Davis’s company went into the red over Games cost

A COMPANY spearheaded by the failed presidential candidate Mary Davis went into the red last year due to the costs of holding the 2010 Special Olympics Ireland Games.

Special Olympics Ireland Ltd was established to promote Special Olympics in Ireland for athletes with an intellectual disability.

During the presidential election campaign, Ms Davis confirmed that her annual salary for her role as head of Special Olympics Europe Eurasia was €165,000.

The figures show that Special Olympics Ireland Ltd recorded a loss of €99,893 last year, compared to a surplus of €817,035 in 2009. The filings list Ms Davis as chairperson of the company.

The company incurred costs of €1.6 million last year under the heading of “central games and events” and generated €625,165 in games income.

Last year, the company staged the 2010 Special Olympics Ireland Games at Limerick, where 1,900 athletes from the island of Ireland participated.

The filings also confirm that Special Olympics Ireland was represented by a team of 35 athletes in five sports at the 2010 European Games at Warsaw, Poland.

Revenues generated at Special Olympics Ireland last year increased by 6% to €7.73m in spite of monies raised from fundraising, donations and sponsorship decreasing by 22% from €2.75m to €2.14m.

However, in one day last year — on Special Olympics Ireland’s national flag day — the company raised more than €600,000 through the work of 2,000 volunteers.

The main factor behind the company increasing its revenues in 2010 was the €625,165 in games income and there was no income under that heading in 2009.

The company’s HSE income dropped from €120,130 to €114,190, while the company’s grant income from its main funder, the Irish Sports Council dropped by 10% from €2.6m to €2.3m.

The numbers employed increased from 83 to 88 with staff costs decreasing from €3.7m to €3.5m. The filings confirm the company is cash rich holding €9m in cash at the end of 2010.