USATF’s 2024 Tax Return Showcases Revenue Jump, Dip In Net Assets

The numbers for USA Track and Field’s most recent financial report are in, and the non-profit had a big year in 2024.

With a total revenue of $44.6 million, USATF’s earnings jumped 22% year-over-year compared to its total of $36.7 million in 2023.

But the 2024 tax return and its tax form 990, which were released this week and prepared by internal auditor RSM, also showed some downsides: total expenses jumped 9% to $45.9 million, while total assets dipped 6%, dropping to $29.7 million.

Net assets–meaning total assets minus liabilities–dropped even further from a deficit of $4.9 million to a deficit of $6.1 million.

So, What’s The Verdict On USATF’s Financials In 2024?

Olympic years are generally positive. They present great opportunities to flood the market with top-level competition and create brand awareness for organizations seeking to elevate their product.

With the 2024 Paris Olympics creating brand equity and the once-in-every-four years U.S. Olympic Trials, USATF was able to leverage real momentum and create positive value over that stretch.

The numbers also reflect that, with USA Track and Field merchandise rising to $2.7 million, more than double from the previous year—though it only netted a total $229,668 after counting for expenses.

But preparations for major competition also led to additional cost. Sports performance outlays set the delegation back $2.5 million, along with another $658,000 for elite athlete costs.

Plus, prior budget lines remained on the balance sheet, too. The 2022 World Championships and the 2023 Prefontaine Classic–that year’s Diamond League final–were both important commodities for the governing body during those spans as it looked to present an elite product for its athletes, members and fans.

The expenses, however, showcased the sticky nature of big-budget meets. RSM wrote that “USATF continues to manage the aftereffects of major investments” and “the organization retains a negative net asset balance but maintains operational liquidity and long-term sponsorship stability.”

In 2025, that “aftereffect” likely led to cancellations of USATF’s Grand Prix events in Los Angeles and New York, along with internal moves made by the delegation.

Positive Injections of Cash Over 2024

What can’t be overstated is Nike’s influence on the USATF budget sheet. The Beaverton, Oregon-based company fueled USATF’s sponsorship dollars with $18.1 million (over 90% of USATF’s sponsorship revenue of $19.4 million), a figure that represents over 40% of the total dollars coming in over 2024.

Elsewhere, USATF earned $6.4 million from U.S. Olympic & Paralympic grants, $6.1 million from events and athlete programs, $5.4 million from membership programs and over $1.13 million in media revenue.

The Biggest Outlays For USATF In 2024

USATF noted that elite athlete competitions were big expenditures. With more than 100 national championships in a range of disciplines, including major international competitions, the organization took the bill for those events, spending just over $15 million over 2024.

Sports performance was the other big expenditure, with $10.4 million being set aside, while $2.4 went to grass roots programs and $3.5 went to member programs.

What’s Everyone Making at USATF?

Salaries are always relevant discussion, especially for a governing body which oversees over 100,000 members.

And that point was especially salient in 2024, considering USATF restructured in February 2025, just two months the end of the budget cycle, letting go a number of executive-level staffers, including its Chief Communications Officer and its Chief of Athlete Services and International Teams, according to a report by LetsRun.

In his 12th year at the helm of USATF, CEO Max Siegel pulled down $1.13 million in compensation. That amount included a base compensation of $734,565 and a bonus of $350,000.

But it also paled in comparison to his income of $3.8 million in 2021, a number that reflected 11-percent of USATF’s revenue at the time. In 2023, Siegel signed a five-year contract extension that would position him through the Los Angeles Olympics.

COO Renee Washington, meanwhile, followed with $625,266 in earnings, while CFO Sara Reese made $291,635.

What’s Next For USATF?

With a series of shrewd moves in 2025, USATF’s tax returns shows that it’s in a good position to continue building toward the Los Angeles Olympics.

In July 2024, USATF and the U.S. Olympic & Paralympic Committee signed an agreement where the organizations would unite under one umbrella. That agreement also promised $14.5 million in additional revenue from the USOPC to support its programs and competitions through 2028.