U.S. Olympic & Paralympic Committee finances in peril with Tokyo Games delayed
Tax records and other financial statements show the U.S. Olympic & Paralympic Committee operated at a $54-million deficit in 2019 — a worrisome number given the additional losses the organization will suffer from the coronavirus shutdown this year.
The USOPC opened its books to the public on Monday in what leaders called a “commitment to accountability and transparency.”
Deficits are not uncommon in non-Olympic years — the committee generates much of its revenue from the Games — but with the Tokyo Olympics postponed until the summer of 2021, that payday has been put off.
There have been losses related to other major competitions postponed or cancelled worldwide.
The USOPC recently eliminated more than 50 jobs and furloughed about 30 employees in an effort to cut costs by as much as 20% over the next four years.
For 2019, federal tax documents show the organization spent $248 million, about a third of which went directly to athletes and the national governing bodies that oversee each sport. That $83 million included $15 million in stipends to help athletes cover living costs as they train.
Another $30 million went to a range of programs, including collegiate partnerships and athlete tuition. The USOPC more than doubled its funding for the U.S. Center for SafeSport, giving $7.5 million to the watchdog group established to investigate allegations of sexual misconduct in the wake of the Larry Nassar scandal.
Salaries and other employee compensation totaled $53 million, representing almost a fifth of the spending.
Additional financial documents detail the amounts of money awarded to each national governing body in payments that ranged from $28,000 for USA Golf to more than $6 million for U.S. Ski & Snowboard.
