A charity of high-profile ‘The Livestrong Foundation’, that has seen harder time after the downfall of its founder Lance Armstrong, again saw a drop in revenue in 2015, this is third-straight year in which organization has seen the decline of double-digits.
The nonprofit Austin-based cancer patients, supporting charity organization recorded the revenue of $6.2 million that year, compared to $16.6 million in 2014, and the contributions were $3.7 million, compared with year before $11.9 million, the news has come now to the public because reports of the Associated Press citing federal tax records have become available just now.
About this the president of Livestrong Greg Lee told the AP that the finances of the foundation are healthy — till date the donations are up and the organization has the net assets of $73 million approximately, having the cash stocked before the rider’s fall from grace.
He further added that,” There is no impact on patients who are taking benefit from the charity organization and as a signature of the bounce of organization is, the organization received its first $1 million pledge last year of the decade.”
Livestrong has adjusted to life and has also slimmed down as a small nonprofit organization, with less than 40 employees working full time with it. The foundation has not turned into the city of international level with the help of inspiring story Armstrong and also because of the athletic prowess of the rider. Armstrong after recovering from testicular cancer, won cycling races Tour de France for record seven times.
The downfall of Armstrong started after his involvement in consumption of banned drugs came in. He was found positive in the doping test and then faced the ban on cycling for years, though in the beginning he ignored this allegation, but later he accepted the allegation.