New light has been shed on the USA Cricket Association's financial status with the revelation that the organisation was more than $3 million in debt at the end of the 2012 financial year, a 59% rise in debt compared to 2011. One of the major contributing factors to the mounting debt was a series of legal battles that resulted in more than half a million dollars paid to the board's defence lawyers in 2012.
The data comes from USACA's 2012 tax return, which had a government filing deadline of November 15 2013 - after two deadline extensions on April 15 and August 15 - and was made public by the board on February 10. USACA reported $378,020 in revenue in 2012, which was down 42% from the $648,798 in 2011. However, they spent more than their 2011 revenue, and nearly double their 2012 revenue, in legal fees for the 2012 calendar year.
The data comes from USACA's 2012 tax return, which had a government filing deadline of November 15 2013 - after two deadline extensions on April 15 and August 15 - and was made public by the board on February 10. USACA reported $378,020 in revenue in 2012, which was down 42% from the $648,798 in 2011. However, they spent more than their 2011 revenue, and nearly double their 2012 revenue, in legal fees for the 2012 calendar year.