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21.
RELATED PARTY TRANSACTIONS
Transactions and balances with other organizations of the
Olympic Movement are disclosed elsewhere in these
financial statements. The members, the President and the
Executive Board of the IOC are not remunerated by the IOC.
However, the IOC covers all expenses related to the
execution of their functions, in particular travel, hotel and
meal expenses and a daily allowance for out-of-pocket
expenses, as well as a fixed amount for their personal
administrative expenses.
These costs are included in session, commission and
mission expenses in the statement of activities. In addition,
the IOC covers the cost of the President’s residence
expenses (room rent, living expenses, residence taxes,
insurance) which amounted to USD 0.556 million (CHF
0.599 million) in 2008 and USD 0.510 million (CHF 0.614
million) in 2007 as well as the same costs for the Life
22.
STRATEGY MANAGING OWN FUNDS
Funds balances include designated funds which are set
aside for the financing of the Olympic Solidarity Programme.
Undesignated funds are kept for the purpose of financing
the Olympic Foundation portfolio and the IOC group
working capital.
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Honorary President which amounted to USD 0.310 million
(CHF 0.334 million) in 2008 and USD 0.235 million (CHF
0.278 million) in 2007 and which are included in the
statement of activities under transport, travel and
residence expenses.
The executive management of the IOC are considered to be
the President, the Director General, the President’s Chief of
Cabinet and the Executive Director of the Olympic Games.
As mentioned previously, the President is not remunerated.
The salaries and short term benefits of the other three
members of the executive management amounted to
USD 1.627 millions (CHF 1.753 millions) in 2008 and USD
1.376 millions (CHF 1.646 millions) in 2007. Their post
employment benefits amounted to USD 0.258 million (CHF
0.278 million) for 2008 and USD 0.198 million (CHF 0.237
million) in 2007.