OLYMPIC VALLEY, Calif. — The group challenging the incorporation effort of Olympic Valley is closing in on spending a half-million dollars.

Save Olympic Valley, a coalition of valley residents, business owners and property owners, spent $448,529.49 between Jan. 1 and Oct. 31 ­— $284,230.06 in cash payments, $136,148.76 in non-monetary expenses and $28,150.67 in unpaid bills, according to Fair Political Practices Commission forms filed with Placer County Elections.

The October campaign disclosure statement reports that SOV spent $35,446.12 on professional services (legal, accounting) and campaign consultants that month.

---

---

Past expenses have included campaign literature and mailings, advertisements in regional media and information technology.

Major funding for SOV is being provided by Squaw Valley Ski Holdings, which owns Squaw Valley and Alpine Meadows ski resorts.

---

---

The company has contributed $285,000, along with $136,148.76 in non-monetary contributions, this calendar year as of Oct. 31, bringing its total amount of funding to SOV to $421.148.76, according to filings.

SOV is questioning the financial viability, valley service levels and impacts to Placer County of the proposed town of Olympic Valley.

Meanwhile, Incorporate Olympic Valley, the grassroots group pushing for the town, has spent $36,294.19 for political purposes between Jan. 1 and Sept. 30 — $32,269.16 in cash payments and $4,025.03 in unpaid expenses, according to filings.

Expenditures include professional services (legal, accounting), information technology, campaign consultants and office expenses.

“Incorporate Olympic Valley PAC,” a political action committee whose funds promote efforts for incorporation, is reporting $29,649 in monetary contributions and no non-monetary contributions this calendar year, as of Sept. 30.

Contributions were made by board members Lisa Cardin ($9,850), Nancy Elrod ($9,900) and Fred Ilfeld ($9,899).

Two other bank accounts exist for the incorporation effort — OV Foundation, a 501(c)3 nonprofit, and Incorporate OV, a 501(c)4 nonprofit. Funds in those accounts are for nonpolitical uses, such as payments for environmental and fiscal studies, and therefore aren’t required to be disclosed.

This financial structure was created after an FPPC claim was filed in May, alleging that IOV failed to file various statements and disclaimers on campaign advertisements.

As of Wednesday, FFPC is still investigating the group, said Jay Wierenga, FPPC communications director.