McLoughlin paid $587k as head of American Ireland Fund
Overall salary of philanthropic body's chief rises 22pc over 2010
Published 28/12/2012 | 05:00
THE president and chief executive of philanthropic organisation the American Ireland Fund (AIF), Kieran McLoughlin last year received remuneration totalling $586,856 (€442,241).
New documents lodged by the fund with the US tax authorities show the Dubliner's package included his annual bonus, which more than quadrupled to $103,333.
According to the returns recently filed by the US-based AIF, Mr McLoughlin's basic salary was $382,500 in 2011 – an 11pc increase on the $345,000 received in 2010.
The increase in base salary and jump in bonus resulted in Mr McLoughlin increasing his overall remuneration by $104,396, or 22pc, last year on 2010.
The AIF is part of the Worldwide Ireland Funds that were founded in 1976 by Sir Anthony O'Reilly and US ambassador to Ireland Dan Rooney, and has raised over $430m for 1,200 organisations since it was established.
Last year, the AIF provided $18.7m in 507 grants to 252 grant recipients. Its aims include promoting peace and reconciliation in Northern Ireland; to promote the education sector, particularly higher education; and to increase the awareness and appreciation of all aspects of Irish culture.
Mr McLoughlin more than quadrupled his bonus last year in spite of funds raised by the AIF falling 48pc, from $44.7m to $23.1m.
However, the monies raised by the AIF in 2010 included a one-off donation of $28.7m, and on a like-for-like basis, funds generated by the organisation increased by 39pc last year on 2010.
Mr McLoughlin took up his current role in January 2010. The breakdown of his remuneration shows that along with his base salary of $382,500 and bonus of $103,333, Mr McLoughlin received "other reportable compensation" totalling $83,811 and non-taxable benefits of $17,212.
A note in the returns states that Mr McLoughlin has family travel, a parking allowance and social security payments which are added to his taxable compensation.
In the organisation's 2011 annual report, Mr McLoughlin points out that in the last three years, the organisation's donors have generated almost one-third of all the income raised by the fund since its foundation in 1976, with costs reduced by 25pc in the past three years.
The figures show that for 2011, administrative and fundraising expenses accounted for 12pc of revenues.
The organisation is aiming to have $140m raised in its Promising Ireland Campaign by the end of 2013 – up $40m on its original target of $100m.
Other high earners last year include AIF New England director Stephen Greeley, who received $276,255 (€209,082), and chief operating officer Tom O'Leary, who received $266,478.
Irish IndependentFollow @Indobusiness