USA Swimming released its Form 990 for the 2023 fiscal year on Friday, showing increases in both net assets and total revenue compared to the year prior.
While it uses the same financials as USA Swimming’s annual audit, the Form 990 has different reporting requirements, most notably relating to investment income. The annual audit simply verifies the accuracy of USA Swimming’s final statements, while the Form 990 is a specific tax form filed by non-profit organizations to the IRS, along with donors and the public at large.
The biggest difference between the two in terms of the numbers is that the Form 990 doesn’t take into account “unrealized” investment gains, meaning the market-to-market fluctuations in their investments, only the transactional gains if an investment is sold or settled. It’s also important to note that for the purposes of the Form 990, USA Swimming and the USA Swimming Foundation have to file their forms separately and therefore the financial reported below are only from USA Swimming.
“The following summary of our 2023 financials aims to provide our membership and stakeholders with a transparent and clear understanding of our fiscal position,” USA Swimming wrote in the document. “Overall, 2023 saw total revenue growth compared to the year prior enabling our continued support of programming from the grassroots to the elite level and paving the way for the execution of the 2024 Olympic Trials and Olympic Games.”
USA Swimming reports an increase of $1.51 million in net assets in 2023, up to $23,093,959 relative to the $21,583,773 they reported at the end of 2022.
After seeing a significant dip from 2021 to 2022, the organization’s net assets are still considerably lower than they’ve been every other year in the past decade, but it’s still a step up entering the Olympic year.
The increase in net assets came due to a decrease in total liabilities, which came in at $24,921,642 in 2023 after liabilities were $26,518,258 in 2022. Total assets were roughly the same, down from $48,102,031 in 2022 to $48,015,601 in 2023.
| 2022 | 2023 | |
| Total Assets | $48,102,031 | $48,015,601 |
| Total Liabilities | $26,518,258 | $24,921,642 |
| Net Assets | $21,583,773 | $23,093,959 |
USA Swimming’s Net Assets by Year
- 2023: $23,093,959
- 2022: $21,583,773
- 2021: $39,250,078
- 2020: $36,721,772
- 2019: $31,531,691
- 2018: $31,041,574
- 2017: $36,309,387
- 2016: $34,240,740
- 2015: $34,906,220
- 2014: $34,684,036
- 2013: $18,625,597
- 2012: $17,067,685
- 2011: $16,484,010
USA Swimming generated $38,460,900 in revenue in 2023, which is a different number compared to the $41,520,284 reported in the financial audit. The difference is primarily due to unrealized financial gains, which were $3.64 million.
The biggest form of revenue for USA Swimming was membership, which generated $23.39 million in 2023, while partnership marketing ($5.20 million), USOPC grants and contracts ($5.34 million), and financial contributions ($1.78 million) were other revenue-generators exceeding $1 million.
Membership generated roughly the same amount in 2022 ($23.23 million), while partnership marketing saw an uptick from $4.79 million in 2022, while financial contributions were up by more than $1 million and USOPC grants were exactly the same.
Compared to 2022, Program Service Revenue increased from $27.79 million to $29.11 million, while Contributions and Grants increased by more than $900K, from $8.01 million to $8.96 million in 2023.
Expenses totaled $40,593,508, resulting in a $2,132,608 operational deficit in 2023, which is a significant improvement compared to the $10,188,165 deficit run in 2022.
Primary expenses were Program Services, namely Sport Development ($10.53 million) and National Team ($9.57 million), while Commercial, Event Operations and Risk Management were all in the $4-4.9 million range.
Going into specific categories, salaries and wages ($8.45 million), travel ($4.91 million), insurance ($4.08 million), “other” ($3.37 million) and grants and other assistance to domestic individuals ($3.65 million) were the organization’s biggest expenses.
Those numbers compare to the $37,314,499 revenue generated in 2022, marking an increase of just over $1 million, while 2022’s expenses were nearly $7 million higher at $47,502,664.
| 2022 | 2023 | |
| Total Revenue | $37,314,499 | $38,460,900 |
| Total Expenses | $47,502,664 | $40,593,508 |
| Net Income | ($10,188,165) | ($2,132,608) |
USA Swimming’s Net Income (Revenue Minus Expenses) by Year
- 2023: ($2,132,608)
- 2022: ($10,188,165)
- 2021: $463,922
- 2020: $4,637,580
- 2019: ($2,601,301)
- 2018: ($2,120,003)
- 2017: ($1,279,913)
- 2016: ($870,772)
- 2015: $277,622
- 2014: $390,406
- 2013: $567,805
- 2012: $994,719
- 2011: $504,672
Looking at the financial audit, which includes unrealized investment gains, USA Swimming’s total revenue generated of $41,520,284 in 2023 was a significant increase to the $29,621 generated in 2022. Expenses decreased from $47.28 million to $40.01 million.
