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Vancouver 2010 Games Officially Wrap Up Debt Free

PHOTO: Vancouver Winter Olympics Rings 2010

Vancouver 2010 Games Officially Wrap Up Debt Free

Almost eleven years to the day after winning the rights on July 3, 2003 to host the 2010 Olympic Games, today the project officially ends with the release of Games’ final financial and operations reports showing no debts or liabilities and a lasting legacy of knowledge, capacity and facilities and pride for British Columbians and all Canadians.

Auditors Ernst and Young today completed an independent audit of VANOC’s final financial statements approved on June 27th by the Board of the Vancouver 2010 Olympic and Paralympic Winter Games Organizing Committee (VANOC) appointed to oversee the Games’ wrap up.

As reported publicly in December 2010, VANOC’s financial statements to July 31, 2010 reflected the financial results of the Games with total revenues and expenses reported at $1,884 million. VANOC’s final audited financial results released today with dissolution 100% complete report total revenues and expenses equally at $1,894 million and no remaining assets or liabilities. Notably, as committed to by VANOC in December 2010, all VANOC accounts were finally settled without further contributions from the federal or provincial governments throughout the dissolution process.

Final reports for both finance and operations and the 2010 VANOC Financial Report and news release issued on December 17, 2010 are posted on the Canadian Olympic Committee website at http://olympic.ca/press/final-vanoc-reports/.

The dissolution process that started in 2010 has involved closing out of over 2,700 expenditure contracts and over 250 revenue contracts for goods and services needed to stage the 2010 Games.

While most were straight-forward, the large and more complex contracts required meticulous scrutiny and review; in some cases, final collection of funds was needed to be completed before final settlement. The contracts have been closed, all suppliers have been paid for the goods and services provided and all receivables have been settled.

All required audits have been completed and all final reports completed and filed. The dissolution team oversaw the remediation and hand back of all venues and facilities utilized by the Games, over 100 separate facilities throughout Whistler and the lower Mainland.

 

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