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VANOC Final Financial Report

Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter games Final Financial Report June 27, 2014 The following report addresses VANOC’s financial matters since the last public report dated December 2010 that covered the financial statements for the year ended July 31, 2010. This report covers the dissolution period from August 1, 2010 through to June 27, 2014. VANOC’s final accounts have been subject to audit, as has been the case since inception.

Balance Sheet At July 31, 2010, VANOC’s assets and liabilities each totaled $90.5 million. At June 27, 2014, all of the liabilities of the corporation have been extinguished such that there are no funds owing to any creditors. Similarly, all assets have been realized and there are no assets remaining. Having completed its primary purpose of delivering the 2010 Olympic and Paralympic Winter Games and settling all of its financial matters, the company may now be dissolved.

Venue Development Fund Venue development activities were completed at the time of the 2010 report. As there were no venue construction claims during the dissolution period, the residual funds ($50,000) were transferred into the Operating Fund.

Operations The following table summarizes the financial results for the entire project and reflects the results of operations as reported in Schedule A to the financial statements. At the time of the release of the 2010 financial report, it was stated that the report was a materially complete and accurate report on the financial outcome of the Games and that the dissolution program would not materially impact the financial outcome. This final report confirms that judgement as the 2010 report captured 99.4% of revenues and expenditures. The final financial position reflects a balanced budget, as did the 2010 report.

  September 30, 2003 to July 31, 2010  ($000’s) Dissolution periodAugust 1, 2010 to June 27, 2014 ($000’s) Cumulative September 30, 2003 to  June 27, 2014($000’s)
OPERATING REVENUES      
IOC contribution 479,742 5,217 484,959
IOC international sponsorship 173,558 390 173,948
Domestic sponsorship 730,157 832 730,989
Marketing rights royalties (186,759) 0 (186,759)
Ticketing 269,459 41 269,500
Licensing and merchandising 54,618 3,561 58,179
Government contributions    
   Canada 74,401 0 74,401
   British Columbia 113,395 0 113,395
Other 175,558 548 176,106
Total operating revenues 1,884,129 10,589 1,894,718 99.4%
OPERATING EXPENSES
Revenue, marketing and communications 167,704 215 167,919
Sport and games operations 287,972 0 287,972
Services and games operations 723,043 7,580 730,623
Technology 452,425 0 452,425
Workforce and sustainability 129,954 2,119 132,073
Finance 115,074 725 115,799
 Subtotal 1,876,172 10,639 1,886,811
Foreign exchange loss, net 7,957 0 7,957
Transfer from venue fund   (50) (50)  
Total operating expenses 1,884,129 10,589 1,894,718 99.4%
Operating revenue over expenses for the period

Revenues Revenues totaled $10.6 million for the dissolution period with half of this ($5.2 million) coming from the final settlement with the IOC. These funds were received in 2010 and 2012 and had been reflected on the balance sheet at that time as Deferred Revenue and IOC receivable. $3.6 million was collected from licensees and a further $1.2 million came from domestic and TOP sponsors. $0.6 million came from interest and other sources. Revenues reported in 2010 reflected 99.4% of final revenues. No government funds were requested or received during the dissolution period. Expenditures Expenditures reported in the final report generally reflect costs incurred subsequent to 2010 as required to close out all contracts, remediate and complete the return of venues to owners as required by venue agreements, complete statutory obligations such as tax and other returns, collect all funds owing to the corporation and settle all outstanding claims. Services and Games Operations included the majority of dissolution expenditures ($7.6 million). This included the remediation and return to owners of competition and other venues. The closing out of all Games related service contracts was also accomplished within this category. The work had been anticipated and planned for as part of the orderly windup of VANOC’s affairs. In addition, VANOC was able to provide support to the Whistler Sport Legacy Society to aid in the transition of the Whistler legacy venues into a longer term operating mode. Workforce and Sustainability costs ($2.1 million) over the four years included the costs of a small team of former staff and advisors required to complete the dissolution process with the majority of costs incurred in the initial year. The personnel complement and costs during dissolution were as follows:   Fiscal  2011 –            $1,500,000 – approximately 60 full and part time staff Fiscal  2012 –               $414,000 – approximately 12 part time staff Fiscal  2013 –               $120,000 – approximately 8 part time staff Fiscal  2014 –               $  95,000  – approximately 5 part time staff Finance costs of $0.7 million include audit and legal costs, office space, records management and storage and general administrative costs.

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