Revenue up, expenses down in latest USA Swimming Foundation financial report
The USA Swimming Foundation increased its revenue by more than 30% last year, according to the organization’s annual financial report released Thursday.
The USA Swimming Foundation saw its revenue jump $4.4 million to $5.8 million in 2021, and assets also jumped more than $1 million to $23.6 million. The foundation has donated more than $1 million to the national team, helping to fund an impressive 30-medal performance at the Tokyo Olympics last summer – the most of any country. In 2020, for comparison, the group gave the national team $822,649.
The organization also provided more than $500,000 in teach-to-swim grants for young people in 2021, up from $314,114 the previous year. They have also opened grant applications for adult learn-to-swim programs.
Still, spending by the USA Swimming Foundation was nearly cut in half, from $6 million to $3.6 million. This decline can likely be explained by the $3 million in COVID relief funds the group distributed in 2020.
Below is the full letter from the organization. USA Swimming CEO Tim Hinchey III has overseen the foundation since he was hired in 2017. Last March, he signed a four-year contract extension through at least 2025.
Dear Friends of the USA Swimming Foundation,
If there’s ever been a lesson to be learned over the past few years, it’s gratitude to those who stepped up to help. Thank you to the members of the Supporters Club and the Champions Club for your loyal commitments and thank you to the members of the Board of Directors and long-time investors for believing in us. We appreciate you being there when we needed you most.
The USA Swimming Foundation has expanded its mission to save lives and build champions in 2021, and we thank you for helping us award more than $500,000 in learn to swim scholarships for youth across the country. . Thanks to your support, we have been able to have a positive impact on thousands of children and families by giving them the opportunity to learn a life-saving skill. For the first time, US Masters Swimming and the USA Swimming Foundation have signed an official partnership to serve adult learn-to-swim programs. The first grant application was opened in 2021. We are actively addressing some of the generational disparities in swimming ability among diverse communities and aim to significantly increase our investment over the next 6 years, leading to LA2028.
A special thank you to our partners at Phillips 66 for sponsoring the Make a Splash 2021 virtual tour. This year marked the 48th year of working together to prioritize swimming lessons for children and educate parents about drowning prevention . Drowning claims the lives of around 3,500 people a year, and formal swimming lessons can reduce this risk for children by up to 88%.
And the work didn’t stop there.
Thank you for helping us provide over $1 million in support for our Olympic heroes as they worked and trained for another year to win 30 medals from Tokyo – more than any other nation. These athletes continue to inspire and motivate us all, exemplifying what it means to be a champion in the pool and in life. And to those of you who joined us for the excitement of the U.S. Olympic Team Trials in Omaha, we hope you’ve saved the date to join us in Indianapolis in 2024 as a new crop of Olympic dreams to become true.
In the document below, you will find our 2021 Annual Report, detailing the Foundation’s contributions over the past year. As part of our mission, we have identified four pillars: generating revenue, making a difference in communities, engaging elders, and supporting facilities and pools. With your help, we will continue to save lives and train champions in new and impactful ways.
If you would like to learn more about how your donations impact the lives of current and future swimmers, please contact the USA Swimming Foundation.
Thank you again and see you soon at the pool.
READ THE FULL ANNUAL REPORT HERE.