The US gymnastics yesterday published a series of financial documents, including tax returns and financial statements of the last two years. According to the auditor's report of 20 August, the settlement and payments to survivors Larry Nassar would probably cost the organization well near their full value. "The estimated range of potential effects associated with most litigation is from 75 to 150 million dollars," the auditor concluded. USAG is listed on a stock exchange totaling nearly $ 108 million for 2016 and 2017.
USAG expects their insurance to cover some penalties, as the report states that USAG "recorded a claim for an insurance cover of $ 75 million." The damage assessment takes into account only what the USAG can owe to survivors who have filed a civil action and does not affect any penalties in the context of criminal investigations or congressional inquiries.
USAG also issued its IRS invoices from 2017, which shows that former CEO Steve Penny received a cancellation amount of $ 420,000 when he resigned in March 2017. As USAG adopted the new SafeSport policy in June 2017, it spent $ 709,667 for the program. The United States Olympic Committee is currently launching the USAG status as a national governing body. This movement has allegedly encouraged the recent discovery of important documents that were relevant to the ongoing investigation into the Karolyi ranch in Texas and were just sitting around in the USAG offices without anyone knowing.
You can find the full revision below.