The NCAA released results of a three-year study of revenues and expenses in athletics departments. The data indicate only 16 institutions achieved positive net revenues over expenses over the three-year period studied. Generally, institutions are relying more heavily on institutional subsidies to balance growing budgets. The proportion of revenue from institutional subsidies at schools classified in the Football Bowl Subdivision (FBS) grew from 19% in 2004 to 25% in 2006. In the Football Championship Subdivision and at institutions without football, over 75% of revenues are derived from institutional subsidies.