United States Olympic Foundation
The United States Olympic Foundation, headquartered in Colorado Springs, Colo., is an independent nonprofit corporation created as an endowment for sports in the Olympic Movement in the United States.
The Foundation was established in 1984 by the U.S. Olympic Committee, through the tireless efforts of F. Don Miller and William E. Simon, the USOC’s executive director and president, respectively, to administer and invest the surplus funds generated from the Games of the XXIII Olympiad in Los Angeles.
Income generated from the initial permanent endowment of $111.4 million was used to grow the corpus of the fund and make grants to the USOC and its member organizations. Under the leadership of the foundation’s initial chairman, Simon, and his immediate successor, George M. Steinbrenner III, the USOF has succeeded in achieving this goal. In the past 26 years, the foundation’s net assets have grown to approximately $244 million, while awarding grants to the USOC and its member organizations totaling $262 million*.
Foundation Trustees, through their leadership and guidance, help build a strong and secure financial base to ensure the USOC can meet its most pressing needs, particularly the wellbeing of its athletes.
*Assets and distributions as of Sept. 30, 2012