By Madeline Folsom on SwimSwam
USA Swimming’s recent financial release revealed a staggering $400,000 severance payment to former CEO Tim Hinchey following his resignation last August, and there is more to come.
Last week, SwimSwam published the USA Swimming tax form 990, which is the form required for U.S. tax exempt organizations that offers a detailed overview of the organization’s spending while simultaneously serving as a public disclosure document.
That form revealed that the top four earners from 2024 were no longer with the organization. Former CEO Hinchey was the highest paid employee, bringing in a massive $1,051,489 with only $575,241 coming from his base salary.
Hinchey resigned at the end of August in 2024, leaving about 16 months on his contract that was extended in 2021 to run through the end of 2025.
Page 54 of the 990 form that is available on USA Swimming’s website reveals that Hinchey received a $400,000 payment in 2024 as part of the “severance agreement”, and that he will be “receiving a second installment payment in 2025.”
Former National Team Director Lindsay Mintenko received a “one-time severance payment” of $139,500.
USA Swimming’s 2025 Budget document reveals $415,800 approved for “CEO Transition”, which is a little more than $100,000 less than the $517,800 the organization “projects” they spent on the same line item in 2024.
A spokesperson for USA Swimming confirmed this money was spent on a variety of items such as “contractual severance, search firm fees, PR service, legal services, and Interim CEO temporary housing”, but they were unable to give a line-item of how these costs broke down.
During the more than one-year-long search for CEO, that featured the hiring and quick resignation of Shana Ferguson, USA Swimming went through two different search firms before hiring Kevin Ring after 371 days without formal leadership.
The organization is predicting a $1.8 million revenue shortfall for 2025, partially due to falling membership and ad dollars, and they have projected a -$414,752 operating deficit for the year.
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