The United States Soccer Federation released its audited financial statements for FY13 last week. Business of Soccer provided the following overview of the FY13 financials. For a detailed analysis, continue reading for a review of all publicly available statements dating back to FY05.
- $85.8 million in assets; majority is in the form of long-term investments
- $21.7 million in liabilities; most is recognized as deferred revenue, indicating revenue from services that has not yet been earned or recognized as revenue on the income statement.
- $64.9 million in revenue; $23.5 million from sponsorship, television, licensing, and royalties, and $22.3 from national teams’ game revenues. Revenue represents a 16% increase from FY12.
- $60.4 million in expenses; $45.4 million from the national team
- $4.5 million net profit from operations. Fy12 resulted in a $3.5 million loss.
BDO remains the auditor of the United States Soccer Federation and has been since Fy12. Previously, Blackman Kallick was the auditor engaged by the national governing body. Blackman Kallick was first hired by the USSF during FY07. Ernst and Young was the organization’s auditor during FY06 when the USSF began publicly releasing financial statements.
The United States Soccer Federation is a tax-exempt organization under section 501 (c)(3) for the purpose of fostering national or international amateur sports competition. For additional details regarding tax-exempt organizations under 501 (c)(3), visit the Internal Revenue Service’s website.