Donations to Livestrong, closely associated with yellow rubber wristbands made by Nike, dropped to $15 million in 2013 from $22.7 million in 2012,
according to an Internal Revenue Service filing that was posted on the
Austin, Texas-based charitys website. The 34 percent decline came after Lance Armstrong, who founded the cancer charity, confessed to doping throughout his cycling career.
Livestrong in November 2012 cut ties with Armstrong, a cancer survivor who had served as the charitys chairman. The U.S. Anti-Doping Agency detailed his performance-enhancing drug use. In January 2013, Armstrong told Oprah Winfrey that he had cheated in all of his Tour de France wins from 1999-2005.
Without specifically referring to Armstrong, Livestrong blamed the financial downturn on fallout from “revelations and disclosures” made in January 2013.
Donations had fallen 8.1 percent from 2011 to 2012 and were overall 63 percent lower in 2013 than in 2009, when they totaled $41 million. In 2009, Armstrong came out of retirement and finished third in the Tour de France. He had won the race seven times but the titles were stripped after his admission.
Total revenue also took a 38 percent dive after commercial sponsorships were canceled or not renewed.
Livestrong said in August that it will donate $50 million over 10 years to the University of Texas in Austin to establish the Livestrong Cancer Institutes at the Dell Medical School.