If we throw out 2020 and look at the last fiscal year recorded (18-19) ISU ended up 2 mil in the black and Iowa was one of those school you mentioned that lose money on athletics. You are impressively misinformed.
You'd have to look at the details more. I presume in many years a lot of revenue generating schools such as Iowa "lose" money y/y due to expenditures, mainly related to facilities. That does not mean the department is regularly in the red. I will let you research it, but my guess is the year you cited relates to the new endzone project, which I am sure was not inexpensive.