Utah Athletic Foundation
- Assets
- $132.8m
- Revenue
- $41.7m
- Investments
- $0.0
- Employees
- 964
- Location
- Park City, UT
- Founding
- 04/1997
- Data as of
- 04/2022
- EIN
- 84-1367913
Organization Overview
Utah Athletic Foundation, operating under the name Utah Olympic Legacy Foundation, is located in Park City, UT. The organization was established in 1997. According to its NTEE Classification (N68) the organization is classified as: Winter Sports, under the broad grouping of Recreation & Sports and related organizations. As of 04/2023, Utah Olympic Legacy Foundation employed 964 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Utah Olympic Legacy Foundation 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 04/2022, Utah Olympic Legacy Foundation generated $41.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 20.9% each year . All expenses for the organization totaled $30.6m during the year ending 04/2022. While expenses have increased by 10.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
FOSTER DEVELOPMENT OF WINTER SPORTS IN UTAH AND MANAGE AND MAINTAIN THE UTAH OLYMPIC PARK, UTAH OLYMPIC OVAL AND SOLDIER HOLLOW NORDIC CENTER
Describe the Organization's Program Activity:
Part 3 - Line 4a
FACILITY OPERATIONS AND EXTERNAL ATHLETE TRAINING: PRIMARY FACILITY ACHIEVEMENTS OF THE UTAH ATHLETIC FOUNDATION INCLUDE MAINTENANCE AND ENHANCEMENT OF THE UTAH OLYMPIC PARK, THE UTAH OLYMPIC OVAL, AND SOLDIER HOLLOW NORDIC CENTER, THE THREE TRAINING FACILITIES FOR THE OLYMPIC WINTER SPORTS OF FREESTYLE, BOBSLED, SKELETON, LUGE, FIGURE SKATING, SPEED SKATING, CURLING, HOCKEY AND NORDIC SKIING.
YOUTH SPORT PROGRAMS AND SPORT EVENTS: THE UTAH OLYMPIC PARK, THE UTAH OLYMPIC OVAL AND SOLDIER HOLLOW NORDIC CENTER OFFER HIGH QUALITY WINTER SPORT DEVELOPMENT PROGRAMS FOR YOUTH THAT EMBRACE LONG TERM ATHLETE DEVELOPMENT PRINCIPLES AND THAT GET PEOPLE OF ALL AGES AND ABILITIES ACTIVE IN SPORT. THESE PROGRAMS SHOWCASE OUR LOCALLY TRAINED ATHLETES AND INVOLVE OUR LOCAL COMMUNITIES.
PUBLIC PROGRAMS AND ACTIVITIES: THE UTAH OLYMPIC PARK, THE UTAH OLYMPIC OVAL AND SOLDIER HOLLOW NORDIC CENTER HAVE EXPERIENCED INCREASED PUBLIC USE OF PROGRAMS, SUCH AS PUBLIC SKATE SESSIONS, BOBSLED AND SKELETON RIDES, PUBLIC NORDIC SKIING LESSONS AND PUBLIC TOURS. THESE SIGNIFICANT INCREASES REFLECT A GROWING AWARENESS AND INTEREST IN OUR VENUE OFFERINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brett Hopkins Board Chair | Trustee | 2 | $0 |
Spencer F Eccles Board Member | Trustee | 0.5 | $0 |
Natalie Gochnour Board Member | Trustee | 1 | $0 |
Fraser Bullock Board Member | Trustee | 2 | $0 |
Eric Hutchings Board Member | Trustee | 0.5 | $0 |
Jim Olson Board Member | Trustee | 1.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Doppelmayr Ctec Inc Lift Terminal Install | 4/29/23 | $4,271,267 |
Hunt Electric Electrical Services | 4/29/23 | $1,504,066 |
Vlcm Sound System And It Network | 4/29/23 | $484,559 |
Jacobsen Building Services Building Contractor | 4/29/23 | $466,490 |
Morgan Asphalt Excavation And Asphalt | 4/29/23 | $405,048 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,290,385 |
| All other contributions, gifts, grants, and similar amounts not included above | $14,946,297 |
| Noncash contributions included in lines 1a–1f | $72,900 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,236,682 |
| Total Program Service Revenue | $21,305,412 |
| Investment income | $345,980 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,715,348 |
| Net Income from Fundraising Events | $136,342 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $41,739,764 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $1,539,476 |
| Compensation of current officers, directors, key employees. | $136,585 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,916,225 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $195,602 |
| Advertising and promotion | $225,232 |
| Office expenses | $40,924 |
| Information technology | $287,743 |
| Royalties | $0 |
| Occupancy | $2,527,996 |
| Travel | $51,752 |
| 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 | $5,901,650 |
| Insurance | $1,309,186 |
| All other expenses | $1,428,236 |
| Total functional expenses | $30,589,383 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,652,000 |
| Savings and temporary cash investments | $5,029,907 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,232,438 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $95,503 |
| Prepaid expenses and deferred charges | $1,292,608 |
| Net Land, buildings, and equipment | $69,883,332 |
| Investments—publicly traded securities | $53,207,156 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $419,800 |
| Total assets | $132,812,744 |
| Accounts payable and accrued expenses | $3,401,193 |
| Grants payable | $0 |
| Deferred revenue | $1,558,768 |
| Tax-exempt bond liabilities | $16,015,889 |
| 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 | $0 |
| Total liabilities | $20,975,850 |
| Net assets without donor restrictions | $103,297,129 |
| Net assets with donor restrictions | $8,539,765 |
| 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 | $132,812,744 |