2023-11-14T21:56:07-06:00 2022-12-31 861065772 DELOITTE TAX LLP 695 TOWN CENTER DR STE 1000 COSTA MESA CA 92626 990 2022-12-22 320570956 UNITED STATES OLYMPIC AND PARALYMPIC PROPERTIES LLC UNIT 4243204500 10900 WILSHIRE BOULEVARD 700 LOS ANGELES CA 90024 KAREN STURGES CFO 4243204500 2023-11-13 1 KAREN STURGES 999009999 1 JOHN W SADOFF JR P00540589 7144367100 2023-11-10 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z X KAREN STURGES 10900 WILSHIRE BOULEVARD 700 LOS ANGELES CA 90024 1492701 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 XXIV OLYMPIAD AND THE XVIII PARALYMPIC GAMES IN LOS ANGELES. 3 3 44 0 0 0 0 1492056 645 0 1492701 0 0 157532 0 2250868 2143160 2300692 -807991 48056767 127444279 -79387512 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 XXIV OLYMPIAD AND THE XVIII PARALYMPIC GAMES IN LOS ANGELES. 0 0 23172 1492056 RAISING FUNDS TO BE USED TO PLAN, ORGANIZE, FINANCE, PROMOTE, SPONSOR, HOST AND STAGE THE 2028 GAMES. 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. 23172 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 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 44 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 X CASEY WASSERMAN CHAIRPERSON 0.10 0.00 X X 0 0 0 SARAH HIRSHLAND DIRECTOR 0.10 0.00 X 0 0 0 SUSANNE LYONS DIRECTOR 0.10 0.00 X 0 0 0 CHRISTOPHER PEPE VICE PRESIDENT, CHIEF COMMERCIAL OFFICER 39.90 0.10 X 684482 0 158786 DANNY KOBLIN VICE PRESIDENT, CHIEF OPERATING OFFICER 39.90 0.10 X 587212 0 137693 KAREN STURGES TREASURER 20.00 20.00 X 0 202366 141393 KATHRYN CARTER CHIEF EXECUTIVE OFFICER 20.00 20.00 X 0 1517420 620316 TANJA OLANO SECRETARY 20.00 20.00 X 0 548724 145246 DAVID MINGEY SR VP, PARTNERSHIP MANAGEMENT & ACTIVATION 40.00 0.00 X 569794 0 146256 PETER ZEYTOONJIAN SR VP, COMMERCE AND EVENTS 40.00 0.00 X 405385 0 70318 ZAILEEN JANMOHAMED SR VP, PARTNERSHIP DEVELOPMENT & INNOVATION 40.00 0.00 X 386610 0 66266 RYAN EDDY VP, PARTNERSHIP 40.00 0.00 X 296597 0 48591 EDDIE SCANNELL VP, CONSUMER PRODUCTS MARKETING AND BUSINESS DEVEL 40.00 0.00 X 289155 0 48560 3219235 2268510 1583425 25 0 1 0 0 SPONSORSHIP REVENUE 711300 1082671 1082671 LICENSING REVENUE 711300 380895 380895 HOSPITALITY REVENUE 711300 28490 28490 1492056 645 645 1492701 1492056 0 645 49824 23172 26652 88456 88456 8799 8799 10453 10453 224 224 18059 18059 275910 275910 5049 5049 137063 137063 6521 6521 16858 16858 94 94 RIGHTS PAYMENTS 1683382 1683382 2300692 23172 26652 2250868 0 9415653 0 33698154 0 122656 0 4820304 0 48056767 0 8584981 0 118288079 0 571219 0 127444279 X 0 -79387512 0 -79387512 0 48056767 X -807991 -78579521 X 0 1 X 0 0 X 0 0 645 645 645 1492056 X 0 PAYROLL LIABILITIES 433274 RETIREMENT PLANS LIABILITIES 137945 571219 X 54483587 52990886 52990886 1492701 0 1492701 83975245 81674553 81674553 2300692 0 2300692 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, 2022 AND 2021, THE ORGANIZATION HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR RECOGNITION OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. AS OF DECEMBER 31, 2022, TAX YEARS AFTER 2018 ARE OPEN FOR AUDIT. PART XI, LINE 2D - OTHER ADJUSTMENTS: 01/01/2022 - 12/21/2022 USOPP JV INCOME REPORTED SEPARATELY ON LA28 FORM 990 52,990,886. PART XII, LINE 2D - OTHER ADJUSTMENTS: 01/01/2022-12/21/2022 USOPP JV EXPENSE REPORTED SEPARATELY ON LA28 FORM 990 81,674,553. X X X 0 0 0 1 1 0 0 0 0 KATHRYN CARTER CHIEF EXECUTIVE OFFICER 0 975000 0 540000 0 2420 0 617500 0 2816 0 2137736 0 540000 CHRISTOPHER PEPE VICE PRESIDENT, CHIEF COMMERCIAL OFF 552543 0 129519 0 2420 0 157982 0 804 0 843268 0 129519 0 DANNY KOBLIN VICE PRESIDENT, CHIEF OPERATING OFFI 464137 0 120884 0 2191 0 132705 0 4988 0 724905 0 120884 0 DAVID MINGEY SR VP, PARTNERSHIP MANAGEMENT & ACTI 440127 0 127262 0 2405 0 132564 0 13692 0 716050 0 0 0 TANJA OLANO SECRETARY 0 433475 0 113400 0 1849 0 143451 0 1795 0 693970 0 113400 PETER ZEYTOONJIAN SR VP, COMMERCE AND EVENTS 337674 0 65092 0 2619 0 67804 0 2514 0 475703 0 0 0 ZAILEEN JANMOHAMED SR VP, PARTNERSHIP DEVELOPMENT & INN 327994 0 56700 0 1916 0 65835 0 431 0 452876 0 0 0 RYAN EDDY VP, PARTNERSHIP 247806 0 44100 0 4691 0 47133 0 1458 0 345188 0 0 0 KAREN STURGES TREASURER 0 201250 0 0 0 1116 0 138000 0 3393 0 343759 0 0 EDDIE SCANNELL VP, CONSUMER PRODUCTS MARKETING AND 242116 0 42226 0 4813 0 48560 0 0 0 337715 0 0 0 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, 2022, 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 2022, 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 2022 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. FORM 990, PART VII, SECTION A; FORM 990, PART IX; & SCHEDULE J, PART II THIS FORM 990 IS FOR THE SHORT-PERIOD 12/22/2022 - 12/31/2022. HOWEVER, THE COMPENSATION REPORTED FOR OFFICERS AND HIGHEST COMPENSATED EMPLOYEES IN FORM 990, PART VII, SECTION A & SCHEDULE J, PART II IS FOR THE CALENDAR YEAR 2022. CALENDAR YEAR 2022 ALSO INCLUDES THE TIME PERIOD USOPP WAS A PASSTHROUGH PARTNERSHIP JOINT-VENTURE. THE SALARIES EXPENSE IN THE STATEMENT OF FUNCTIONAL EXPENSES IN FORM 990, PART IX REPORTS THE EXPENSE FOR THE SHORT-PERIOD 12/22/2022 - 12/31/2022. FORM 990, PART XI, LINE 9: LOSS REPORTED ON SEPARATE USOPP JOINT-VENTURE TAX RETURN PRIOR TO CONVERSION OF JOINT-VENTURE TO TAX-EXEMPT ORGANIZATION -78,579,521. 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 0 0 0 0 0