The Tennessean (Nashville, Tennessee)
December 20, 2009 Sunday
SECTION: NEWS
LENGTH: 491 words
HEADLINE: 4 execs draw 6-figure salaries
By Brad
Schrade and Andy Humbles
THE TENNESSEAN
Wayne Elsey has earned approximately $1.2 million as CEO of Soles4Souls in just over three years. Three other executives earn six-figure salaries, according to the charity's chief financial officer, Kevin Goughary.
Goughary also serves as chief operations officer. His base pay is $130,000, and he said he earned a bonus of approximately $32,000 in the fiscal year that ended in June.
Tax forms submitted by nonprofit organizations that are open to the public have not yet been filed for Soles4Souls' most recent fiscal year, but Goughary agreed to share information on compensation.
Elsey earned $400,000 last year, including his $300,000 base pay and a $100,000 bonus, Goughary said.
Two other executives - Executive Vice President David Graben and Keith Woodley, the new vice president of strategic development - earn in the low-$100,000 range with eligibility for additional pay in bonuses.
Elsey said his pay and that of his executive team are incentive-driven, based on performance.
Elsey, who is chairman of the five-person board that sets his compensation, said he leaves the boardroom when his compensation is discussed and voted on.
"You have to find what is the acceptable range," said board member Connie Elder, a small-business owner in Old Hickory. "Coming from the business world, our passion for what he does is immeasurable. ... But truly you have to stay within ranges to operate in a way that you stay under the radar for negative press and just to be reasonable. That's when some of those discussions come in and, OK, 'Yes, we need to reward him. Yes, we need to keep him. And, yes, we need to be reasonable.' What is reasonable?"
$479,167 earned in '08
Elsey's highest earning 12-month period was calendar year 2008, when he earned $479,167, according to tax filings of a trust affiliated with Soles4Souls. That included a $200,000 bonus.
Goughary earned $262,500, including a $132,500 bonus, in 2008, according to tax filings.
Goughary said that was an anomaly. The bonuses were one-time bonuses from the board for what he believes was a job well-done. He said the figures appear skewed because the calendar year overlaps parts of two fiscal years.
"That was a singular event which was not our normal compensation," Goughary said.
Two other board members are listed as receiving pay during the charity's 2008 fiscal year, which ran from July 2007 to June 2008.
Paul Wilson was paid $76,000 to serve as president of outreach, which includes managing the charity's distribution warehouse in Roanoke, Ala. His brother, Nelson Wilson, a dentist in Old Hickory and a board member, received $36,000 that year and is listed as vice president of outreach, according to Soles4Souls' tax filing for that year. Nelson stopped receiving compensation after that year.
Brad
Schrade can be reached at 615-259-8086 or
bschrade@tennessean.com Andy Humbles can be reached at ahumbles@tennessean.com or 615-726-5939.
LOAD-DATE: December 20, 2009
