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Livestrong revenue plummeted before rebound

Livestrong revenue plummeted before rebound | iNFOnews.ca
FILE - In this Jan. 13, 2013, file photo, a sign for the Livestrong Foundation is seen at the charity's headquarters in Austin, Texas. The Livestrong cancer charity continued its fundraising and contributions nosedive in 2015 for a third straight year after founder Lance Armstrong's performance-enhancing drug scandal, but foundation officials insist a rebound has already started. (AP Photo/Jack Plunkett, File)

AUSTIN, Texas – The Livestrong cancer charity saw another fundraising and contributions nosedive in 2015 for a third straight year after founder Lance Armstrong’s performance-enhancing drug scandal.

Livestrong’s most recent federal financial disclosures obtained by The Associated Press show sharp declines in contributions, revenue and assets in 2015. Contributions fell to $3.7 million from $11.9 million the previous year. Total revenue fell to $6.2 million from $16.6 million and the charity was forced to spend cash reserves to cover operations.

Livestrong officials say it remains healthy and had the money to survive. President Greg Lee also says donations are rising again and patient services have expanded as the charity settles into its new normal of a smaller, leaner organization.

Lee says revenue got a bounce in 2016 and is trending up in 2017.

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