Revenue Up, Spending Down in Latest USA Swimming Foundation Financial Report

by Riley Overend 1

September 08th, 2022 National, News

The USA Swimming Foundation increased its revenue more than 30% last year, according to the organization’s annual financial report released Thursday.

The USA Swimming Foundation saw its revenue spike from $4.4 million to $5.8 million in 2021, and assets also jumped by more than $1 million to $23.6 million. The foundation offered over $1 million to the National Team, helping to fund an impressive 30-medal performance at last summer’s Tokyo Olympics — most among any country. In 2020, by comparison, the group gave the National Team $822,649.

The organization also provided more than $500,000 in youth learn to swim grants in 2021, up from $314,114 the year prior. They also opened grant applications for adult learn to swim programs.

Still, the USA Swimming Foundation’s spending was nearly cut in half, down from $6 million to $3.6 million. That drop can probably be explained by the $3 million in COVID relief funds that the group handed out in 2020.

Below is the organization’s full letter. USA Swimming CEO Tim Hinchey III has overseen the foundation since his hiring in 2017. Last March, he signed a four-year contract extension through at least 2025.

Dear Friends of the USA Swimming Foundation,

If there ever were a lesson to be learned during the past few years, it has been gratitude for those who step up to help. Thank you to the Supporters Club and Champions Club members for your loyal commitments and thank you to the board members and longtime investors for believing in us. We appreciate you being there when we needed you most.

The USA Swimming Foundation expanded on its mission of Saving Lives and Building Champions in 2021, and we thank you for helping us award over $500,000 in youth learn to swim grants across the country. With your support, we were able to positively impact thousands of children and families by giving them the opportunity to learn a lifesaving skill. For the first time, U.S. Masters Swimming and the USA Swimming Foundation signed a formal partnership to serve adult learn to swim programs. The first grant application was opened in 2021. We are actively addressing some of the generational disparities in swimming ability among diverse communities and we aim to grow our investment dramatically over the next 6 years, leading into LA2028.

A special thank you to our partners at Phillips 66 for sponsoring the 2021 Make a Splash Virtual Tour. This year marked the 48th year of collaboration to prioritize swimming lessons for children and to educate parents about drowning prevention. Drowning claims the lives of approximately 3500 people per year, and formal swimming lessons can reduce that risk for children by up to 88%.

And the work didn’t stop there.

Thank you for helping us provide more than $1 million in support to our Olympic heroes as they worked and trained for an additional year to bring home 30 medals from Tokyo – more than any other nation. These athletes continue to inspire and motivate all of us, exemplifying what it means to be a champion in the pool and in life. And to those of you who joined us for the excitement of the U.S. Olympic Team Trials in Omaha, we hope you’ve saved the date to join us in Indianapolis in 2024 as a new crop of Olympic dreams are realized.

In the below document you will find our 2021 Annual Report, detailing the Foundation’s contributions over the past year. Within our mission, we have identified four pillars of focus: generate revenue, make a difference in communities, engage alumni and support to facilities and pools. With your help, we will continue to save lives and build champions in new and impactful ways.

If you would like to know more about how your gifts impact the lives of current and future swimmers, please do not hesitate to reach out to the USA Swimming Foundation.

Thank you again and we will see you at the pool.

READ THE FULL ANNUAL REPORT HERE.

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Meathead
4 months ago

Feels like there is a lot of expenses that goes into the fundraising. If markets don’t recover the income off assets will plummet. 2022 will be tough

Great cause, wish them well

About Riley Overend

Riley is an associate editor interested in the stories taking place outside of the pool just as much as the drama between the lane lines. A 2019 graduate of Boston College, he arrived at SwimSwam in April of 2022 after three years as a sports reporter and sports editor at newspapers …

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