(from Sports Business Journal, April 8, 2013) The U.S. Olympic Committee is in the process of raising more than $35 million with the creation of their new foundation. This money would go towards athletic training costs, support, and administration purposes. Last week, the USOC began looking for a Chief Development Officer as well as President for the foundation, which was approved last month by the board of directors. Chief Executive, Scott Blackmun, began the development of the foundation to increase the operating budget for the USOC. Since the organization is preparing for lower percentage of revenue after 2021, they are looking for ways to make sure the money from those sponsorships and television rights is not a loss.
Blackmun decided to hire Bentz Whaley Flessner, a consulting group, which will be responsible for getting the foundation up and going. Similar to the U.S. Olympic Foundation, this foundation will be using similar work to hopefully raise as much, if not more, than the $100 million made during the 1984 Los Angeles Games. Their foundation is up to over $200 million and annually contributes to the USOC. Since the USOC has struggled to make no more than $17 million, they have hired this help and have a goal of $50 million a year by 2016. The foundation will be responsible for most of these efforts to raise the money. The foundation’s executive committee plans to meet twice a year and the board will meet once a year.
A name has not been decided on the USOC foundation. The USOC will plan to name their president of the foundation by the summer. The person that they will hire will be doing recruiting and collecting trustees. They will also be overseeing staff, capital fundraising, scholarship programs for athletes, and contracting programs with major donors. The USOC is looking for someone that has experience raising this high amount of money, has not specifically worked in sports, but has some familiarity of the industry. Blackmun will spend half of the year working on the foundation, as well as working on a bid city for the 2024 Olympics.