IOC finances improve despite global economic woes; reserve funds increase to $466 million

IOC reserve funds grow to $466 million

VANCOUVER, British Columbia — The International Olympic Committee’s finances are on the upswing despite global economic troubles.

IOC president Jacques Rogge says the committee’s financial reserves stood at $466 million at the end of 2009, up from $422 million the previous year. The fund has grown from $105 million in 2001. Rogge says the goal is to reach $500 million.

The funds allow the IOC to continue operating for four years in the event of an Olympics being canceled.

Rogge says the IOC’s operating budget recorded a surplus of $27 million in 2009. A surplus of $12.5 million is forecast for 2010.

Rogge spoke Wednesday at the start of the three-day IOC assembly ahead of the Vancouver Games.