Financials
Highlights of 2024/25
To illustrate WinSport’s financial situation and the scope and scale of our operations, we present selected highlights from our annual audited financial statements.
WinSport follows the fund method of accounting and divides the full scope of operations into three separate funds, depending on the nature of each transaction.
The Operating Fund includes the assets and liabilities (excluding property, plant, and equipment) related to the operations of the organization.
The Restricted Fund includes the assets and liabilities of government capital and business operations, other restricted funds with specific purposes, and all property, plant and equipment of Canada Olympic Park, the Bill Warren Training Centre in Canmore, and the Beckie Scott High Performance Training Centre on Haig Glacier.
The Endowment Fund includes the assets and liabilities of the Olympic Endowment Fund (“OEF”), the Oval Capital Reserve Fund and the OCO Trust Fund (OCO stands for Olympiques Calgary Olympics, which was the ’88 Olympic Organizing Committee).
WinSport’s total assets are the sum of the Operating Fund assets, the Restricted Fund Assets, and the Endowment Fund assets. For example, in Fiscal Year (FY) 2025, the total assets of those three funds were $17M, $195M, and $114M respectively ($326M total).
Without a significant recapitalization, we expect total assets to decline over time as our physical buildings and equipment are depreciated through use. We have taken steps forward by proceeding with a significant renovation in of the Day Lodge thanks to funding commitments from the Government of Canada and Government of Alberta; however, additional recapitalization is still required to meet the final cost of the renovation.
The strong returns in the Endowment Fund in FY 2025 allowed for cash draws while increasing its balance to $114M.
We continue to diversify WinSport’s revenue-generating business as we strive to increase cash flow and reduce the annual Operating Fund loss. Since 2010, WinSport has more than doubled Operating Fund revenue through successful diversification and optimization of our operations. Over the past several years, we have simplified our operations and reduced the scale and scope of services we offer to our stakeholders and guests.
As shown in Chart 3, (note the negative scale), we have been successful in recent years in reducing WinSport’s annual operating loss by expanding revenue-generating lines of business and running lean operations. Although Chart 3 indicates WinSport managed our negative cash flows effectively during the pandemic, the scale and scope of our operations was materially reduced during the period. During FY 2025, the overall operating loss is our second-best ever after a very exceptional year the year prior.
The WinSport Operating Fund has recorded an annual operating loss every single year since 1989. WinSport was never intended to be a money-making enterprise and WinSport has survived for the past 37 years because the annual operating losses have historically been covered by the Endowment Fund earnings. However, we can not expect the earnings from the Endowment Fund to cover our ongoing operating loss in the future.
The Operating Fund loss presented above has been adjusted (by removing the non-cash depreciation, and grants made to the Olympic Oval) to represent each year’s loss from operations more clearly.
Conclusion
The current strategic plan for 2025-28 focuses on fulfilling our mandate with all available resources while also prudently managing our reserves so we can continue to deliver value to Calgarians, Albertans, and Canadians for the next 30+ years.