2010 Games Operating Trust Releases Audited Financial Statements



    VANCOUVER, June 10 /CNW/ - The 2010 Games Operating Trust today publicly
released audited financial statements, as well as details of the disbursements
from the Legacy Endowment Fund established to provide funding for operating
expenses and related capital maintenance costs of three legacy facilities for
the 2010 Olympic and Paralympic Winter Games.
    The total assets of the Trust at December 31, 2007 were $128.9 million.
An amount of $4.4 million was disbursed from the Legacy Endowment Fund in
2007. A summary of the disbursements from the Legacy Endowment Fund is
provided below and a copy of the audited financial statements are attached.

    Background - 2010 Games Operating Trust

    The 2010 Games Operating Trust was established to provide funds to
contribute to the maintenance and operating expenses of three legacy
facilities developed for the 2010 Olympic and Paralympic Winter Games, the
Richmond Oval (Richmond, BC) and Whistler Olympic Park and The Whistler
Sliding Centre (Resort Municipality of Whistler, BC).
    The Trust was the recipient of $110,000,000 which represented the
obligations of both British Columbia and Canada ($55,000,000 each) under a
multi-party agreement for hosting the Games. The Trust will also receive and
administer the Amateur Sport Legacy Fund, being 60% of the operating surplus,
if any, from the Games.
    The Trustee of the Trust is the 2010 Games Operating Trust Society and is
governed by a Board of Directors consisting of eight members appointed from
each of Canada, British Columbia, the Canadian Olympic Committee, the Canadian
Paralympic Committee, the Vancouver Organizing Committee for the 2010 Olympic
and Paralympic Winter Games (VANOC), the City of Vancouver, the City of
Richmond, and the Resort Municipality of Whistler.

    Legacy Endowment Fund

    During 2007, the Trustee approved distributions from the Legacy Endowment
Fund to the venue owner/operators as follows:

    
                                              Paid   To be paid
                                            Dec 07       Jun 08        Total
                                        (thousands)  (thousands)  (thousands)
                                        -----------  -----------  -----------
    City of Richmond (Richmond Oval)    $    2,192   $    1,950   $    4,142
    VANOC (The Whistler Sliding Centre
     and Whistler Olympic Park)              2,192        1,950        4,142
                                        -------------------------------------
                                        $    4,384   $    3,900   $    8,284
                                        -------------------------------------
                                        -------------------------------------


    Also during 2007, the Board of Directors of the Trustee approved the
division of the Legacy Endowment Fund into three funds effective December 31,
2007 as follows:

    Speed Skating Oval Fund                               40 %
    Whistler Sliding Centre and Nordic Centre Fund        40 %
    Contingency Fund                                      20 %

    Based on the fund balances at December 31, 2007 the allocation is as
    follows:

                                                     (thousands)
                                                     -----------
    Speed Skating Oval Fund                            $ 49,941
    Whistler Sliding Centre and Nordic Centre Fund       49,941
    Contingency Fund                                     24,971
                                                     -----------
                                                       $124,853
                                                     -----------
                                                     -----------
    

    The total assets of the Trust at December 31, 2007 were $128.9 million
which is after the payment of the December distributions but before the June
2008 distributions referred to above.
    To view the Financial Statements click here:
http://files.newswire.ca/726/GOT_2008_AFS_Signed_ENG.pdf





For further information:

For further information: James Bruce, Chair, 2010 Games Operating Trust
Society, (604) 718-6800

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2010 GAMES OPERATING TRUST

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