USATF Reportedly Suffer Financial Loss as 2023 Fiscal Data Shows Concerning State

USATF has been the breadwinning organization when it comes to track and field in the country since the 1980s, with many athletes falling under the large umbrella. However, the past year seemed to be filled with challenges for the organization, with its financial power taking a minor hit.

As per the reports, the USATF tax return for 2023 is at a loss of approximately $5.6 million. ProPublica posted the Form 990 federal tax return for 2023. According to the data, the overall revenue, which floated around $37.9 million in 2022, approximately dropped to $35 million in 2023. Research on the matter shows that the financial reserves for the organization, which stood around $597,933 in 2022, dropped to -$4,490,686 in 2023 in the span of a year. Apart from this, the organization’s total assets, which stood at $34,268,043 in 2022, dropped down to $31,952,730 in 2023.

From the tax returns, it seems that USATF was in a financial dilemma in the year 2023 but not out of money. The return showed that they have $1.07 million in cash, $10.62 million in investments, and $7.26 million in deferred revenue, likely advanced sponsor payment from multiple of their long-standing partners. USATF has been in a longstanding amicable relationship with NIKE, with the athletic giant being a helpful financial partner in their endeavors.

Not all of USATF’s attempts have been in vain, with the organization putting up a valiant effort in 2023 and 2024 to ensure the best services for their athletes participating in the Olympic games. These expenses provided prize money, travel support, and world-ranking opportunities, resulting in 19 athletes competing in the 2023 World Championships and qualifying for the Paris 2024 Olympic Games.

Every dollar spent in 2023 on these exceptional, one-time costs was an investment in athletic success as per USATF. Which directly contributed to Team USA’s historic 34-medal performance in the Paris 2024 Olympic Games.

We don’t have data for 2024 as of now. However, to USATF’s credit, their losses in 2023 have considerably improved in 2024. With the USATF set to host some important events, including the likes of the Indoor Championships, and alongside other major events, the organization should expect to get back on the right track moving forward. It will be interesting to see how the USATF decides to navigate past the situation with a lot riding on the organization’s proven track record to move past troubling situations.