USA Boxing Admits Misuse of More Than $2 Million
A routine U.S. Olympic Committee audit has discovered that USA Boxing misappropriated more than $2 million in USOC grant money from 1991 to 1996, USA Boxing acknowledged Thursday.
“It’s a big hit to us--it’s huge,” said Kurt Stenerson, a spokesman for USA Boxing, which underwent an executive overhaul this year.
According to the audit, disclosed when USA Boxing notified its board of governors about the situation, USA Boxing habitually billed the USOC for expenses already paid by sponsors and kept profits from events.
Stenerson said that USA Boxing had a total budget of $2.8 million for the 1995-96 fiscal year, and that the board of governors would discuss the situation at its next meeting, Sept. 18-21 in Houston. The audit is still not finished.
Three weeks ago, the USOC suspended funding to USA Boxing.
“We’re just flabbergasted at what we are seeing and extremely concerned about our future,” said USA Boxing President Jerry Dusenberry.
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