The NCAA nearly hit $1.1 billion in annual revenue during its 2017 fiscal year, the first time the association has eclipsed the $1-billion mark, an audited financial statement released Wednesday revealed, according to USA TODAY Sports' Steve Berkowitz.

The NCAA had come close to breaking $1 billion in two of the last three years.

Increases in TV and marketing fees and revenue from championship events and investment income accounted for just over half of the growth from the previous year.

Related - NCAA President: Changes needed, but not paying players

The historic financial reveal comes after increasing criticism toward the NCAA for not paying student-athletes. The association is embroiled in controversy in the wake of a federal investigation that alleges hundreds of thousands of dollars in bribes and kickbacks were funneled to influence recruits.

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