Livestrong, the cancer charity founded by disgraced cyclist Lance Armstrong, recorded a drop in donations for the third straight year, Bloomberg reported on Tuesday.
Livestrong received donations worth $22.7 million last year, an 8.1% drop from 2011 and a huge 45% drop from 2009 donations.
Despite this, the charity's Chief Financial Officer Greg Lee said that all things considered, the company was pleased with its performance "considering the headwinds, with Lance's activity, with the ongoing investigation that was happening, and forgetting just the general economic condition of the country and still finding its way out of that, we felt very good that we came out of the year literally being $700,000 down," Lee told Bloomberg.
Although Armstrong stepped down as chairman in October, the charity has been badly hit in recent years by allegations and later an admission that the Texan used performance-enhancing drugs during all seven of his Tour de France victories.
Author: Market Watch
Date: July 23, 2013
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