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Nonprofiteer
← UNITED STATE OLYMPIC AND PARALYMPIC PROPERTIES LLC

Form 990 for tax year 2022

Filed by UNITED STATE OLYMPIC AND PARALYMPIC PROPERTIES LLC.

Totals

Total revenue
$1,492,701
Total expenses
$2,300,692
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,492,056
Investment income
$645
Other revenue
$0
Total assets, end of year
$48,056,767
Total liabilities, end of year
$127,444,279
Net assets or fund balances, end of year
-$79,387,512
Program services expenses (Part IX)
$23,172
Management and general expenses
$26,652
Fundraising expenses
$2,250,868
Program service expenses (Part III)
$23,172

Program services were 1.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SPONSORSHIP REVENUE

    total $1,082,671 · related or exempt $1,082,671

  • 2b · Program service revenue: LICENSING REVENUE

    total $380,895 · related or exempt $380,895

  • 2c · Program service revenue: HOSPITALITY REVENUE

    total $28,490 · related or exempt $28,490

  • 3 · Investment income

    total $645 · excluded $645

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $49,824 · program services $23,172 · management and general $26,652

  • 7 · Other salaries and wages

    total $88,456 · fundraising $88,456

  • 9 · Other employee benefits

    total $8,799 · fundraising $8,799

  • 10 · Payroll taxes

    total $10,453 · fundraising $10,453

  • 11b · Fees: legal

    total $224 · fundraising $224

  • 11g · Fees: other

    total $18,059 · fundraising $18,059

  • 12 · Advertising and promotion

    total $275,910 · fundraising $275,910

  • 13 · Office expenses

    total $5,049 · fundraising $5,049

  • 14 · Information technology

    total $137,063 · fundraising $137,063

  • 16 · Occupancy

    total $6,521 · fundraising $6,521

  • 17 · Travel

    total $16,858 · fundraising $16,858

  • 22 · Depreciation, depletion and amortization

    total $94 · fundraising $94

  • 24a · Other expenses: RIGHTS PAYMENTS

    total $1,683,382 · fundraising $1,683,382

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $9,415,653

  • 4 · Accounts receivable

    beginning of year $0 · end of year $33,698,154

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $122,656

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $4,820,304

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $8,584,981

  • 19 · Deferred revenue

    beginning of year $0 · end of year $118,288,079

  • 25 · Other liabilities

    beginning of year $0 · end of year $571,219

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year -$79,387,512

Mission and programs · 2022

Mission

USOPP WILL IMPROVE AND ENHANCE THE QUALITY OF LIFE OF THE RESIDENTS OF THE CITY OF LOS ANGELES AND THE SURROUNDING METROPOLITAN AREA THROUGH THE HOSTING OF THE 2028 GAMES OF THE XXIV OLYMPIAD AND THE XVIII PARALYMPIC GAMES IN LOS ANGELES.

Activities or mission (Part I)

UNITED STATES OLYMPIC AND PARALYMPIC PROPERTIES, LLC (USOPP) WILL IMPROVE AND ENHANCE THE QUALITY OF LIFE OF THE RESIDENTS OF THE CITY OF LOS ANGELES AND THE SURROUNDING METROPOLITAN AREA THROUGH THE HOSTING OF THE 2028 GAMES OF THE XXIV OLYMPIAD AND THE XVIII PARALYMPIC GAMES IN LOS ANGELES.

  • RAISING FUNDS TO BE USED TO PLAN, ORGANIZE, FINANCE, PROMOTE, SPONSOR, HOST AND STAGE THE 2028 GAMES.

    Expenses $23,172 · Revenue $1,492,056

  • PROMOTING AND ADMINISTERING SPONSORSHIP, MARKETING, HOSPITALITY AND OTHER SPONSORSHIP RIGHTS RELATED TO USOPP, LA28, THE USOPC, THE 2028 OLYMPIC & PARALYMPIC GAMES, THE US OLYMPIC AND PARALYMPIC TEAMS AND OTHER EDITIONS OF THE OLYMPIC AND PARALYMPIC GAMES.

As filed on the 2022 return.

Listed in Part VII

  • Casey Wasserman

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    0.1

  • Sarah Hirshland

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Susanne Lyons

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1

  • Christopher Pepe

    VICE PRESIDENT, CHIEF COMMERCIAL OFFICER

    Total calculated
    $843,268
    From this org
    $684,482
    From related orgs
    $0
    Other
    $158,786
    Hours/week
    39.9 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $552,543
    Bonus
    $129,519
    Other
    $2,420
    Deferred
    $157,982
    Nontaxable benefits
    $804
    Filer's total
    $843,268

  • Danny Koblin

    VICE PRESIDENT, CHIEF OPERATING OFFICER

    Total calculated
    $724,905
    From this org
    $587,212
    From related orgs
    $0
    Other
    $137,693
    Hours/week
    39.9 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $464,137
    Bonus
    $120,884
    Other
    $2,191
    Deferred
    $132,705
    Nontaxable benefits
    $4,988
    Filer's total
    $724,905

  • Karen Sturges

    TREASURER

    Total calculated
    $343,759
    From this org
    $0
    From related orgs
    $202,366
    Other
    $141,393
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $201,250 related
    Bonus
    $0
    Other
    $0 + $1,116 related
    Deferred
    $0 + $138,000 related
    Nontaxable benefits
    $0 + $3,393 related
    Filer's total
    $0 + $343,759 related

  • Kathryn Carter

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $2,137,736
    From this org
    $0
    From related orgs
    $1,517,420
    Other
    $620,316
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $975,000 related
    Bonus
    $0 + $540,000 related
    Other
    $0 + $2,420 related
    Deferred
    $0 + $617,500 related
    Nontaxable benefits
    $0 + $2,816 related
    Filer's total
    $0 + $2,137,736 related

  • Tanja Olano

    SECRETARY

    Total calculated
    $693,970
    From this org
    $0
    From related orgs
    $548,724
    Other
    $145,246
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $433,475 related
    Bonus
    $0 + $113,400 related
    Other
    $0 + $1,849 related
    Deferred
    $0 + $143,451 related
    Nontaxable benefits
    $0 + $1,795 related
    Filer's total
    $0 + $693,970 related

  • David Mingey

    SR VP, PARTNERSHIP MANAGEMENT & ACTIVATION

    Total calculated
    $716,050
    From this org
    $569,794
    From related orgs
    $0
    Other
    $146,256
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $440,127
    Bonus
    $127,262
    Other
    $2,405
    Deferred
    $132,564
    Nontaxable benefits
    $13,692
    Filer's total
    $716,050

  • Peter Zeytoonjian

    SR VP, COMMERCE AND EVENTS

    Total calculated
    $475,703
    From this org
    $405,385
    From related orgs
    $0
    Other
    $70,318
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $337,674
    Bonus
    $65,092
    Other
    $2,619
    Deferred
    $67,804
    Nontaxable benefits
    $2,514
    Filer's total
    $475,703

  • Zaileen Janmohamed

    SR VP, PARTNERSHIP DEVELOPMENT & INNOVATION

    Total calculated
    $452,876
    From this org
    $386,610
    From related orgs
    $0
    Other
    $66,266
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $327,994
    Bonus
    $56,700
    Other
    $1,916
    Deferred
    $65,835
    Nontaxable benefits
    $431
    Filer's total
    $452,876

  • Ryan Eddy

    VP, PARTNERSHIP

    Total calculated
    $345,188
    From this org
    $296,597
    From related orgs
    $0
    Other
    $48,591
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $247,806
    Bonus
    $44,100
    Other
    $4,691
    Deferred
    $47,133
    Nontaxable benefits
    $1,458
    Filer's total
    $345,188

  • Eddie Scannell

    VP, CONSUMER PRODUCTS MARKETING AND BUSINESS DEVEL

    Total calculated
    $337,715
    From this org
    $289,155
    From related orgs
    $0
    Other
    $48,560
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $242,116
    Bonus
    $42,226
    Other
    $4,813
    Deferred
    $48,560
    Nontaxable benefits
    $0
    Filer's total
    $337,715

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 5
THE ORGANIZATION'S BOARD OF DIRECTORS APPROVED THE FRAMEWORK FOR A LONG-TERM INCENTIVE BONUS PLAN FOR EXECUTIVES AND MEMBERS OF SENIOR LEADERSHIP. THE PURPOSE OF THE PLAN IS TO: (A) DRIVE PERFORMANCE AHEAD OF THE OLYMPIC AND PARALYMPIC GAMES IN 2028, (B) REWARD EXECUTION LEADING UP TO THE OLYMPIC AND PARALYMPIC GAMES IN 2028, AND (C) RETAIN KEY EMPLOYEES OF THE ORGANIZATION THROUGH THE OLYMPIC AND PARALYMPIC GAMES IN 2028. AS OF DECEMBER 31, 2022, SEVEN (7) EMPLOYEES WERE ELIGIBLE FOR THE LONG-TERM INCENTIVE BONUS PLAN.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202343189349319119

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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