USA Swimming updated its financial projections for the 2025 fiscal year during its most recent Board of Directors meeting on December 8, with a decline in revenue resulting in an expected loss of more than $1 million for the year.
The national governing body initially projected a small surplus of $99,532 for the year. However, as of September 30 (the end of the third quarter), the new projection comes in at a deficit of $1,066,960. That represents a significant shift from the roughly $315,000 deficit projected at the September Board meeting.
The sharp negative swing over the last few months comes due to a stark decrease in revenue. Expenses are also lower than projected, but not enough to offset the loss in revenue.
The year-to-date status at the time of the meeting showed the organization with a current surplus of $6.3 million, with revenue of $33.3 million and expenses of $27.0 million, but high costs at the end of the year are projected to result in the $1.07 million deficit.
USA Swimming Financial Projections
| Initial Projections | Current Projections | Difference | |
| Revenue | $39,749,851 | $37,235,560 | -$2,514,291 |
| Expenses | $39,650,319 | $38,302,520 | -$1,347,799 |
| Net | $99,532 | ($1,066,960) | -$1,166,492 |
According to the December 8 Meeting Minutes, the decline in revenue comes due to a few key areas:
- Partnership marketing revenue is expected to come in $1,807,329 below projections. Part of this is likely due to TYR no longer being the title sponsor of the Pro Swim Series.
- Membership revenue is expected to fall $941,685 short of projections, with the final number of registrations in 2025 fewer than expected.
- Meet sanction revenue is expected to fall $75,000 shy of projections due to a shortfall in Block Party meet sanction fees.
The decrease in expenses came because of several factors, most notably the extended time without a permanent CEO. However, expenses were significantly higher in the Business Affairs division due to the surprise lawsuit from the Enhanced Games:
- The Commercial division is projected to have expenses decrease by $888,620, “primarily due to personnel reductions, elimination of Splash Magazine, and USA Swimming Productions cost efficiencies.”
- The executive division projected to have expenses decrease by an approximate $670,912, “primarily due to decreased personnel costs related to CEO vacancy.”
- The Sport Development division is projected to have expenses decrease by an approximate $499,077, “primarily due to a reduction in Block Party sanction expenses, USA Swimming Summit savings, and personnel and program efficiencies.”
- The National Team division is projected to have expenses decrease by a modest amount, an approximate $9,485, “primarily due to efficiencies in competitions, Open Water, High Performance, and Coach Services.”
- The Business Affairs division is projected to have expenses increase by $574,997 “due to increased legal fees for an unanticipated antitrust lawsuit,” which refers to the suit filed by the Enhanced Games in August.
- The Event Operations division is also projected to have expenses increase, though marginally, with an increase of approximately $237,299 “primarily due to additional event costs.”
Below, find USA Swimming’s financials for the past two Olympic quads:
2017-2021 Quad
| Fiscal Year | Revenues ($) | Expenses ($) | Net ($) |
| FY 2017 | 35,614,853 | 36,362,666 | (747,813) |
| FY 2018 | 36,099,844 | 37,553,628 | (1,453,784) |
| FY 2019 | 38,729,815 | 39,866,748 | (1,136,933) |
| FY 2020 | 32,349,224 | 26,121,984 | 6,227,240 |
| FY 2021 | 33,377,847 | 34,406,064 | (1,028,218) |
| Quad Total (Final) | 176,171,584 | 174,311,090 | 1,860,493 |
2022-2024 Quad
| Fiscal Year | Revenues ($) | Expenses ($) | Net ($) |
| FY 2022 | 36,485,948 | 37,772,200 | (1,286,252) |
| FY 2023 | 38,483,421 | 39,021,934 | (538,513) |
| FY 2024 | 44,707,667 | 41,522,768 | 3,184,899 |
| Quad Total (Final) | 119,677,036 | 118,316,902 | 1,360,134 |
If the 2025 projections hold, it would mark the seventh time in the last nine years that USA Swimming turns the calendar at a deficit, with 2020 and 2024 the only two years since 2017 that it’s turned a profit. However, because those Olympic years (though the 2020 Games were postponed) saw significant surpluses, the organization turned a profit in both quads.
Lawsuits are expensive. Lawyers charge a lot.
Sport Development asked for, and received, an increase in funding by significantly raising club dues in order to expand their services. Now they are reducing their expenses by 500k? Where did that money go? As a voting member of the HOD this would cause a lot of distrust with the organization in the future…
That’s a great question. I’ll reach out and ask. The organization has been much more transparent, so I’m confident we’ll at least get a response of some kind…
So the employee who cost USA Swimming over half a million dollars with that foolish and completely unnecessary enhanced games email is going to be held responsible, right?
….Right?
Oh dear oh dear!!!
The Headoine should Be that They Killed Splash Magazine ™️. WHY must you Take the things I hold Closest to My heart?
Most vengeful,
Randy
They partnered with Swimming World Magazine, another failing organization, to produce it. I can’t imagine what they were thinking with that one.
I feel like I’ve read that it takes a macro impact sized business 2yrs to have fully pivoted from previous regime. I’m not sure if the year long CEO vacancy makes that shorter or longer. Either way, playing it pretty tight to LA28
How much % of this was related to a certain terminated employee’s golden parachute bonus?
Still feeling the reverberations of the last board’s complete lack of leadership, sadly. Hopefully (and I am optimistic) Kevin and the new board can use their collective imaginations and skills to grow the sport and get the base engaged rather than suspicious and doomsaying.