By James Sutherland on SwimSwam
USA Swimming updated its financial projections for the 2025 fiscal year during its most recent Board of Directors meeting on December 8, with a decline in revenue resulting in an expected loss of more than $1 million for the year.
The national governing body initially projected a small surplus of $99,532 for the year. However, as of September 30 (the end of the third quarter), the new projection comes in at a deficit of $1,066,960. That represents a significant shift from the roughly $315,000 deficit projected at the September Board meeting.
The sharp negative swing over the last few months comes due to a stark decrease in revenue. Expenses are also lower than projected, but not enough to offset the loss in revenue.
The year-to-date status at the time of the meeting showed the organization with a current surplus of $6.3 million, with revenue of $33.3 million and expenses of $27.0 million, but high costs at the end of the year are projected to result in the $1.07 million deficit.
USA Swimming Financial Projections
Initial Projections Current Projections Difference Revenue $39,749,851 $37,235,560 -$2,514,291 Expenses $39,650,319 $38,302,520 -$1,347,799 Net $99,532 ($1,066,960) -$1,166,492According to the December 8 Meeting Minutes, the decline in revenue comes due to a few key areas:
Partnership marketing revenue is expected to come in $1,807,329 below projections. Part of this is likely due to TYR no longer being the title sponsor of the Pro Swim Series. Membership revenue is expected to fall $941,685 short of projections, with the final number of registrations in 2025 fewer than expected. Meet sanction revenue is expected to fall $75,000 shy of projections due to a shortfall in Block Party meet sanction fees.The decrease in expenses came because of several factors, most notably the extended time without a permanent CEO. However, expenses were significantly higher in the Business Affairs division due to the surprise lawsuit from the Enhanced Games:
The Commercial division is projected to have expenses decrease by $888,620, “primarily due to personnel reductions, elimination of Splash Magazine, and USA Swimming Productions cost efficiencies.” The executive division projected to have expenses decrease by an approximate $670,912, “primarily due to decreased personnel costs related to CEO vacancy.” The Sport Development division is projected to have expenses decrease by an approximate $499,077, “primarily due to a reduction in Block Party sanction expenses, USA Swimming Summit savings, and personnel and program efficiencies.” The National Team division is projected to have expenses decrease by a modest amount, an approximate $9,485, “primarily due to efficiencies in competitions, Open Water, High Performance, and Coach Services.” The Business Affairs division is projected to have expenses increase by $574,997 “due to increased legal fees for an unanticipated antitrust lawsuit,” which refers to the suit filed by the Enhanced Games in August. The Event Operations division is also projected to have expenses increase, though marginally, with an increase of approximately $237,299 “primarily due to additional event costs.”Below, find USA Swimming’s financials for the past two Olympic quads:
2017-2021 Quad
Fiscal Year Revenues ($) Expenses ($) Net ($) FY 2017 35,614,853 36,362,666 (747,813) FY 2018 36,099,844 37,553,628 (1,453,784) FY 2019 38,729,815 39,866,748 (1,136,933) FY 2020 32,349,224 26,121,984 6,227,240 FY 2021 33,377,847 34,406,064 (1,028,218) Quad Total (Final) 176,171,584 174,311,090 1,860,4932022-2024 Quad
Fiscal Year Revenues ($) Expenses ($) Net ($) FY 2022 36,485,948 37,772,200 (1,286,252) FY 2023 38,483,421 39,021,934 (538,513) FY 2024 44,707,667 41,522,768 3,184,899 Quad Total (Final) 119,677,036 118,316,902 1,360,134If the 2025 projections hold, it would mark the seventh time in the last nine years that USA Swimming turns the calendar at a deficit, with 2020 and 2024 the only two years since 2017 that it’s turned a profit. However, because those Olympic years (though the 2020 Games were postponed) saw significant surpluses, the organization turned a profit in both quads.
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