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ORDA Numbers Ignored by Media

April 23rd, 2007 · No Comments · News

A couple of recent articles have heralded visitor numbers to our local Olympic venues. One even headlines ORDA’s profitability. Luckily, the real numbers are available.

Last I checked, revenue is not the same as profit. I was going to point that out when I tagged the first article, but I decided to let it pass. But if the media is going to start reporting “profit”… well, I just paid my taxes and I’m not feeling especially profitable. Specifically, the recently released “2005 – 2006 Audited Financial Report” seems pretty simple to understand.

Operating Loss – $ (15,853,681)

Add increased appropriations (subsidies) compared to last year and a decrease in net assets. I’m no accountant, so if someone else reads this differently, please chime in. I’d be willing to bet my life that if an actual profit was made, without state aid, we would be swimming in press releases and articles for the next 3 months.

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