Vancouver 2010 Board of Directors anticipates Games operation wrap-up by end
of 2010; balanced budget continues to be forecast

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VANCOUVER, Nov. 17 /CNW/ - The board of directors for the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) were provided with an update today on the remaining operational and financial matters of the organization, including the projected balanced budget. This was the second-to-last board meeting before the organization is substantially wound up.

The Board also held its seventh annual general meeting today, highlighted by the confirmation of re-appointment of the existing Board and re-election of Rusty Goepel as Chair.

"We are pleased with the great job the remaining team at VANOC has done and continues to do as the organization reaches its final days," said Rusty Goepel, Chairman of the Board. "Most of the sites have been closed out, most of the contracts are now finalized and we anticipate all operations will be complete by the end of 2010. Most importantly, we remain on track to finish with a balanced budget." VANOC will release its final financial report before the end of December.

The final audited financial report is nearing completion. A number of other reports are complete or are nearing completion as part of VANOC's transfer of knowledge legacy, including the 2010 Sustainability Report which will also be released next month concurrent with the final financial report. The Official report is in final review and will be presented to the International Olympic Committee (IOC) in the New Year. In June, VANOC released a final report on the lasting legacies of the Games on North America. This fourth report was part of a series and focused specifically on the 2010 Winter Games. It is available at: (www.2010legaciesnow.com). And finally, the Olympic Games Global Impact report is in progress based on UBC research and due to be completed in 2013.

Memorabilia from the 2010 Winter Games and historical archives have now largely been transferred to the City of Vancouver and the Canadian Olympic Committee.

The main headquarters of the organizing committee located in east Vancouver were vacated November 1 and returned to the City of Vancouver. The five remaining staff members are now operating out of a small sublet office in downtown Vancouver.

"Our promise to Canadians and clearly one of our most important goals was to finish with no less than a balanced budget - and thanks to the tireless efforts of our remaining dedicated team, we're on track to deliver," said John Furlong, VANOC CEO. "It's important to finish as strong as we started and we look forward to providing our final details before the calendar switches over from 2010."

The final Board meeting is anticipated to be held by conference call December 17, 2010 Of note, VANOC's website www.vancouver2010.com will also remain operational only until the end of 2010.

The Board received updates on matters that have now been resolved since the last meeting or are in the process of being resolved. Highlights included:

Venues and site closeout

VANOC has essentially completed its closeout of over 100 venues and sites as well as completed its obligations with all venue owners. The team is focusing on a few remaining tasks that will be completed in 2010.

Funding for Sport:

Commemorative Book: John Wiley & Sons Canada Ltd., in partnership with the Vancouver Organizing Committee of the 2010 Olympic and Paralympic Games (VANOC), has made a $23,515 donation to the Canadian Olympic Foundation for the London 2012 team through a portion of sales of With Glowing Hearts: The Official Commemorative Book of the XXI Olympic Winter Games and the X Paralympic Winter Games.

50/50 Draws: Funds raised during 50/50 draws at hockey and curling events during the Games have been settled and an announcement regarding which sport organizations will receive the funds will be made in December.

Transportation

VANOC has closed all of its contracts related to the highly successful transportation program, including its fleet and bus contracts.

Finance and Legal

Audit: An external audit by Ernst and Young is largely complete. It will be presented to the Audit Committee and Board of Directors in December.

Legal: A small team will continue on a part time basis to deal with any remaining issues through 2011 including Claims management, audit completion and ongoing administrative matters.

Miscellaneous files

• Responsibility for managing Olympic sponsors in Canada has been transferred back to the COC after being in VANOC's hands since 2004.
• Licensees have reported on their sales through the Games and summer period and remitted royalties to VANOC
• VANOC staff participated in a number of sessions with our colleagues from Russia in an effort to share knowledge. These included:
• The general debrief of the 2010 Winter Games
• A technology debrief
• A finance debrief
• Several OGKM sessions on a variety of topics

About VANOC:

VANOC was responsible for the planning, organizing, financing and staging of the XXI Olympic Winter Games and the Paralympic Winter Games in 2010. The 2010 Olympic Winter Games were staged in Vancouver and Whistler from Febraury 12 to 28, 2010. Vancouver and Whistler hosted the Paralympic Winter Games from March 12 to 21, 2010. Visit www.vancouver2010.com.

For further information:

Media contact:

Chris Brumwell
[email protected]