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GGD-92-8R 1 (1992-04-24)

handle is hein.gao/gaobackad0001 and id is 1 raw text is: gq w,-I s United States GAO~() General Accounting Omce Washington, D.C. 20548 General Government Division 92-042 2IIIJ tiN 111111 fl April 24, 1992 146446 The Honorable Ted Stevens United States Senate Dear Senator Stevens: This is in response to your request for a status report on our review of the sponsorship of the 1992 Olympics by the United States Postal Service. Because our work is still in process and complete data are not yet in, the amounts cited in this preliminary letter are subject to change. The Postal Service's current financial projection attributable to Olympic sponsorship is $169 million in revenues and $109 million in costs. We have so far focused our attention on the two sources of revenue that are projected to account for over 70 percent of total sponsorship revenue -- stamp retention ($67 million) and expedited mail revenue ($54 million). Stamp retention refers to Olympic-related stamps that are purchased but not used by the public. Retention quantities are estimated quarterly through nationwide household surveys done by a market research firm under contract to the Postal Service. So far stamp retention revenues have amounted to $37.5 million from seven different Olympic commemorative stamps and other stamps that included the Olympic rings in their design. Retention revenue from three remaining Olympic issues will be known later this year. One question we have is whether most of this revenue should be attributed to Olympic sponsorship. We note that four of the stamp issues having retention revenues of $27 million would have been issued without Olympic sponsorship. According to stamp marketing specialists in the Postal Service, the retention rates on these stamps probably would have been about same if they had not included the Olympic rings in their design. These include: -- new Express Mail, International Express Mail, and Priority Mail stamps which were issued because the rates changed, and GAO/GGD-92-8R, Postal Olympics Sponsorship (>~C'~I' 4

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