Los Angeles 2024 Reports $32 Million Income

(ATR) Tax filings show the 2024 Olympic bid spent $16 million in its first year in business.

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(ATR) The Los Angeles bid for the 2024 Olympics collected $32.6 million in contributions in its first year of operation.

The figure comes from the so-called 990 forms the bid is required to file annually with the Internal Revenue Service. The filing reveals income sources, spending categories, compensation for key employees and other financial details. As it does with the similar filings of other non-profits, the IRS examines the forms to verify compliance with the rules that allow these organizations to avoid federal taxes.

The form released June 16 by Los Angeles 2024 only covers the first six months of operation of the bid, from July 2015 to December 31, 2016. The filing for 2016-2017 isn’t due yet. While LA 2024 released the 990, the filing is a public record and also available from the IRS.

Similar data from Paris, the other contender for the 2024 Olympics, is not immediately available.

Other key points from the 59-page document:

Expenditures totaled $16.9 million, including $2.2 million in salaries and other compensation.

Against $32.6 million in contributions from 2015 to 2016, LA 2024 had a war chest of $15.6 million heading into the current fiscal year.

A listing of the contributors to LA 2024 shows 28 contributions of $1 million. The donors include the Los Angeles Clippers, Fox Network Group, the Los Angeles Dodgers, LA Lakers owner Jeanie Buss and the David Geffen Foundation.

The U.S. Olympic Committee contributed $2 million, but the largest single donor for 2015-2016 was $3 million for the Wasserman Foundation of bid leader Casey Wasserman.

None of the 79 members of the LA 2024 board of directors listed received direct compensation for their board activities, except for COO/Treasurer John Harper, $64,500. Harper is no longer a board member, so his salary is now paid as a staff member.

Entities connected with three other board members received payments for consulting, travel or other services.

Chairman Wasserman received $93,000 reimbursement for travel expenses and a firm under his Wasserman Media Group received $1 million for marketing and media production. Wasserman recused himself from any board discussions involving such business relationships,

Vice chair Janet Evan’s consulting firm was paid $160,000 for her services.

The firm owned by strategic officer Angela Ruggiero was paid $60,000 for her services.

The highest paid contractors in the six months covered are the law firm Proskauer Rose, $733,795; marketing consultant Teneo $692,032; The 247 Group, a Wasserman firm, $247, 750 and $200,000 to the landlord of the LA 2024 Wilshire Boulevard offices.

One form in the filing breaks down international expenditures by region. $1.2 million was spent on consulting and marketing in Europe, $28,000 for East Asia and the Pacific and $5,400 for North America.

Highest paid employee listed is media chief Jeff Millman, $88,000.

View the complete 990 form by clicking here.

Written by Ed Hula.