Costello holds a bachelor’s degree in accounting from Muhlenberg College and a master’s degree in business administration from Lehigh University, where he subsequently served as a senior budget analyst for four years.
“The Division of Intercollegiate Athletics is an integral part of the university and we are committed to the academic and athletic excellence of our student athletes,” Mulcahy said. “Rick has more than a decade of experience in intercollegiate athletics, creating and administrating programs geared to the success of students both on and off the field. He will play a critical role in assuring that the growth of Rutgers athletics continues to be managed in an effective and efficient manner.”
At Delaware State, Costello has directed construction and operation of an $8.5 million strength and conditioning center and a $400,000 academic enrichment center. He also has strengthened the athletic department’s academic services unit.
While associate athletic director and chief financial officer at South Florida, Costello managed a $30 million intercollegiate athletics department budget; directed construction and operation of an $18 million athletic training facility; and led a $75 million Athletic Master Plan redesign project.
“During Rick’s tenure at the University of South Florida, the school was experiencing a growth trend in intercollegiate athletics similar to what we’re going through now at Rutgers,” Fehn said. “His strengths will serve him well here and I look forward to working closely with him to manage the financial operations of the Rutgers athletics program.”
In his new position at Rutgers, Costello will oversee all day-to-day administrative operations in the Division of Intercollegiate Athletics, including:
- athletic financial matters
- strategic planning
- budget preparation and management
- contract administration
- information technology
- ticket offices
- athletic financial aid administration.
“Rutgers is the premier public research institution of New Jersey and possesses a world-class reputation for excellence,” Costello said. “I relish the opportunity to contribute to the dynamic athletics program at Rutgers.”
Costello, who will begin working at Rutgers in November, will earn an annual salary of $195,000. Costello will also receive a temporary housing allowance up to a total of $15,000 over eight months. In addition, he will receive an annual automobile stipend of $12,000.
Established in 1766, Rutgers, The State University of New Jersey, is America’s eighth oldest institution of higher learning and one of the nation’s premier public research universities. Serving more than 50,000 students on campuses in Camden, Newark and New Brunswick, Rutgers offers more than 280 bachelor’s, master’s, doctoral and professional degree programs.
Rutgers University is home to 27 degree-granting schools and colleges, and more than 150 specialized centers and institutes. Rutgers is also a member of the prestigious Association of American Universities, a highly selective organization comprising the 62 leading research universities in North America.