Despite membership and sponsor revenue shortfalls, USA Swimming reported that it out-performed its 2017 budget wasby $405,387 as a result of expense savings of 6.63 percent. In 2016, USA Swimming beat its budget by $223,161, while expenses came in 1.41% under budget.
Additionally, USA Swimming published investment returns of 14.78 percent, which provided $990,500 to the operating budget, and over $3.8 million to reserves. While 2017 proved a lucrative year for USA Swimming’s investment portfolio, the organization also reported that the first quarter of 2018 was better than expected (because it did not lose as much as feared) by posting returns of -0.58%, which outperformed the -1.21% projected for the quarter that ended on March 31, 2018.
USA Swimming CFO Jim Harvey reported that in the first quarter of 2018, the USA Swimming Foundation had raised $275,000 in major gifts and grants and $444,000 through the Annual Campaign. Harvey also announced that the USA Swimming Foundation ended 2017 with an operating surplus of close to $170,000 and that the Foundation Board of directors voted to add $500,000 to the USA Swimming Endowment.
USA Swimming’s ultimate success or failure depends on its ability to bring more athletes into the sport at a young age and keep them swimming through high school and preferably college. Though there are plenty of other factors that influence how one measures the organization’s ability to both provide for its members and further the sport of swimming–Safe Sport and athlete protection chief among them–the bottom line is that more kids must join swim teams and stay in the sport for longer. As 2017 witnessed unsatisfactory membership and sponsorship revenues, it makes sense for USA Swimming to offer the seasonal Flex Membership to families and swimmers that are otherwise deterred by the immense commitment of swimming year-round.
Other highlights of the 2017 Budget include:
- $169,825 operating surplus exceeded budget by $405,825.
- $1,441,876 major gifts/grants exceeded budget and 2016.
- $702,200 Annual Campaign exceeded budget and 2016 results by 21.3%.
- $871,089 sponsorship including Phillips 66 $625,000.
- $15,550,838 endowments increased $3,068,279 for the year including +14.81% return.
- $732,500 grants to USA Swimming from endowments, Phillips 66, and Swim-a-Thon.
- $494,737 grants to Make a Splash local partners.