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≡ THE “STEVENS AWARDS” ≡
In a groundbreaking, unprecedented move, Stone Ridge Holding Group founder Ross Stevens, a long-time donor to the U.S. Olympic & Paralympic Committee, has made a $100 million “anchor funding gift” to create a post-athletic career support awards program for American Olympic & Paralympic athletes.
This is the largest gift ever received by the USOPC, and the “Stevens Financial Security Award” program – to be known as the “Stevens Awards” – will commence next year. Per the announcement:
● “Starting with the Olympic and Paralympic Games Milan-Cortina 2026, and going at least through the 2032 Games, every U.S. Olympian and Paralympian will receive $200,000 in financial benefits for each Games in which they compete.” (Emphasis added)
● “$100,000 to Live: eligible athletes will be able to access this award 20 years after their qualifying Games or at 45 years of age, whichever is later. The grant will be paid over the course of four years and can be used for any purpose, such as starting a business or supporting their families.”
● “$100,000 to Protect: eligible athletes will receive a guaranteed benefit for their families or chosen beneficiaries upon their death.”
● “Multiplier effect: eligible athletes will receive $200,000 in benefits for each Games in which they compete. For instance, an athlete competing in three Olympic or Paralympic Games would receive $600,000 in benefits.”
The financial concept behind the awards and the timing combines the power of compound interest and “the power of guaranteed benefits made possible by life insurance.”
Part of the calculus for the structure of the awards came from an observation that as many as 60% of U.S. Olympic and Paralympic medals are won by athletes who participated in previous Games. The announcement noted:
“By providing financial support for athletes so they can continue competing and by increasing that support for each Games in which they compete, the Stevens Awards will dramatically increase the likelihood that athletes will continue competing, and winning, for America.”
Moreover, Stevens said Stone Ridge will match the contribution of Stone Ridge employees on a dollar-for-dollar basis, and hopes other firms will follow Stone Ridge’s lead.
USOPC Chair Gene Sykes announced the program on Tuesday (4th) at the Stone Ridge Annual Conference, and noted:
“The USOPC is committed to supporting the dreams of Team USA athletes and hopefuls as they strive to represent the U.S. at the Olympic and Paralympic Games. We are profoundly grateful for the extraordinary gift from Ross Stevens which highlights how philanthropy can fundamentally change the lives of athletes.”
Stevens’ gift is to the U.S. Olympic & Paralympic Foundation, the fund-raising arm of the USOPC.
The award program created by Stevens is separate and apart from the Operation Gold awards provided by the USOPC as direct rewards for Olympic and Paralympic medals: $37,500 for gold, $22,500 for silver and $12,500 for bronze.
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