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≡ USA TRACK & FIELD ≡
Bad news, again.
The Form 990 Federal tax return for 2023 for USA Track & Field was posted by ProPublica, after having been filed with the Internal Revenue Service on 14 November. In short:
● Revenue declined again to $35.01 million, from $37.94 million.
● Loss for the year of $5.60 million, after a loss of $6.72 million in 2022
● Declared reserves from $597,933 in 2022 to –$4.491 million in 2023
These totals are at 31 December 2023, so USATF has gone almost an entire year since these numbers were current. It has not, as of Sunday evening (22nd) posted this tax statement on its Web site, or its audited financial statements for 2023. And, of course, nothing for 2024.
The tax return shows that the federation is in financial difficulty, but not out of money. The return showed:
● $1.07 million in cash
● $10.62 million in investments
● $7.26 million in deferred revenue, likely advanced sponsor payments
The major change listed on the return is an increase in accounts payable and accrued expenses from $4.67 million at the end of 2022 to $9.05 million at the end of 2023. So, the organization’s net assets were –$4,490,686 at the end of 2023.
(Please note that these tax-report figures are not the same as the audited financial statements – not yet posted – which use a different accounting method. But the results will not be too different.)
USATF revenues in 2023 remained in the same narrow range – excepting the pandemic year of 2020 since the decades-long, current Nike sponsorship package came into effect in 2014 (figures from financial statements for all but 2023):
● 2014: $35.05 million
● 2015: $30.40 million
● 2016: $38.43 million
● 2017: $33.67 million
● 2018: $36.71 million
● 2019: $37.24 million
● 2020: $23.30 million (Covid impact)
● 2021: $35.52 million
● 2022: $36.54 million
● 2023: $35.01 million (Form 990 figure)
Essentially, the 2023 revenue of $35.01 million is the worst since 2017, and comes from the same sources as prior years:
● $19.17 million in sponsorships
● $8.47 million in donations
● $2.51 million in membership dues
● $1.36 million in media sales revenue
● $1.33 million in sanctioning fees
● $1.32 million in events and tickets
That’s $34.16 million out of a $35.01 million total.
Where did the money go?
● $10.03 million to athletes for prize money and support
● $9.25 million for staff salaries, benefits and payroll taxes
● $6.72 million in other items (security screening, team services)
● $2.11 million in insurance
● $2.03 million in U.S. Olympic direct-athlete support
● $1.92 million for non-U.S. programs (such as pre-Paris training camp)
● $1.66 million in other expenses (not detailed)
● $1.63 million in team gear and equipment
● $1.14 million in information technology services
● $1.13 million in travel expenses
That’s $37.62 million out of a total of $40.61 million in expenses.
In the financial statements for 2022, there was an explanation that the dive in net assets was due to the $9.9 million paid by USATF to the organizing committee of the 2022 World Athletics Championships in Eugene, Oregon as support for the staging of the meet. USATF had no such obligation for 2023; perhaps the financial statements – when posted – will have more details.
USATF staffing totaled 95 individuals in 2023, down from 97 at the end of 2022. Chief executive Max Siegel received reportable compensation of $1.17 million and Chief Operating Officer Renee Washington received $609,775. There were six others paid more than $200,000 and an additional seven who received more than $100,000.
This was the third straight year with net losses for USATF and skipping the $8.28 million surplus from the Covid year of 2020, the organization has shown an operating loss for five straight years, back to 2018. In 2025, USA Track & Field will take charge of Paralympic track & field governance in the U.S., an added responsibility.
USATF got through 2024 and despite all of the financial concerns, American track & field athletes had one of the finest Olympic performances in history, with a staggering 34 Olympic medals, including 14 golds.
How the federation moves forward with a newly-elected volunteer President, former race walk Olympian Curt Clausen, and uncertain finances will be an issue not only for U.S. track & field athletes, coaches, associations and fans, but also for the U.S. Olympic & Paralympic Committee, already planning for a home Olympic Games in Los Angeles in 2028.
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