2024-11-14T14:15:32-06:00 2023-12-31 861065772 DELOITTE TAX LLP 695 TOWN CENTER DR STE 1000 COSTA MESA CA 92626 990 2023-01-01 320570956 UNITED STATES OLYMPIC AND PARALYMPIC PROPERTIES LLC UNIT 4243204500 10900 WILSHIRE BOULEVARD 700 LOS ANGELES CA 90024 KAREN STURGES CFO 4243204500 2024-11-14 1 0 JOHN W SADOFF JR P00540589 7144367100 2023 2024-10-15 13:58:12Z KAREN STURGES 10900 WILSHIRE BOULEVARD 700 LOS ANGELES CA 90024 71641029 0 X HTTP://WWW.LA28.ORG X 2022 DE 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 XXXIV OLYMPIAD AND THE XVIII PARALYMPIC GAMES IN LOS ANGELES. 3 3 47 3 0 0 0 34312491 1492056 34319198 645 1029333 0 1980007 1492701 71641029 0 0 0 0 157532 7282678 0 0 27407796 2143160 72818151 2300692 80100829 -807991 -8459800 48056767 147990533 127444279 235837845 -79387512 -87847312 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 XXXIV OLYMPIAD AND THE XVIII PARALYMPIC GAMES IN LOS ANGELES. 0 0 24606184 RAISING FUNDS TO BE USED TO PLAN, ORGANIZE, FINANCE, PROMOTE, SPONSOR, HOST AND STAGE THE 2028 GAMES. 27616686 11693021 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. 27616686 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 47 1 0 0 0 0 0 0 0 0 0 0 0 0 X 3 3 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 1 1 1 1 0 CA X KAREN STURGES 4243204500 10900 WILSHIRE BOULEVARD STE 700 LOS ANGELES CA 90024 CASEY WASSERMAN CHAIRPERSON/PRESIDENT 0.50 0.50 X X 0 0 0 SARAH HIRSHLAND DIRECTOR 0.10 0.10 X 0 0 0 GENE SKYES DIRECTOR (BEGIN 01/23) 0.10 0.10 X 0 0 0 CHRISTOPHER PEPE CHIEF COMMERCIAL OFFICER 39.90 0.10 X 927210 0 1148 DANIEL KOBLIN CHIEF OPERATING OFFICER 39.90 0.10 X 712380 0 6168 TANJA OLANO CHIEF LEGAL OFFICER 20.00 20.00 X 0 1017905 2313 KAREN STURGES CHIEF FINANCIAL OFFICER 20.00 20.00 X 0 629320 6168 KATHRYN CARTER CHIEF EXECUTIVE OFFICER 20.00 20.00 X 0 1995290 4554 DAVID MINGEY SVP, PARTNERSHIP MGMT & ACTIVATION 40.00 0.00 X 638484 0 12131 PETER ZEYTOONJIAN SVP, COMMERCE & EVENTS 40.00 0.00 X 517726 0 1980 HAYLE CHUN SR DIRECTOR, BUSINESS OPERATIONS 40.00 0.00 X 267768 0 12060 RYAN EDDY VP, PARTNERSHIPS 40.00 0.00 X 334058 0 5045 PABLO GARCIA SR DIRECTOR, BUSINESS OPERATIONS 40.00 0.00 X 242216 0 1126 3639842 3642515 52693 23 0 1 0 SALESFORCECOM INC 415 MISSION STREET 3RD FLOOR SAN FRANCISCO CA 94105 INFORMATION TECHNOLOGY 5333861 I'M FROM THE FUTURE LLC 709 NORTH 2ND ST 300 PHILADELPHIA PA 19123 MARKETING, ADVERTISING, & MEDIA 503684 ARENSON CONSULTING GROUP INC 5921 MELVIN AVE TARZANA CA 91356 CONSULTING 222605 METHODOLOGY IT INC 8939 S SEPULVEDA BLVD SUITE 230 LOS ANGELES CA 90045 INFORMATION TECHNOLOGY 165345 BASIS RESEARCH 6121 SUNSET BLVD LOS ANGELES CA 90028 MARKETING, ADVERTISING, & MEDIA 150000 14 34312491 34312491 SPONSORSHIP REVENUE 711300 30300595 30300595 LICENSING REVENUE 711300 3249372 3249372 CONTRACT REVENUE 711300 769231 769231 34319198 1029333 1029333 OVERHEAD 711300 1980007 1980007 1980007 71641029 36299205 0 1029333 1646905 718547 928358 4916122 3237999 1678123 336894 209016 801 127077 382757 239347 -213 143623 311484 105000 206484 1877498 757422 1120076 28712 4864 12407 11441 5017150 373 5016777 19388 2953 981 15454 715870 413210 -5912 308572 RIGHTS PAYMENTS 64848049 21927955 19123148 23796946 80100829 27616686 25076347 27407796 9415653 28880084 33698154 46032170 122656 0 4820304 12941446 0 60136833 48056767 147990533 8584981 15410227 118288079 192734408 571219 27693210 127444279 235837845 X -79387512 -87847312 -79387512 -87847312 48056767 147990533 -8459800 0 X 0 1 X 1 0 X 34312491 34312491 34312491 34312491 24446290 9866201 645 1029333 1029978 36299205 36299205 71641674 71153078 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: SPONSORSHIP REVENUE - 2023 AMOUNT: $ 30,300,595. LICENSING REVENUE - 2023 AMOUNT: $ 3,249,372. CONTRACT REVENUE - 2023 AMOUNT: $ 769,231. OTHER REVENUE - 2023 AMOUNT: $ 1,980,007. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 DEPOSITS AND OTHER NONCURRENT ASSETS 60136833 60136833 PAYROLL LIABILITIES 554445 OTHER LONG-TERM LIABILITIES 27138765 27693210 X PART X, LINE 2: THE ORGANIZATION RECOGNIZES THE FINANCIAL STATEMENT BENEFIT OF A TAX POSITION ONLY AFTER DETERMINING THAT THE RELEVANT TAX AUTHORITY WOULD MORE-LIKELY-THAN-NOT SUSTAIN THE POSITION FOLLOWING AN AUDIT. FOR TAX POSITIONS MEETING THE MORE-LIKELY-THAN-NOT THRESHOLD, THE AMOUNT RECOGNIZED IN THE FINANCIAL STATEMENTS IS THE LARGEST BENEFIT THAT HAS A GREATER THAN 50 PERCENT LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT WITH THE RELEVANT TAX AUTHORITY. AS OF DECEMBER 31, 2023 AND 2022, THE ORGANIZATION HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. AS OF DECEMBER 31, 2023, TAX YEARS AFTER 2019 ARE OPEN FOR AUDIT. EAST ASIA AND THE PACIFIC 0 2 PROGRAM SERVICES GAMES OPERATIONS AND IOC MEETINGS 9656 EUROPE (INCLUDING ICELAND & GREENLAND) 0 20 PROGRAM SERVICES GAMES OPERATIONS AND IOC MEETINGS 137958 SOUTH AMERICA 0 5 PROGRAM SERVICES GAMES OPERATIONS AND IOC MEETINGS 13220 0 20 0 0 0 20 160834 0 160834 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 KATHRYN CARTER CHIEF EXECUTIVE OFFICER 0 975593 0 1017500 0 2197 0 0 0 4554 0 1999844 0 617500 TANJA OLANO CHIEF LEGAL OFFICER 0 478493 0 537201 0 2211 0 0 0 2313 0 1020218 0 143451 CHRISTOPHER PEPE CHIEF COMMERCIAL OFFICER 567023 0 257982 0 102205 0 0 0 1148 0 928358 0 157982 0 DANIEL KOBLIN CHIEF OPERATING OFFICER 476300 0 182705 0 53375 0 0 0 6168 0 718548 0 132705 0 DAVID MINGEY SVP, PARTNERSHIP MGMT & ACTIVATION 452006 0 157564 0 28914 0 0 0 12131 0 650615 0 132564 0 KAREN STURGES CHIEF FINANCIAL OFFICER 0 471420 0 155709 0 2191 0 0 0 6168 0 635488 0 138000 PETER ZEYTOONJIAN SVP, COMMERCE & EVENTS 346789 0 117804 0 53133 0 0 0 1980 0 519706 0 67804 0 RYAN EDDY VP, PARTNERSHIPS 253746 0 62238 0 18074 0 0 0 5045 0 339103 0 47133 0 HAYLE CHUN SR DIRECTOR, BUSINESS OPERATIONS 230156 0 33750 0 3862 0 0 0 12060 0 279828 0 33750 0 PABLO GARCIA SR DIRECTOR, BUSINESS OPERATIONS 214620 0 25287 0 2309 0 0 0 1126 0 243342 0 25287 0 PART I, LINE 3 LOS ANGELES ORGANIZING COMMITTEE FOR THE OLYMPIC AND PARALYMPIC GAMES 2028, A RELATED ORGANIZATION OF UNITED STATES OLYMPIC AND PARALYMPIC PROPERTIES, LLC, USES THE FOLLOWING METHODS TO ESTABLISH THE COMPENSATION OF THE ORGANIZATION'S CEO: - INDEPENDENT COMPENSATION CONSULTANT - COMPENSATION COMMITTEE - APPROVAL BY THE BOARD OF COMPENSATION COMMITTEE 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, 2023, SEVEN (7) EMPLOYEES WERE ELIGIBLE FOR THE LONG-TERM INCENTIVE BONUS PLAN. FORM 990, PART VI, SECTION A, LINE 1A THE ORGANIZATION'S GOVERNING DOCUMENTS RESERVE THE RIGHT OF THE UNITED STATES OLYMPIC & PARALYMPIC COMMITTEE (USOPC) TO DESIGNATE AND ELECT TWO (2) MEMBERS OF THE BOARD. THE ORGANIZATION'S GOVERNING DOCUMENTS RESERVE THE RIGHT OF THE LOS ANGELES ORGANIZING COMMITTEE FOR THE OLYMPIC AND PARALYMPIC GAMES 2028 (LA28) TO DESIGNATE AND ELECT FOUR (4) MEMBERS OF THE BOARD. LA28 HAS ONLY APPOINTED ONE BOARD MEMBER TO THE USOPP BOARD. THE BOARD MEMBER APPOINTED AND ELECTED BY LA28 EXERCISES ALL FOUR VOTES ON BEHALF OF LA28. FORM 990, PART VI, SECTION A, LINE 7A USOPC SHALL HAVE THE RIGHT TO DESIGNATE AND ELECT TWO (2) DIRECTORS, WHICH SHALL INCLUDE THE USOPC CEO. LA28 SHALL HAVE THE RIGHT TO DESIGNATE AND ELECT THE REMAINING FOUR (4) DIRECTORS, WHICH SHALL INCLUDE THE LA28 CHAIR. FORM 990, PART VI, SECTION A, LINE 7B THE BYLAWS OF THE ORGANIZATION PROVIDE CERTAIN CONSENT RIGHTS TO USOPC. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY BOARD COMMITTEES. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION RETAINS A CERTIFIED PUBLIC ACCOUNTING FIRM TO PREPARE FORM 990. THE RETURN PREPARER PROVIDES A COPY OF FORM 990 TO THE ORGANIZATION'S CHIEF FINANCIAL OFFICER, CHIEF LEGAL OFFICER, AND VP CONTROLLER FOR REVIEW BEFORE IT IS FILED. ANY ISSUES ARISING FROM THESE REVIEWS ARE DISCUSSED AND RESOLVED WITH THE RETURN PREPARER BEFORE FILING. A COPY OF THE REVISED FORM 990 IS MADE AVAILABLE TO THE ORGANIZATION'S BOARD OF DIRECTORS FOR ITS REVIEW. FOLLOWING SUCH REVIEW, UPON UNANIMOUS APPROVAL FROM THE USOPP BOARD OF DIRECTORS, FORM 990 IS FILED. FORM 990, PART VI, SECTION B, LINE 12 THE ORGANIZATION HAS A FORMAL CONFLICT OF INTEREST POLICY. ARTICLE III OF SUCH POLICY DESCRIBES PROCEDURES TO DISCLOSE AND RESOLVE CONFLICTS OF INTEREST. IN 2022, THE CONFLICT OF INTEREST ANNUAL DISCLOSURE PROCESS WAS COMPLETED DURING 2022 WHEN USOPP WAS A JOINT VENTURE, BUT WAS NOT COMPLETED DURING THE SHORT-PERIOD 12/22/2022 - 12/31/2022. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION REVIEW PROCESS WAS COMPLETED BY A RELATED ENTITY, LA28. THE BELOW DESCRIBES THE PROCESS TO REVIEW AND APPROVE THE COMPENSATION OF THE USOPP EXECUTIVES BY LA28: IN MAY 2021 LA28 ENGAGED MERCER US INC. ("MERCER") TO EVALUATE THE REASONABLENESS OF THE PROPOSED COMPENSATION FOR LA28'S AND USOPP'S CEO. IN MERCER'S REPORT REGARDING LA28 CHIEF EXECUTIVE OFFICER REASONABLENESS OPINION FOR PROPOSED COMPENSATION ISSUED IN MAY 2021, MERCER DOCUMENTED ITS MARKET EVALUATION PROCESS AND FINDINGS. IN MERCER'S OPINION, THE BENCHMARKING AND MARKET EVALUATION PROCESS AND RESULTING MARKET COMPARABILITY DATA SATISFY ALL REQUIREMENTS FOR COMPLIANCE WITH INTERNAL REVENUE CODE SECTION 4958 AND THE REGULATIONS THEREUNDER. ON MAY 4, 2021, THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS OF LA28 REVIEWED AND RELIED UPON MERCER'S REPORT AND, HAVING DETERMINED THAT THE PROPOSED COMPENSATION FOR THE CEO WAS APPROPRIATE AND REASONABLE, APPROVED SUCH COMPENSATION. IN ADDITION, LA28'S CHAIRPERSON WORKS FOR THE ORGANIZATION ON A VOLUNTARY BASIS WITHOUT COMPENSATION. IN 2023, THE BOARD OF DIRECTORS OF LA28 ENGAGED MERCER TO EVALUATE THE REASONABLENESS OF THE PROPOSED COMPENSATION PROGRAM FOR LA28'S AND USOPP'S PAID SENIOR EXECUTIVES ("THE EXECUTIVES"). IN MERCER'S REPORT ENTITLED EXECUTIVE COMPENSATION, MERCER DOCUMENTED ITS MARKET EVALUATION METHODOLOGY AND MARKET FINDINGS. IN MERCER'S OPINION, THE BENCHMARKING AND MARKET EVALUATION PROCESS AND RESULTING MARKET COMPARABILITY DATA SATISFY ALL REQUIREMENTS FOR COMPLIANCE WITH INTERNAL REVENUE CODE SECTION 4958 AND THE REGULATIONS THEREUNDER. IN CONJUNCTION WITH THE MERCER REPORT DISCUSSED ABOVE, MERCER ALSO CONDUCTED A SERIES OF MARKET PRICING AND BENCHMARK EXERCISES TO EVALUATE AND DETERMINE THE REASONABLENESS OF THE PROPOSED COMPENSATION PROGRAMS FOR NON-EXECUTIVE LA28 AND USOPP PAID STAFF. THE BENCHMARKING AND MARKET EVALUATION PROCESS AND RESULTING MARKET COMPARABILITY DATA SATISFY ALL REQUIREMENTS FOR COMPLIANCE WITH INTERNAL REVENUE CODE SECTION 4958 AND THE REGULATIONS THEREUNDER. IN 2023, THE LA28 BOARD REVIEWED AND RELIED UPON MERCER'S REPORT AND, HAVING DETERMINED THAT THE PROPOSED COMPENSATION FOR THE STAFF WAS APPROPRIATE AND REASONABLE, APPROVED SUCH COMPENSATION. ONGOING METHODOLOGY AND MARKET FINDINGS ARE IN PLACE TO INFORM ALL COMPENSATION DECISIONS FOR LA28 AND USOPP PAID STAFF. MERCER CONTINUES TO BE THE ADVISORY PARTY TO ANY COMPENSATION PROGRAMS FOR LA28 AND USOPP, INCLUDING PROVIDING ADVICE AND ANALYSIS WITH RESPECT TO COMPENSATION FOR NEW EXECUTIVE HIRES. ONGOING SINCE THE 2023 MERCER BENCHMARKING, LA28 AND USOPP EXECUTIVES HAVE PARTICIPATED IN THE ANNUAL PERFORMANCE REVIEW PROCESS AND HAVE RECEIVED ANNUAL SALARY INCREASE IN LINE WITH LA28 AND USOPP COMPENSATION PRACTICES FOR ALL STAFF. ANY ADJUSTMENTS TO EXECUTIVE SALARY OUTSIDE THE ANNUAL REVIEW PROCESS HAVE BEEN REVIEWED AND APPROVED BY BOARD. FORM 990, PART VI, SECTION C, LINE 19 CERTAIN GOVERNING DOCUMENTS ARE HELD AT THE ORGANIZATION'S PRINCIPAL OFFICE. SUCH DOCUMENTS ARE OPEN TO INSPECTION BY PERSONS, AS REQUIRED BY LAW, AT ALL REASONABLE TIMES DURING OFFICE HOURS. DOCUMENTS NOT AVAILABLE AT THE ORGANIZATION'S PRINCIPAL OFFICE ARE AVAILABLE UPON REQUEST. LOS ANGELES ORGANIZING COMMITTEE FOR THE OLYMPIC AND PARALYMPIC GAMES 2028 10900 WILSHIRE BOULEVARD LOS ANGELES CA 90024 472018941 OLYMPIC AND PARALYMPIC GAMES HOST CA 501(C)(3) LINE 7 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0