Los Angeles Organizing Committee For The Olympic And Paralympic Gam
- Assets
- $141.7m
- Revenue
- $12.3m
- Investments
- $0.0
- Employees
- 157
- Location
- Los Angeles, CA
- Founding
- 02/2015
- Data as of
- 12/2023
- EIN
- 47-2018941
Organization Overview
Los Angeles Organizing Committee For The Olympic And Paralympic Gam is located in Los Angeles, CA. The organization was established in 2015. According to its NTEE Classification (N71) the organization is classified as: Olympics, under the broad grouping of Recreation & Sports and related organizations. As of 12/2023, Los Angeles Organizing Committee For The Olympic And Paralympic Gam employed 157 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Los Angeles Organizing Committee For The Olympic And Paralympic Gam is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Los Angeles Organizing Committee For The Olympic And Paralympic Gam generated $12.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (11.4%) each year. All expenses for the organization totaled $78.4m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION PRIMARILY AIMS TO IMPROVE & ENHANCE THE QUALITY OF LIFE OF RESIDENTS OF L.A. & SURROUNDING AREAS THROUGH THE PROMOTION & SPONSORSHIP OF L.A. AS THE SITE OF THE OLYMPIC AND PARALYMPIC GAMES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WORKS WITH THE CITY OF LOS ANGELES, THE UNITED STATES OLYMPIC & PARALYMPIC COMMITTEE ("USOPC") AND THE INTERNATIONAL OLYMPIC COMMITTEE ("IOC") TO HOST THE OLYMPIC AND PARALYMPIC GAMES IN LOS ANGELES AND THE SURROUNDING AREA. THE OLYMPIC AND PARALYMPIC GAMES WERE AWARDED TO THE CITY OF LOS ANGELES FOR 2028. AS PART OF ITS WORK, THE ORGANIZATION REACHES OUT TO THE COMMUNITY IN LOS ANGELES, INCLUDING FORMER OLYMPIANS AND PARALYMPIANS, TO GATHER SUPPORT AND RAISE FUNDS TO HOST THE 2028 OLYMPIC AND PARALYMPIC GAMES.
THE ORGANIZATION WILL FUND UP TO $160 MILLION IN YOUTH SPORTS IN THE CITY OF LOS ANGELES TO MAKE SPORTS MORE ACCESSIBLE AND AFFORDABLE TO MORE YOUNG LOS ANGELENOS LEADING UP TO THE GAMES IN 2028, BEGINNING THE LEGACY OF THE 2028 OLYMPIC AND PARALYMPIC GAMES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Pepe Director/usopp Chief Commercial Officer | Trustee | 0.1 | $0 |
Daniel Koblin Director/usopp Chief Operating Officer | Trustee | 0.1 | $0 |
Janet B Evans Chief Athlete Officer | OfficerTrustee | 40 | $656,762 |
Casey Wasserman Chairperson/president | OfficerTrustee | 0.5 | $0 |
Beatriz Acevedo Director | Trustee | 0.1 | $0 |
Jessica Alba Director | Trustee | 0.1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aecom Technical Services Inc Construction And Engineering | 12/30/23 | $5,118,973 |
Gavin De Becker & Associates Lp Consulting | 12/30/23 | $1,359,825 |
The Boston Consulting Group Inc Consulting | 12/30/23 | $850,000 |
Workday Inc Software | 12/30/23 | $932,794 |
Slalom Inc Marketing, Advertising, & Media | 12/30/23 | $425,920 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,000,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,000,000 |
| Total Program Service Revenue | $2,021,255 |
| Investment income | $2,318,209 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,344,674 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,293,997 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $11,004,345 |
| Compensation of current officers, directors, key employees. | $5,934,824 |
| Compensation to disqualified persons | $331,197 |
| Other salaries and wages | $20,622,979 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,301,145 |
| Payroll taxes | $1,482,183 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $452,611 |
| Fees for services: Accounting | $575,978 |
| Fees for services: Lobbying | $502,500 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,953,889 |
| Advertising and promotion | $1,017,036 |
| Office expenses | $729,731 |
| Information technology | $1,307,578 |
| Royalties | $0 |
| Occupancy | $2,438,919 |
| Travel | $582,291 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $395,797 |
| Insurance | $938,312 |
| All other expenses | $2,439,373 |
| Total functional expenses | $78,369,861 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $73,349,615 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,716,461 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $37,795,812 |
| Net Land, buildings, and equipment | $1,639,135 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,205,883 |
| Total assets | $141,706,906 |
| Accounts payable and accrued expenses | $6,902,689 |
| Grants payable | $0 |
| Deferred revenue | $280,797,540 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $73,692,500 |
| Total liabilities | $361,392,729 |
| Net assets without donor restrictions | -$219,685,823 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $141,706,906 |