The U.S. Olympic Committee is "hoarding" more than $42 million in government-raised funds instead of spending it to train athletes for the 1988 Olympics in Seoul, Rep. Frank Annunzio (D-Ill.) charged.
Annunzio, author of the law that financed the 1984 Olympic team through sales of gold and silver coins, made the charge in releasing a General Accounting Office audit of the committee.
In rebuttal, Don Miller, president of the U.S. Olympic Foundation, which handles the funds, told the Reuter news agency that funds were being invested and the interest used to assist athletes both for Seoul and the years beyond 1988.
The GAO report shows $72 million was raised by the coin sales through Jan. 1, when the program ended. The money went to the U.S. committee and to the Los Angeles Olympic Organizing Committee.
Of the $49.2 million available to it, the USOC spent $6.4 million on training Olympic athletes and $338,000 for royalties on coin sales overseas, according to the report. The rest of the money has been transferred to the foundation and invested in interest-bearing securities, according to the auditing report.
The committee had to reimburse $200,000 it spent improperly for lobbying Congress and other promotions, the auditors said.