NCAA president Mark Emmert will temporarily cut his pay by 20% in response to financial pressures during the COVID-19 crisis, according to a memo obtained by USA TODAY's Steve Berkowitz.

Nine other senior executives with the NCAA will also take a 20% pay cut. Vice presidents will slash their pay by 10%.

"As you know, last week the NCAA Board of Governors announced a significant reduction in the amount of money distributed to member schools and conferences," Emmert wrote in his memo to the association's membership. "Many of you are facing significant financial challenges and difficult choices. Likewise, the national office is looking at every function to garner savings that could be used to support student-athletes in this uncertain economic time.

"To that end, as a first step, I have decided to reduce my salary and that of our nine other highest-compensated leaders by 20% and the rest of my President's Cabinet by 10%. This temporary reduction will free up needed resources and highlights our commitment to weather the current economic challenges we face while continuing to provide opportunities to college athletes."

The cancellation of the NCAA's national basketball tournament is the biggest factor behind the organization's sizable financial losses. On Thursday, the NCAA announced it had slashed its distribution payment to Division I schools this year from $600 million to $225 million.