(USAW) has delivered a profit of $925,000 for 2020 in spite of the disruption caused by COVID-19 and the postponement of the Tokyo 2020 Olympic and Paralympic Games.
The organization was boosted by the continued support of its existing sponsors and were able to sign additional deals with non-endemic sponsors that has led to increased income, as well as significant new online events and products that helped the organization survive.
Membership numbers did fall during the year as a result of the pandemic, but more than 80% continued to support the organization as they introduced virtual events, camps, selection events, a new speaker series, and coaching courses to deliver additional revenue into the business.
The positive figures come at a time when many national governing bodies (NGBs) face uncertainty after suffering heavy financial losses, but CEO Phil Andrews is under no illusions of the challenges that lie ahead.
“The past 12 months have been incredibly difficult for businesses of all sizes and in every sector, and 2021 will again require a great deal of flexibility and adaptation if organizations are to survive,” Andrews said.
“No one could have foreseen the challenges we would have to face, but I’m in awe of how the weightlifting community has rallied around to ensure the long-term outlook of our sport remains healthy.
“The most important thing for me was ensuring there would be no job losses among staff and that athlete funding was not reduced, something that I’m delighted to say we have achieved.”
Less than 2% of USAW’s income stems from government or National Olympic Committee funding, so without fundraising, membership and sponsorship, the organization would cease to exist.
These fundraising efforts were highlighted in August when USAW raised $71,292 to support regional clubs and assist with national competitions in the lead up to the Tokyo Games, with over 670 individuals donating to the cause, while the organization instituted over a dozen programs to support members and athletes during the pandemic with training, mental health, education and online engagement and challenges.
“We can take great pride in what we have achieved in 2020 but are acutely aware of the tough task that awaits us this year,” Andrews added.
“We remain hopeful that we’ll soon return to in-person competition and that our elite athletes will be able to compete at the Tokyo Olympics, where we hope for our best success in 60 years.”
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