The Executive Board of the United State Olympic Committee (USOC) approved today a budget for the 1981-84 quadrennium that projects revenues and expenditures of $71.2 million, an increase of $20 million over the four-year period just ending.

The bulk of the increased revenues is expected to come from corporate sponsorships, most of them undertaken in partnerships with the Los Angeles Olympic Organizing Committee (LAOOC). The LAOOC is a private, nonprofit organization, closely tied to the USOC, that is promoting the 19840 Summer Olympics.

The biggest increases in expenditures are targeted for development and preparation of American teams for the 1984 Winter and Summer Olympics. The budget reflects a commitment to the "five-point plan" for improving the performance of U.S. athletes outlined Saturday by new USOC President William E. Simon. The plan includes substantially more funds for sports medicine and the coaching and training of potential Olympians.

The new budget includes $4 million in federal matching funds approved last year to help the USOC make up a revenue shortfall caused by the U.S. boycott of the 1980 Moscow Olympics. Under the terms of an emergency fund-raising project called Operation Gold, the federal government agreed to match with 50 cents on the dollar corporate contributions raised by the USCO to offset the shortfall attributed to the boycott decision.

The USOC's budget for the 1977-80 quadrennium originally was set at $26 million, but was revised several times and nearly doubled. Although the books have not yet been closed, actual expenditures for the period are estimated at $51.2 million.

Revenues sufficient to meet operating expenses were projected until President Carter's call for a Moscow boycott to protest the Soviet invasion of Afghanistan. With the subsequent decline in contributions, the USOX faced a deficit of $8.6 million, but this has been wiped out in the past 10 months by Operation Gold. This program has generated an estimated $20 million in corporate contributions and $10 million in federal matching funds to be collected by the end of the year.

The USOC's budget was $6.2 million in 1965-68, $8.4 million in 1969-72 and $13 million in 1973-76.

The budget approved today targets $6.7 million (11.2 percent) for fund-raising costs over the next four years, $11.2 million (18.6 percent) for administration of the USOC, and $42.1 million (70.2 percent) for programs and services.

In the last quadrennium $10.1 million (20 percent) was spent on fund-raising, $8.3 million (16.5 percent) on administration, and $31.9 million (63.5 percent) on programs and services, including $5.6 million on pre- and post-Olympic competition and the National Recognition Day in Washington for U.S. Olympians denied a chance to compete in Moscow.

The programs and services budget for 1981-84 targets $15 million for development grants to the national governing bodies of the various amateur sports recognized by the USOC, $6.3 million for operation of the Olympic Training Center in Colorado Springs, $6 million to prepare U.S. teams for the 1984 Winter and Summer Games and $5.1 million for the National Sports Festival, to be held in Syracuse this summer, Indianapolis in 1982, and probably in Los Angeles in 1983 as a dress rehearsal for the Olympics.

Also targeted is $2.1 million for sports medicine programs (compared to $400,000 in the last quadrennium), $4.6 million for the Winter Games in Sarajevo, Yugoslavia, and Summer Games in Los Angeles, and $1.5 million for public information.

A contingency fund of $3 million has been earmarked for funding new programs as they are developed, with emphasis on application of sports medicine research to athletes in training and emerging prorgams for the handicapped in sports.

Simon and Col. F. Don Miller, who was related to a third four-year term as executive director of the USOC today, emphasized that the budget will be reviewed constantly over the next four years, and adjusted according to fluctuations in revenues, inflation, and events that might require changes in programs.

"It is important to remember that this is a proposed budget. We know from experience that we will have to shift some priorities as we go along," said Simon, the former U.S. Treasury Secretary and "energy czar," who thinks revenues could run as much as 25 percent above projections.

In his inaugural address to the USOC's policy-making House of Delegates on Sunday, Simon painted an optimistic financial picture for the organization. He called for a concentrated effort to field the best possible U.S. Olympic teams in 1984, including expanded financial support for several programs.

He urged early identification of talented athletes as potential Olympians, and early appointment of national coaches to work with them; selection of quality athletes for the national sports festivals; early selection of training squads and sophisticated preparation of American teams in the Olympic team sports; and expansion of the sports medicine programs, with emphasis on the application of research and testing to the individual athlete in order to upgrade his technique and performance.

Miller stressed that these goals are incorporated in the proposed budget, which is expected to be financed by a major increase in corporate sponsorship and a revamped program of soliciting private contributions through public service announcements, mail appeals, regionalized state fund-raising, and celebrity concerts.

"The next four years are unique as far as the Olympic movement in the United States is concerned," said Miller, citing the USOC's partnership with the LAOOC in obtaining corporate contributions and sponsorships. "Whatever agreements they have, we have. Their emphasis is principally on the corporate area, and we are going side by side in that. . . The USOC will not initiate a merchandising and licensing program in the next four years, and the LAOOC has agreed not to solicit public contributions through direct mail or other means. That field is completely open to us to develop."

The Lake Placid Olympic Organizing Committee, which promoted the debt-ridden 1980 Winter Olympics, had nearly 400 corporate agreements, many of them small and competitive with USOC licensing agreements. The LAOOC has instead gone after a limited number of major corporate sponsors, whose commitments range from $500,000 (Arrowhead Drinking Water) to $9 million (ARCO petroleum).