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July 24, 2013

Livestrong Donations Dropped As Armstrong Scandal Raged

The Livestrong Foundation saw fundraising decline 8.1 percent in 2012 as the controversy over doping by its founder, cyclist Lance Armstrong, came to a head, Bloomberg and The Wall Street Journal write.

Livestrong collected $22.7-million in donations and grants last year, the third straight in which gifts to the Austin, Tex.-based cancer support charity fell. Support is down 45 percent from 2009, when the foundation took in $40.1-million.

Overall revenue was $38.1-million, down 19 percent from 2011, according to the foundation's latest Form 990 filing, although Livestrong's own reckoning of revenue—which includes in-kind contributions and unrealized investment gains—showed a much smaller decline.

Mr. Armstrong resigned as Livestrong's chairman in October, two months after the U.S. Anti-Doping Agency banned the seven-time Tour de France winner from cycling. He was later formally stripped of his Tour titles and publicly acknowledged in January that he had cheated throughout his racing career.