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USATF reported a $5.6 million loss in 2023, marking its third consecutive year of financial decline.
The USA Track and Field federation recorded another massive loss after their 2023 tax return was shared by ProPublica.
Their revenue declined to $35.01 million, from $37.94 million and they lost another $5.60 million, after losing $6.72 million in 2022.
USATF has yet to share the information on their financial status in 2023 original website since the audit was done. The 2024 information has also not been shared. However, from the analysis, it is evident that USATF is in a financial mess but they are not bankrupt.
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The report showed that USATF have $1.07 million in cash and $10.62 million in investments. Another $7.26 million is in deferred revenue, and is likely from the advanced sponsor payments.
ProPublica revealed that the there is an increase in accounts payable and accrued expenses from $4.67 million at the end of 2022 to $9.05 million at the end of 2023. This means that at the end of 2023, the organisation’s net assets were –$4,490,686.
It was further noted that the 2023 revenue of $35.01 million is the worst since 2017, and comes from the same sources as prior years.
This comprises the $19.17 million in sponsorships, $8.47 million in donations, $2.51 million in membership dues and $1.36 million in media sales revenue. There is also the $1.33 million in sanctioning fees and the $1.32 million in events and tickets.
People might be asking where the money went to and the publisher gave a breakdown, revealing that $10.03 million went to athletes for prize money and support.
Another $9.25 million catered for staff salaries, benefits and payroll taxes and another $6.72 million was used to cater for other items like security screening. There was also $2.11 million in insurance and another $2.03 million was used in U.S. Olympic direct-athlete support.
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Another $1.92 million was used for non-U.S. programs with $1.66 million invested in other expenses that have not been disclosed.
There was also the $1.63 million used to purchase team gear and equipment and $1.14 million invested in information technology services. $1.13 million was used in travel expenses and that is $37.62 million out of a total of $40.61 million.
This is the third straight year where net losses have been witnessed for USATF and in 2025, USATF will have more work on their hands as they will take charge of Paralympic track & field governance in the US.
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The financial woes in 2023 did not affect athletes’ performances in 2024 as they managed to get through it, winning 34 Olympic medals including 14 golds. However, some athletes raised concern about the per diem and questioned why it came late.
The federation has since moved forward newly-elected volunteer President Curt Clausen, and the uncertainty of the finances will be a thorn in the flesh in the coming seasons.
The publisher cautioned that the information shared was not entirely factual since it is not the same as the audited financial statements that are yet to be posted but assured that the results will not be too different.
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