Vancouver 2010 Games officially wrap up debt free with lasting legacies for all Canadians

VANCOUVER, July 3, 2014 /CNW/ - 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 27^th 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/.

At its June 27 final meeting, VANOC Board members Chair Ken Dobell (Province of B.C.), Penny Ballem (City of Vancouver), Sharon Fugman (Resort Municipality of Whistler) and Christopher Overholt (Canadian Olympic Committee) reviewed and approved the organization's final financial and operations reports and also voted on resolutions in support of the dissolution of the corporate entity. In the four-plus years since the Games ended, the VANOC Board and a small VANOC team have been finishing up the Organizing Committee's remaining financial and legal affairs. 

"Eleven years ago British Columbians and Canadians from coast to coast to coast celebrated the news that the 2010 Olympic and Paralympic Winter Games were awarded to Vancouver and Whistler. Today we sign off on the final chapter of that story with a positive financial outcome and the successful dissolution of our Board and the project as a whole," said Ken Dobell, Chairman of the Board. 

"VANOC achieved their goal of delivering outstanding Games with debt-free lasting legacies including state of the art sport facilities, knowledge and capacity for organizing major events and nation-wide shared pride and unity," he said.

"As the remaining VANOC Board members, we represent the efforts of tens of thousands of people who were integral to the staging of the 2010 Games and we extend a heartfelt thank you to everyone who helped make the entire project not only possible but an unqualified success. In particular we owe an enormous debt of gratitude to the following:

• Board Chairman Jack Poole and CEO John Furlong for the clear vision and strong leadership that they gave to the project from day one;
  
  
• our founding partners, The City of Vancouver, the Resort Municipality of Whistler, the Province of BC, The Government of Canada, and the Canadian Olympic and Paralympic Committees;
  
  
• the Four Host First Nations - Squamish, Lil'wat, Musqueam and Tsleil Waututh;
  
  
• The International Olympic Committee for their steady guidance and generous financial support and the International Paralympic Committee for their advice and trust in VANOC's ambitious vision
  
  
• our many corporate sponsors for their generous financial support, and
  
  
• the thousands of volunteers and staff who dedicated themselves to the Games, and everyone who helped to make the entire project not only possible but an unqualified success."

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.

Other wrap up highlights include:

• ensuring that the appropriate archiving of the records of the Games was completed and the historical records and memorabilia transferred to the City of Vancouver and the Canadian Olympic Committee for safekeeping as agreed to with the IOC, providing future accessibility to those interested in learning about how the Games were organized;

• closing out all legal matters remaining after the Games;

• assigning the intellectual property of the 2010 Games to the Canadian Olympic Committee for safeguarding and use as they see fit;

• disposition of all VANOC-owned assets;

• remediation and conversion of the VANOC constructed sports facilities in the Whistler area to legacy mode and support for the transition to operations by the Whistler 2010 Sport Legacies Society;

• supporting a safety audit of the Whistler Sliding Centre, which has contributed to the venue being certified for ongoing competition and recreational use and has subsequently successfully hosted World Cups and World Championships;

• remediation and hand back of all venues and facilities utilized by VANOC to host the Games – both competition venues and supporting facilities.

The Vancouver 2010 Olympic and Paralympic Winter Games were staged from February 12-28 (Olympic) and March 12-21 (Paralympic) in Vancouver and Whistler, British Columbia. 

SOURCE: Canadian Olympic Committee

Canadian Olympic Committee Media Office: Jane Almeida, Senior Manager, Media Relations, Tel: [phone] / Cell: 416-540-1788, Email: [email protected]; VANOC Communications: Renee Smith-Valade, 778-847-8384