VANOC has officially been dissolved, reporting a balanced budget when issuing its final reports on July 3, one week after the last meeting of the remaining executive board.
A press release indicated that the four-person board had approved audited financial statements on June 27, and that there are “no remaining assets or liabilities.” Total revenues and expenditures were reported as an equal $1.9 billion, with no further government contributions during the process of dissolution. The $188 million of federal and provincial funds previously committed was included on the final ledger. The final reports were issued 11 years and one day after the International Olympic Committee first awarded the 2010 Winter Games to Vancouver and Whistler.
“Eleven years ago, British Columbians and Canadians from coast to coast to coast celebrated the news that the 2010 Olympic and Paralympic Games were awarded to Vancouver and Whistler. Today, we sign off on the final chapter of that story with a positive financial outcome and the successful dissolution of our board and the project as a whole,” said board chairman Ken Dobell in a release.
“VANOC achieved their goal of delivering outstanding Games with debt-free, lasting legacies, including state-of-the-art sport facilities, knowledge and capacity for organizing major events and nationwide shared pride and unity.”
To complete the dissolution process, more than 2,700 expenditure contracts and 250 revenue contracts related to hosting the Games were closed out. The final reports state that VANOC collected 99.98 per cent of the nearly $200 million in accounts receivable that were outstanding.
Other activities reported as part of the close-out period included “site remediation and restoration” at the Games venues now operated by Whistler Sport Legacies (WSL), as well as facilitating the transition to long-term operations of those facilities by WSL. The reports also indicated VANOC's support for the 18-month long safety audit of the Whistler Sliding Centre, completed by the Southern Alberta Institute of Technology, ordered by the B.C. Coroners office after the fatal crash of Georgian luger Nodar Kumaritashvili.
Additionally, the final reports state that “all claims that had been lodged against VANOC were withdrawn or concluded to the satisfaction of VANOC and its partners.” VANOC officials were also involved with the resolution of various insurance claims, including with ICBC, and all are now settled, said the reports.
All intellectual property from the 2010 Games has also been assigned to the Canadian Olympic Committee “for safeguarding and use as they see fit.”
The remaining members of the VANOC board for the final meeting on June 27 were Dobell, Resort Municipality of Whistler lawyer Sharon Fugman, Vancouver city manager Penny Ballem and Canadian Olympic Committee representative Christopher Overholt.
All VANOC files have been archived by the City of Vancouver and Canadian Olympic Committee, and will remain out of the public domain until 2025.