Panam Sports is staging its General Assembly in Cali ©Agencia.XpressMedia

Panam Sports has recorded a net surplus of $2.24 million (£1.7 million/€2 million) for 2020, after investment income more than compensated for an operational deficit of $1.4 million (£1.05 million/€1.25 million). 

The result was achieved on income of $19.9 million (£14.9 million/€17.8 million), down sharply from both the original budget and the corresponding figure of $30.4 million (£22.8 million/€27.1 million) reached in 2019, which was a Pan American Games year as well as predating the pandemic.

An accompanying treasurer’s report disclosed that Panam Sports had received a second $4 million (£3 million/€3.6 million) payment from Santiago, the Chilean city earmarked to stage the 19th Pan American Games in 2023.

The regional sports body had also received sponsorship income of $1 million (£750,000/€893,000 million) from MSL as well as $847,000 (£635,000/€756,000) from the Colombian Olympic Committee for the Junior Pan American Games in Cali which open tomorrow (Thursday).

On the expense side, the pandemic reined in the cost of pre-planned meetings and travel, as at other sports bodies.

Santiago, due to host the 2023 Pan American Games, sent Panam Sports a $4 million payment in 2020 ©Getty Images
Santiago, due to host the 2023 Pan American Games, sent Panam Sports a $4 million payment in 2020 ©Getty Images

Lima Games-related expenditure in 2019 had reached $11.8 million (£8.85 million/€10.5 million).

The treasurer’s report also revealed that the organisation had invested $2 million (£1.5 million/€1.8 million) in a new office in Miami, building improvements and new equipment.

Panam Sports had $46.3 million (£34.7 million/€41.3 million) in cash, short-term investments, fixed income and equity investments at the end of 2020.

It earned $1 million (£750,000/€893,000) from interest and $4.2 million (£3.15 million/€3.75 million) from investment gains during the year.