Equipment:
None required.
A swing set if available.

Description:
A gymnastic competition can be great backyard fun. It helps develop strength and coordination and no additional equipment is necessary.
Even toddlers can touch their toes, hop across the grass or roll sideways down a hill (not too steep of course). Medals of cheese crackers and a juice box can be given to the toddler with the straightest roll, pointed toes and most enthusiasm.
For the older and more advanced student, forward and backward rolls, cartwheels and handstands can all be rated on form and style.
For the truly athletic, a swing set that includes monkey bars, a swing rope, and rings can really show off the abilities of the most coordinated and agile child.

Other comments or suggestions:
You can make your own gold, silver and bronze medals with construction paper and ribbons.
Or rewards can be food based: ice cream, cookies, and chips.
Or rewards can be chore based: 1 free night no dishes, 1 free day of not making your bed, 1 extra hour of TV time.
Have fun with it. Let the family decide before hand what today's Olympic rewards will be.