CharityWatch's rating of the United States Olympic & Paralympic Committee also includes the financial activities of the United States Olympic & Paralympic Foundation and the United States Olympic Endowment, which are related 501(c)(3) public charities that are included in the organization's audited consolidated financial statements for the fiscal year ended December 31, 2022.
According to the United States Olympic and Paralympic Committee (USOPC) consolidated audit of December 31, 2022 (Note A, Summary of Significant Accounting Policies, Principles of Consolidation): "The consolidated financial statements include the accounts of the USOPC and the USOPF. The USOPF is a 501(c)(3) not-for-profit corporation formed in 2013 to transform the level of philanthropic support directed to the USOPC to fund America's Olympic and Paralympic athletes. The USOPF's fundraising initiatives are grounded in the USOPC's mission... The USOPC is the sole beneficiary and corporate member of the USOPF. As the sole member, the USOPC approves all nominations to the USOPF board of directors. The USOPC consolidates the accounts of the USOPF as a result. Additionally, the [audited] consolidated financial statements also include the accounts of the United States Olympic & Paralympic Endowment (USOPE). The USOPC consolidates the accounts of the USOPE due to its deemed control of the USOPE..."
All intercompany accounts and transactions have been eliminated in the audit consolidation." |
According to the United States Olympic and Paralympic Committee (USOPC) consolidated audit of December 31, 2022 (Note N, IOC Revenue Sharing Agreement): "In 2012, the USOPC entered into a revenue sharing agreement with the IOC setting forth the terms and conditions whereby the USOPC will be paid for its agreed upon share of U.S. broadcast rights and international sponsorship revenues for the years 2020 through 2040. The agreement requires the USOPC to make periodic contributions to the IOC to offset the costs of the Olympic Games and Olympic Winter Games held through 2040. Beginning in 2021 and ending in 2040, the USOPC will contribute $21,484,000 to the IOC during each quadrennial period, adjusted for inflation as defined in the agreement. Pursuant to the agreement, the Committee pays in two installments per quadrennial period. The first installment is an amount equal to 33% of the total amount due 90 days after the closing ceremonies of the Olympic Winter Games and 67% of the total amount due 30 days after the closing of the Olympic Games."
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According to the United States Olympic and Paralympic Committee (USOPC) audit of December 31, 2022 (Note A, Summary of Significant Accounting Policies, Contributions, gift-in-kind), USOPC received donated goods and services on which it placed a total value of $3,791,000. Of this amount, $2,909,000 is related to "Apparel." [Note: CharityWatch generally excludes the value of in-kind (non-cash) donations of goods and services from its calculations of Program % and Cost to Raise $100. More information on how grades are calculated and the treatment of in-kind donations can be found on the Our Process page.] |
According to the United States Olympic and Paralympic Committee (USOPC) 2022 tax filing, USOPC reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III): Regarding severance payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 4a): "In 2022, the USOPC approved three separation agreements which included severance payments to the following individuals: [sic] all amounts are reported as other reportable compensation on Schedule J, Part II column (B) (III)[:] Richard Adams - Chief of Sport Performance & NGB Services - $424,306 Kevin Penn [-] Chief of Business Operations - $374,349 Paul Florence - Senior Vice President Development Strategy & Operations - $112,000 In addition, a severance payment of $244,313 was made to Bahati Vanpelt in 2022 for a separation agreement announced and reported in 2021..."
USOPC reports "Bonus & incentive compensation" payments to 13 individuals in 2022. The three highest reported "Bonus & incentive compensation" amounts are: (1) Sarah C. Hirshland, Chief Executive Officer: $422,500, with reported total compensation of $1,175,947; (2) Christopher D. McCleary, General Counsel/COO/Sec.: $113,387, with reported total compensation of $595,070; and (3) Jonathan T. Finnoff, Chief Medical Officer: $110,933, with reported total compensation of $533,018.
The other 10 reported "Bonus & incentive compensation" payments ranged from $64,260 to $102,238, with associated reported total compensation ranging from $381,663 to $696,693 (IRS Form 990, Schedule J, Part II). |
