Almost three years after the 2010 Games, a small team of Olympic organizers is still tying up loose ends with at least $5.8 million at its disposal.
But with no public financial reporting in the last two years, it's not clear where the money is being spent as organizers clean up after the Games.
After learning about recent upgrades to the Whistler venues,
Pique tracked down the source of the funding and learned that the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) still exists with money at its disposal, though it is widely presumed to be disbanded.
It is unable to dissolve officially until all legal matters are settled, among other things.
A select team of senior VANOC leaders continues to deal with outstanding affairs on a contract basis. Their work to date includes making multi-million dollar decisions on upgrades to Olympic venues, with oversight from the 20-member VANOC board of directors.
More than $2 million, for example, has gone into capital improvements in Whistler venues since the Games, namely $1.7 million this year for upgrades to the sliding track and a further $350,000 for kitchen updates at the athletes' centre.
"As it relates specifically to the venues, you'll recall that when we designed and built the venues, we wanted them to be left to the final owners in such a condition that they would offer the best possible legacy," emailed Renee Smith-Valade, VANOC'S former vice president of communications and retained on contract with the organization.
"VANOC provided for remediation and conversion funds in its final accruals and has worked with the Whistler Legacy Society, along with other venues, to ensure that it completed or funded remediation activities through the course of the windup. The Whistler venues were unique in that the venues were the only facilities actually developed and owned by VANOC prior to the Games and as such the remediation process has been more intensive."
But it's not clear how the rest of the money is being spent. Smith-Valade said funding for the wind up activities comes from multiple sources. She did, however, specifically note the $5.865 million contribution from the International Olympic Committee (IOC) as "a deferred IOC contribution, which was to be available for other costs of dissolution."
Despite its status as a not-for-profit organization, VANOC is not required to report publicly and it hasn't for the last two years.
VANOC's last public accounting was the December 17, 2010 Annual Report.
Over the last two years no reports have been released publicly.
When asked why Smith-Valade emailed: "There is financial reporting and there have been audits. However, as an entity that for all intents and purposes is no longer operating, VANOC reports to its Board of Directors and is not required to make that reporting public."
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