University of Hawaii regents took issue with an athletic department report that assessed the “value” of athletics to the university.

Regent Michael McEnerney, a forensic accountant, told athletic director David Matlin,”I’m concerned about how this is going to be perceived. And, frankly, I’m nervous about it.”

The 14-page study, which was posted on the school’s website in advance of Matlin’s slide show presentation to the Committee on Intercollegiate Athletics on Thursday, claimed “UHM athletics provides positive net benefits to UH”, citing at least $2.5 million more going to the university ($12.9 million) than the $10.4 million it said is directed to athletics.

McEnerney questioned how the study would be perceived at the Legislature the next time UH seeks funding for athletics.

McEnerney said people will say, “Gee, did you look at the (Star-Advertiser story) the university is getting $2.5 million in benefit? Now, I understand what you are trying to do. (I) can also see how this looks. You say how is this going to be interpreted because this doesn’t look like what the actual costs are. What this reflects is the value that it has. I mean, what is the value of students being in the Manoa Valley (instead) of Waikiki? You can monetize that and put a number on it, but it doesn’t reflect money.”

McEnerney said, “I would feel better if your report had a slide that said our actual cash deficit — a result of the money received and money spent — is a negative. But, in addition, here is the value that we give the university.”

Matlin said, “I actually think it is important for us to talk about the value we have whether it is tangible or intangible. That is what education is about. I mean, we do have — there is no question — a deficit. It is improving. It was $4.2 million (fiscal year 2015) and it is $3.2 million (for fiscal year 2016).”

Matlin said, “I think the dialogue we’re having right now is healthy, the dialogue about the value of athletics. We can always improve, but we can’t not tell our story.”

Regent Jan Sullivan lauded Matlin for what he has brought to the job and termed the study “a worthwhile attempt that could be refined.”