The U.S. Olympic Committee releases its annual filing to the IRS showing a healthy balance sheet and six-figure compensation for top executives.
Named for the number of the form used for the filing, the annual 990 statement is required by the Internal Revenue Service for any organization such as the USOC which has non-profit status.
The filing for 2013 released on Monday shows USOC assets total $199 million. The figure represents cash, investments, accounts receivable, and $98 million in land and equipment.
Revenue for 2013 comes in $168 million, down from $338 million in 2012. The lower number reflects the drop in broadcast revenues received in a year without Olympic Games. Along with lower revenue in a non-Olympic year, so too are costs: $195 million in 2013 versus $247 million in 2012.
A listing of the top paid executives is also included in the annual filing with CEO Scott Blackmun drawing the biggest pay package, about $830,000. That figure includes a salary of $506,000 and a $324,000 performance bonus. In 2013, Blackmun was also paid $425,000 in deferred compensation that has been accruing since 2010 and reported annually in the 990 filing.
The payment is a reward to Blackmun for bringing stability to the USOC executive office.
According to the IRS filing, Blackmun and eight other USOC executives earned more than $200,000 in 2013.
Chief marketing officer Lisa Baird was the second highest paid employee with $601,000 in reported income. Chief of sport performance Alan Ashley was paid $398,000. Chief communications officer Patrick Sandusky received $382,000.
The USOC maintains that salaries paid to top staff are in line with compensation provided to the heads of major sports conferences and similar organizations in the U.S.
The USOC reports that total expenditure for compensation among its 600+ employees was $31.6 million for 2013.
The USOC spent $51 million on grants to governments and organizations in the US in 2013 and $21 million in direct support of athletes. The figure for athlete support is an increase of 21% compared to 2011.
Among national governing bodies for Olympic sports, USA Track and Field received the largest grant, $3 million. US Swimming was second at $2.8 million. At the low end of the scale, the U.S. Canoe Association received $18,000.
On the Winter Olympic side, the U.S. Ski and Snowboard Association received $4.7 million and U.S. Speedskating Association $2.6 million. U.S. Figure Skating received $930,000 and USA Curling got $892,000.
Written by Ed Hula
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