Friday, May 18, 2012
USOC reports $141M in revenue
The U.S. Olympic Committee filed its 2011 tax forms Friday and reported revenue of $141 million -- down $110 million from 2010 mainly because it did not receive broadcasting revenue during a non-Olympic year.
Expenses fell by $6 million, to $185 million.
The USOC moved all its former CEOs off the books in 2011, paying only its current chief executive, Scott Blackmun, who made $741,000.
Stephanie Streeter and Jim Scherr received their final payments in 2010, the same year Blackmun took over after turmoil caused by Scherr's ouster in 2009.
The tax statement says the USOC received $55 million in charitable donations in 2011 -- down more than $11 million from its record-setting year of 2010, but an expected decline because 2011 wasn't an Olympic year.
The federation increased its sponsorship revenue by $7 million, to $78 million -- another good sign in the lead up to the London Games.
Among the federation's expenses were $12.5 million into the athlete performance pool, which goes to support training; and about $1.7 million into Operation Gold, which pays athletes for top finishes at the Olympics and other major events. At world championships in 2011, first-place finishers received $6,000 bonuses while second place paid $5,000 and third paid $4,000.
First place at this year's Olympics will pay $25,000, with $15,000 for silver and $10,000 for bronze.
The USOC paid nearly $65 million in grants, including $3.45 million to U.S. Ski and Snowboard, $2.72 million to USA Track and Field and $2.49 million to USA Swimming.
Other top earners at the USOC included former chief operating officer Norm Bellingham ($657,000), who worked as a consultant through 2011 after stepping down from his position early in the year, and chief marketing officer Lisa Baird ($509,000).