(ATR) The annual disclosure filing of the USOC shows the largess of the London Olympics.
Revenue for 2012 reached $338 million, up from $141 million in 2011. The jump reflects the impact of TV rights payments from NBC for the London Games.
London also drove up expenses: from $185 million in 2011 to $247 million in 2012.
Still, revenue exceeded costs by $91 million.
Spokesman Patrick Sandusky says that surplus is needed for leaner years ahead before revenues come in from Rio De Janeiro in 2016
"The timing of our lump-sum broadcast revenue payment for a summer Olympic Games forces us to build cash reserves during that Games year in order for the USOC to have sufficient operating cash for the remainder of the quandrennium," says Sandusky, who notes the USOC operates at a deficit in non-Games years.
To see the complete filing, required under U.S. law for all charitable, tax-exempt organizations, click here..
The filing lists the top salaries paid to USOC staff, with CEO Scott Blackmun at the top, earning $729,000 in compensation for 2012.
USOC chair Larry Probst, who serves as a volunteer, received no compensation.
Other members of the USOC board received what’s called "nominal compensation" for their time at the Olympics and other events. Some directors received no compensation, while payments rangin from $600 to $26,000 are noted. The high figure went to Angela Ruggiero, IOC member, as an "international relations stipend".
Gone from the 2012 salary roster are severance payments to former CEOs and other executives..
Other top salaries at the USOC include: marketing director Lisa Baird at $471,000, communications director Patrick Sandusky at $366,000, CFO Walt Glover at $330,000 and $302,000 for the chief counsel and chief administrative officer posts.
Chief of sport performance Alan Ashley was paid $283,000.
The USOC’s largest expenditures were in the area of grants to organizations including NGBs and various smaller groups ($56.8 million) and individuals ($23million).
In a year that included the Summer Olympics, USA Track and Field received $4.6 million, USA Swimming $4.1 million. The governing bodies for wrestling, shooting, volleyball, rowing, sailing, gymnastics, diving, equestrian, cycling and fencing also received grants ranging from more than $1 million to $2.7 million.
Written by Ed Hula.
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