The Vancouver Organizing Committee (VANOC) responsible for the 2010 Winter Olympic Games has officially disbanded with no outstanding debt, according to the final report released by the organization.
VANOC’s four remaining board members — which included chairman Ken Dobell and Vancouver city manager Penny Ballem — voted to dissolve the organization June 27 after a financial report confirmed it had no outstanding assets or liabilities.
VANOC’s revenues and expenses during its dissolution period between August 2010 and June 2014 each totalled about $10.5 million, according to the financial report released to the public July 3.
The nearly four-year dissolution period saw VANOC tasked with remediating sites used for the 2010 games.
In all, the Olympics cost about $1.9 billion while the revenue generated by the games was equal to that amount.
Ottawa and Victoria put forward $74 million and $113 million in tax dollars, respectively. The report also noted most of VANOC’s physical assets were sold to the B.C. government.
The International Olympic Committee (IOC) contributed the most to the games, cutting a cheque for $480 million. IOC sponsorships accounted for another $174 million.
Tickets covered $269 million, while licensing and merchandising accounted for another $54 million.
Services, sport and game operations cost just over $1 billion.
The report stated VANOC was able to collected 99.98% of the nearly $200 million owed to it by the close of the games.
Ernst and Young audited VANOC’s financials.
