VANCOUVER, May 19 /CNW/ - The Board of Directors for the 2010 Olympic and Paralympic Winter Games held its first Board meeting since the end of the 2010 Games and was provided with a general update on the state of activities to wrap up the operations and finances of the organizing committee.
In addition, the Board welcomed new appointees from the Canadian Olympic Committee, President Marcel Aubut and CEO Jean Duprés, who replace Michael Chambers and Chris Rudge whose terms at the COC have ended. The Board confirmed that, consistent with the previous COC directors, Marcel Aubut and Jean Duprés assume Audit Committee membership and Marcel Aubut joins the Governance and Ethics committee.
"After seven years of ever-increasing activity and complexity of operations that culminated in highly successful Games, VANOC management is making excellent progress in winding down the organization in a thorough, responsible and efficient manner," said Rusty Goepel, Chairman of the Board. "We are particularly pleased to receive a realistic and encouraging interim financial update that continues to project a balanced budget, which would achieve one of the most important objectives and rewarding legacies of the 2010 Games."
The Board was presented with dissolution reports in a number of areas including finance, staffing, venue operations, ticketing, communications, final reports and the transfer of knowledge to future Games organizers. Dissolution highlights include:
- Finance: The Finance team presented an update on deferred revenues
and operating expenses and VANOC's interim financial position. At
Games time over 2800 operating contracts were in place and these are
being closed at a rate of approximately 300 per week. Other
dissolution work includes ongoing revenue collection and invoice
payments with a considerable amount of work to be done over the
coming months. As expected, VANOC is also subject to a number of
audits. The Board was advised that while it is premature to project
an exact final financial outcome, VANOC continues to expect that the
project will end with a balanced budget and will issue its final
financial statements in the Fall.
- Ticketing: All ticket account holders have been refunded for tickets
for Games sessions that were cancelled. Over 13,000 account holders
who sold tickets on the VANOC Fan to Fan Marketplace have been sent
cheques in May in payment for tickets sold. The remaining
approximately 220 cheques, which were slightly delayed due to a
credit card fraud incident during the Games, are being sent to
account holders this week.
- Venues: The venue construction program came in on budget at $580
million and the two government funding partners, the Province of BC
and the Government of Canada, are conducting their final
reconciliation and audit. All venues either have been or are in the
final stages of being readied for transfer to their respective venue
- Asset sales: VANOC reached an agreement with the Province of BC's
Asset Recovery division (Ministry of Citizen's Services) to undertake
the sale of its assets. The asset sale commenced in April and the
Province of BC reported on May 7 that sales had exceed $3.2 million
and expanded the sale locations to include the Delta warehouse as
well as the Surrey, Victoria and Prince George government warehouses,
and online through BC Auction. Limited numbers of new items were
regularly added, most recently including memorabilia, Olympic Games
torches and electronics. More details are available at
http://pss.gov.bc.ca/air and www.bcauction.ca.
- Staffing/building use: The vast majority of VANOC's full and part
time staff, contractors and volunteers completed their duties and
contracts in late February or March. The VANOC staff complement is
currently 128 and reduces by approximately half every month for the
next four months. The organization effectively ceases operations by
November 01. VANOC's offices in its headquarters at 3585 Graveley
Street will be consolidated by June 1 to one floor to allow for other
uses of the building.
- Final Reports: VANOC is required to prepare a final report to the IOC
and work on this report has been underway for several months. In
addition, VANOC is preparing a final sustainability report, and a
final report on the legacies of the 2010 Winter Games, to complete a
series of reports on the lasting legacies of Winter Olympic Games in
- Vancouver 2010 Games Debrief, Sochi, Russia, June 6-11: VANOC will
send a senior team to Sochi, Russia, the host city for the 2014
Olympic and Paralympic Winter Games, to present a comprehensive
debrief to the IOC and future Games organizing committees. The IOC
pays all major expenses for the debrief, which is a required element
of wrapping up the Games and, with the final report, constitutes the
transfer of knowledge and lessons learned from one organizing
committee to the next. Further information on the VANOC delegation
and presentations will be issued later in May. Media interested in
attending the Sochi debrief can apply for accreditation at www.sochi
2014.com, which closes May 20.
- With Glowing Hearts/Des plus brillants exploits commemorative book:
VANOC is producing a 2010 Games commemorative book entitled With
Glowing Heart/Des plus brillants exploits that will be available in
bookstores across Canada in June and is currently available for pre-
order online at vancouver2010.com. With Glowing Hearts/Des plus
brillants exploits is part of VANOC's official final report to the
IOC and is the third book in a series of three licensed books
produced by VANOC and publisher Wiley and Sons. The other two books
already published are A Path of Northern Lights: The Story of the
Vancouver 2010 Olympic Torch Relay and O Siyam: Aboriginal Art
Inspired by the 2010 Olympic and Paralympic Winter Games.
The next Board meeting will be held in October, with the exact date not yet confirmed.
VANOC is 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 February 12 to 28, 2010. Vancouver and Whistler are hosted the Paralympic Winter Games from March 12 to 21, 2010. Visit www.vancouver2010.com
SOURCE VANCOUVER ORGANIZING COMMITTEE FOR THE 2010 OLYMPIC AND PARALYMPIC WINTER GAMES
For further information: For further information: Media Contacts: VANOC Communications, (604) 403-1161, (604) 403-1806