Link To IOC Financial Report Online
(3/18/99)
LAUSANNE, Switzerland (AP) _ In a new sign of openness, the International
Olympic Committee released its financial books to the public Thursday and
offered a rare peak into the lifestyle of its members.
The IOC's net worth at the end of 1998 was listed as $136 million, according
to the audit by PricewaterhouseCoopers.
Cash, bank deposits and television-rights trust funds totaled $237 million,
and the committee finished the year with a $40 million operating surplus on
income of $86 million.
In addition, the Olympic Foundation _ a reserve fund set up in the event of
the games being canceled _ has $65 million.
The IOC had not issued a unified audit in four years, although its records
were available to the public in various forms.
The committee has been under pressure to open its books as part of a reform
process in the wake of the Salt Lake City bribery scandal. On Thursday, it
released the figures on the Internet.
The IOC said that from now on, the audits would be released every two years.
"As soon as it was clear there was world attention to this matter, we
released the report," spokesman Franklin Servan-Schreiber said. "We are
complying with the best international business practices."
The report showed that the IOC paid $204,000 last year to cover the living
expenses of president Juan Antonio Samaranch when he was in Lausanne.
Samaranch, who does not receive a salary, lives in a suite at the Lausanne
Palace hotel.
Under persistent questioning from reporters, the IOC also disclosed how much
its members receive in per diem and other allowances.
Rank-and-file members get $105 a day in Lausanne and $150 elsewhere for
expenses other than room and board during IOC meetings, including the games.
Executive board members get $1,000 expense checks for an entire meeting,
with all other expenses paid for. The figure had been $500 until this year.
Samaranch described the stipends for executive board members as "pocket
money."
Thierry Sprunger, the IOC's comptroller, said the total expenses for
executive board members, who meet at least four times a year, totaled $88,000
last year.
The IOC also covers all airfares _ first class only for executive board
members, and business or first class for the rank-and-file.
