USA Today just published it’s database on college sports finances, detailing revenues and expenditures and subsidies for fiscal year 2011. The schools detailed, are of course public schools and the ones subject to public records requests. You can view it here.
Indiana made $71,017,355 in revenue. Spent $69,314,511 and therefore was well in the black. Got a total of $2,686,769 in subsidies, which is either student fees, direct or indirect revenue. I’m not exactly sure where that subsidy money comes from or what it was for, but only 19 schools in Division I were subsidized at a lower percentage than Indiana.