Financials

THE USOPC IS COMMITTED TO FISCAL RESPONSIBILITY AND FINANCIAL TRANSPARENCY—MAKING SURE OUR STAKEHOLDERS UNDERSTAND HOW OUR RESOURCES ARE INVESTED. OUR PRIMARY PURPOSE IS TO SUPPORT ATHLETES—THROUGH DIRECT FUNDS OR PROGRAMS THAT SUPPORT THEM—AND IN 2019, WE PROVIDED A YEAR-OVER-YEAR INCREASE IN HIGH PERFORMANCE PROGRAMS AND FINANCIAL SUPPORT.

The Olympic and Paralympic Games-year operating surplus allows the USOPC to run a deficit in non-Games years, as in 2019, and provides a consistent level of support for athletes during each year of our four-year quadrennial budget cycle. Under that cycle, both revenue and expenses, which have a direct impact on supporting Team USA athletes, generally increase in Games years versus non-Games years.

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USOPC and USOPF consolidated financial statements

USOPC Form 990

USOPF Form 990

The USOPC and USOPF consolidated financial statements and Form 990s show revenue of approximately $194 million, down from $317 million in 2018. This is principally due to the timing of broadcast revenues that we receive from NBC, which vary in Games years versus non-Games years. Expenses were similarly down in a non-Games year at $248 million from $275 million in 2018.

Thanks to the support we receive from NBC, our corporate partners and individual donors, high performance programs held steady in 2019, with the total of $111 million representing nearly half of all program spending for the year. This includes direct athlete stipends and funding for Performance Partnership Agreements with National Governing Bodies and High Performance Management Organizations that support elite athlete training through the best coaches, sports science and medicine support and training environments. Highlights include:

• Consistency in high performance grants, with $83 million going directly to athletes and NGBs.
• Of those grants, $15 million was distributed in the form of direct athlete stipends to 1,484 athletes.

Athlete and NGB foundational programs funding collectively rose 28% from 2018, to just over $30 million in 2019, representing an increase in programs focused on athletes’ safety, opportunity and representation across our Olympic and Paralympic community and Ombuds services. Highlights include:

• USOPC support of the U.S. Center for SafeSport in 2019 grew by $4.5 million to $7.5 million.
• A doubling in size of the Ombuds office in 2019. The office now features four dedicated individuals to support athlete needs in this important area.
• An investment of $600,000 in the newly created athlete services division. Support for this division will grow with program expansion.
• Growth in size and scope of the collegiate partnerships department in recognition of the importance of the relationship between Team USA and collegiate athletics.
• Increase in athlete tuition and career assistance grants to $2.5 million, inclusive of a 125% increase in cash grants.

Statements of activities—Condensed & Consolidated As of December 31, (In thousands)	2019
Support and revenue
Sponsorship and Licensing	$134,905
Broadcast Revenue	1,495
Contributions, net	39,284
Other Program Revenue	5.409
Investment Income	11,652
Other Revenue	3,610
Total support and revenue	196,355
EXPENSES
Program services
High Performance Programs	111,071
Olympic and Paralympic Competitions	8,902
Athlete Training Facilities	27,340
Athlete and NGB Foundational Programs	30,357
Team USA Media and Promotion	22,612
Total program services	200,282
Supporting SERVICES
Fundraising	10,521
Sales and marketing	8,800
General and administrative	23,808
Total supporting services	43,129
Total expenses	243,411
Change in net assets before change in accounting treatment	(47,056)
Net assets, beginning of period	282,952
Net assets, end of period	$235,896

Statements of financial position—Consolidated As of December 31, (In thousands)	2019
Assets
Cash and cash equivalents	$128,499
Restricted cash, cash equivalents and investments	20,883
Investments	28,329
Intercompany	—
Accounts receivables, net
Pledges	12,651
Royalties and mark rights	9,718
Other	15,302
Prepaid expenses and other assets	38,291
Inventories, net	1,635
Investments held for deferred compensation arrangements	1,353
Land, buildings and equipment, net	61,238
Total assets	$317,899
Liabilities and net assets
Liabilities
Accounts payable and accrued liabilities	36,574
Deferred revenue	44,076
Deferred compensation arrangements	1,353
Intercompany	—
Other liabilities	—
Total liabilities	$82,003
Net assets (deficit)
Without restriction	194,414
With restriction	41,482
Total net assets	$235,896
Total liabilities and net assets	$317,899