- Associated Press - Tuesday, June 17, 2014

FAYETTEVILLE, Ark. (AP) - Tax reports show that contributions and grants dropped by more than $10 million last fiscal year while spending grew for the Razorback Foundation, which raises money for University of Arkansas athletics.

According to the Internal Revenue Service Form 990, spending rose by $20 million, meaning the foundation overspent its income by $9.3 million in the 2012-2013 fiscal year.

Foundation Board Chairman Ken Mourton says the foundation remains financially sound and that spending was for planned capital construction projects. The report says capital project construction spending grew to $18.5 million in 2012-2013 from $592,000 the year before.

According to the Arkansas Democrat-Gazette (http://bit.ly/1jwhhbo ), expenses included more than $291,000 in paid speaking engagements for former football coach Bobby Petrino, who was fired three months before the fiscal year covered in the report.