USOC pays ex-CEOs $280K in 2010
DENVER -- The U.S. Olympic Committee paid another $163,000 to Stephanie Streeter in 2010 even though she had effectively stepped down as the organization's CEO in October of the previous year.
The federation filed tax reports Monday, stating that Streeter and the person she replaced, Jim Scherr, received a combined total of more than $279,000 during a year in which Scott Blackmun took over as CEO. Scherr's $116,252 was part of a severance package he agreed to in March 2009 when he was surprisingly replaced.
Blackmun's total compensation, which includes benefits, was $638,407. Despite the money that went to CEOs not working for the USOC, the federation paid 49 percent less to that position than in 2009. Streeter's total compensation in 2009 was $1.006 million and Scherr received $801,000 in salary and severance.
Streeter's unexpected rise into the CEO's position caused a major rift within USOC circles, as did her $1 million-plus salary, which was made public when the tax statement came out last year.
In October 2009, she stepped down from her interim position and said she wouldn't seek the job on a full-time basis. Though Blackmun didn't officially take over until January 2010, Streeter was rarely seen after she announced she was stepping down. But, according to the USOC's tax statements, she got paid into 2010.
Scherr, meanwhile, received the final chunk of a severance payment he agreed to in 2009.
The tax statement says the USOC received a record $66.56 million in charitable donations in 2010 -- more than $13 million more than the previous year. The federation also picked up more than $71 million in sponsorship money. That's a $25 million decline from 2008 but a $10 million increase over 2009 -- a sign that things are picking up on the sponsorship side after the rough economy sent the USOC scrambling.
The USOC made $105 million in broadcast rights in 2010 and had total revenues of $250 million.
Among the federation's expenses were $11.5 million into the athlete performance pool, which goes to support training; nearly $6.8 million for health insurance and other medical benefits for athletes; and nearly $2.9 million into Operation Gold, which pays athletes for top finishes at the Olympics and other major events.
The USOC paid more than $45 million to 100 national governing bodies and other sports-related organizations, with the single largest amount, $4.4 million, going to USA Track and Field. U.S. Ski and Snowboard received $3.8 million, U.S. Speedskating received $2.6 million and USA Swimming received $2.38 million.
The USOC also wrote a $5.5 million check to the International Olympic Committee as one installment of the $18 million it agreed to pay to help foot the bill for staging the 2010 and 2012 Olympics.
Copyright 2011 by The Associated Press
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