Salary for charity chief jumps 5pc to €452k
THE president and chief executive of philanthropic organisation the American Ireland Fund (AIF), Kieran McLoughlin, last year enjoyed a 5pc jump in pay to $619,059 (€452,210).
New documents lodged by the fund with the US tax authorities show that the Dubliner's package included an annual bonus increasing by $30,000 to $133,333.
The returns recently filed by the US-based AIF disclose that Mr McLoughlin's basic salary was $428,000 in 2012 -- a $45,500 or 11pc increase on the $382,500 received in 2011.
The increase in base salary and jump in bonus resulted in Mr McLoughlin increasing his overall remuneration by $32,203 last year on 2011 with the returns showing that Mr McLoughlin works, on average, 70-hour weeks.
Other figures show that former AIF CEO and president Kingsley Akins received a further $150,000 in 2012 as part of a 2009 severance deal with the organisation. The AIF is part of the Worldwide Ireland Funds that were founded in 1976 by Sir Anthony O'Reilly and former US ambassador to Ireland Dan Rooney.
It has raised over $450m (€329m) for 1,500 organisations since it was established.
The figures show that Mr McLoughlin enjoyed an increase in his pay and bonus in spite of the revenues generated by the AIF last year decre- asing by 13.5pc from $25.6m to $22.2m.
However, in the AIF's 2012 annual report, Mr McLoughlin points out that last year the AIF's "total revenue exceeded $20m for the third time in three years, but only the fifth time in our 37-year history".
The AIF's annual report shows it provided $15.7m to agencies and organisations across Ireland.
The AIF is reporting that, in 2013, its gross revenue will increase by around $4m on 2012 to over $26m while grants will amount to almost $20m with 2013 expenses similar to 2012.
Taoiseach Enda Kenny delivered the key note address at the organisation's 21st annual national gala in Washington last March.
Mr McLoughlin took up his current role in January 2010 and the breakdown of his remuneration show that, along with his base salary of $428,000 and bonus of $133,333, Mr McLoughlin received 'other reportable compensation' totalling $15,885, nontaxable benefits of $16,841 and 'retirement and other deferred compensation' of $25,000.
A note in the returns states that Mr McLoughlin has fam- ily travel and a parking allowance added to his taxable compensation.
The filings disclose that the AIF has a five-person compensation committee made up of five board members to establish Mr McLoughlin's pay.
They state that his proposed package is analysed by an outside consultant who researches and compares compensation data with like positions in similar organisations.
The figures show that, for 2012, management and fundraising expenses accou-nted for a combined 16pc of fund expense distribution.
The returns also disclose other high earners last year include New England director Stephen Greeley, who received $278,554 and chief operating officer Tom O'Leary, who received $267,829.
AIF generated $7.39m net from fundraising events in 2012 -- an increase of $910,000 on 2011.
However, contributions decreased from $15.9m to $11.2m.