By Walter F. Roche Jr.
The former CEO at Nashville's
Saint Thomas health care companies drew the largest salary for the
second year in a row, according to tax returns for the organizations.
The
tax return, known as a 990, showed Michael Schatzlein, drew salary,
bonuses and other benefits totaling just under $2 million. He also drew a
supplemental retirement payment valued at $179,379.
Schatzlein moved on to an executive post at Saint Thomas' parent company, Ascension Health, in July of last year.
Schatzlein's successor, Karen Springer, drew pay and benefits totaling $588,581 in the year before her promotion.
In the prior fiscal year Schatzlein earned salary, benefits and bonuses totaling just over $2 million.
The tax return covers the fiscal year ending June 30, 2014.
Other
top earners at Saint Thomas include physicians James Baker 2nd, Joseph
Boyd and Vafa Mansouri, all of whom collected salaries and benefits for
more than $1 million.
Former executive vice president Wesley
Littrell was paid $570,266, including a $480,256 severance payment. He
also got $71,292 in supplemental retirement payments.
Former executive vice president Alan Strauss collected $745,241 in salary and benefits plus $8,236 in supplemental retirement.
Others topping $1 million in salary and benefits, according to the return, were physicians Mark Koenig and Stephen Fahrig.
The
returns show revenue for the fiscal year dropped from $462.3 million to
$434 million at Saint Thomas West and from $421.2 million to $407.8
million at Saint Thomas Midtown.
Revenues at Saint Thomas Rutherford were $249 million, down from $252 million the year before.
Tuesday, November 24, 2015
Tuesday, July 14, 2015
Nashville Symphony Revenues, Expenses Drop
By Walter F. Roche Jr.
Recently filed tax returns for the Nashville Symphony Orchestra show that both its revenues and expenses dropped in the fiscal year ending on June 30, 2014.
The return, known as a 990, also shows that while the orchestra continued to rebound from near bankruptcy, it still ended the year with a $5.1 million loss. Nonetheless that was down substantially from the $13.2 million loss recorded in the prior year.
The return also lists contributions from local supporters including Martha Ingram, who donated $1 million.
It was Ingram, a former board chairman, who rescued the orchestra from having its famed Schermerhorn Symphony Center auctioned off in a foreclosure proceeding just two years ago.
The filing shows Ingram is still owed $22.5 million on a mortgage she gave to the orchestra as part of the 2013 bailout.
Other donors listed on the return include Richard Miller of Nashville who gave $250,000 and Joseph Seabury 3rd who donated $500,000
Corporate donors included First Bank of Nashville with $375,00 and Nissan North America with $200,000. The Care Foundation of America in Brentwood donated $750,000.
Revenues for the fiscal year were listed at $19.2 million compared to $21.1 million the prior year. Expenses totaled $24.4 million, down by just shy of $10 million from the prior year.
Assets at the end of the year were listed at $120.7 million, down from $128.2 million the year before.
Orchestra leader Giancarlo Guererro was the top money earner with salary and benefits totaling $427,587. President Alan D. Valentine had $349,480 in salary and benefits. Concert master Jun Iwasaki earned a little over $188,000 in salary and benefits.
Guererro and Valentine had taken 15 percent pay cuts during the financial crisis. The union representing musicians agreed to the same percentage cut in subsequent negotiations.
Payments to outside contractors included $561,911 to Frost, Brown and Todd of Louisville and $323,198 to FTI Consulting of Massachusetts. Third highest was Chicago Touring which was paid $224,000.
The orchestra paid $142,641 to Kraft CPA. Symphony Treasurer Kevin Crumbo is a partner in Kraft as is Myles McDonald, who served as interim chief operations officer.
wfrochejr999@gmail.com
Recently filed tax returns for the Nashville Symphony Orchestra show that both its revenues and expenses dropped in the fiscal year ending on June 30, 2014.
The return, known as a 990, also shows that while the orchestra continued to rebound from near bankruptcy, it still ended the year with a $5.1 million loss. Nonetheless that was down substantially from the $13.2 million loss recorded in the prior year.
The return also lists contributions from local supporters including Martha Ingram, who donated $1 million.
It was Ingram, a former board chairman, who rescued the orchestra from having its famed Schermerhorn Symphony Center auctioned off in a foreclosure proceeding just two years ago.
The filing shows Ingram is still owed $22.5 million on a mortgage she gave to the orchestra as part of the 2013 bailout.
Other donors listed on the return include Richard Miller of Nashville who gave $250,000 and Joseph Seabury 3rd who donated $500,000
Corporate donors included First Bank of Nashville with $375,00 and Nissan North America with $200,000. The Care Foundation of America in Brentwood donated $750,000.
Revenues for the fiscal year were listed at $19.2 million compared to $21.1 million the prior year. Expenses totaled $24.4 million, down by just shy of $10 million from the prior year.
Assets at the end of the year were listed at $120.7 million, down from $128.2 million the year before.
Orchestra leader Giancarlo Guererro was the top money earner with salary and benefits totaling $427,587. President Alan D. Valentine had $349,480 in salary and benefits. Concert master Jun Iwasaki earned a little over $188,000 in salary and benefits.
Guererro and Valentine had taken 15 percent pay cuts during the financial crisis. The union representing musicians agreed to the same percentage cut in subsequent negotiations.
Payments to outside contractors included $561,911 to Frost, Brown and Todd of Louisville and $323,198 to FTI Consulting of Massachusetts. Third highest was Chicago Touring which was paid $224,000.
The orchestra paid $142,641 to Kraft CPA. Symphony Treasurer Kevin Crumbo is a partner in Kraft as is Myles McDonald, who served as interim chief operations officer.
wfrochejr999@gmail.com
Monday, May 18, 2015
Salaries, Benefits Soar for Some at Vanderbilt
By Walter F. Roche Jr.
Salaries and benefits for some Vanderbilt University officials soared in fiscal 2014, with increases topping out at some 70 percent.
The salaries, benefits and other expenses for the private Nashville, Tenn. school were detailed in a tax return for the fiscal year ending June 30, 2014 which was filed recently with the IRS.
According to the return, known as a 990, salary and benefits for Chancellor Nicholas Zeppos totaled nearly $2.3 million, up by 70 percent from the $1.3 million reported a year earlier.
A slightly higher 72 percent increase was reported for Vice Chancellor David Williams who jumped from $1.2 million to nearly $2.1 million. Williams' wife, also a Vanderbilt employee, was paid $130,805.
According to a university spokeswoman, the Zeppos and David Williams increases were due, at least in part, to one time allotments of deferred compensation.
The returns show that Vanderbilt's former football coach James Franklin collected salary and benefits of $4 million in his last year at the school. That represented a 39 percent hike over his fiscal 2013 total. Franklin now coaches at Penn State University.
Medical School Dean Jeffrey Balser's salary and benefits total jumped 23 percent to $1.9 million, up from just under $1.6 million.
Basketball coach Kevin Stallings saw a slight reduction in salary and benefits going from $2.2 million in 2013 to $2.1 million in 2014.
Overall, according to the return, salary costs actually fell slightly from $2.27 billion in fiscal 2013 to $2.27 billion the following year.
Former Chancellor for Investments, Matthew W. Wright, left Vanderbilt early in 2013 and got a $942,000 severance payment, pushing his total to $1.12 million. Brett Sweet, who was promoted to chief financial officer, got a 62 percent pay and benefits hike to $1.35 million to go along with his new title.
The university also reported a slight drop in revenue, dropping to $4.028 billion from $4.139 billion. Revenue from health care services totaled $2.6 billion while tuition and fees brought in $478.3 million. The university medical center reported that Medicare reimbursements for its patients fell $93.2 million short of costs.
Endowment funds totaled $4.046 billion compared to $3.635 the year before, according to the return.
Major payments to outside contractors included $44.3 million to Brasfield and Gorrie, $20.5 million to American Constructors and $12.6 million to Turner Universal Construction.
wfrochejr999@gmail.com
Salaries and benefits for some Vanderbilt University officials soared in fiscal 2014, with increases topping out at some 70 percent.
The salaries, benefits and other expenses for the private Nashville, Tenn. school were detailed in a tax return for the fiscal year ending June 30, 2014 which was filed recently with the IRS.
According to the return, known as a 990, salary and benefits for Chancellor Nicholas Zeppos totaled nearly $2.3 million, up by 70 percent from the $1.3 million reported a year earlier.
A slightly higher 72 percent increase was reported for Vice Chancellor David Williams who jumped from $1.2 million to nearly $2.1 million. Williams' wife, also a Vanderbilt employee, was paid $130,805.
According to a university spokeswoman, the Zeppos and David Williams increases were due, at least in part, to one time allotments of deferred compensation.
The returns show that Vanderbilt's former football coach James Franklin collected salary and benefits of $4 million in his last year at the school. That represented a 39 percent hike over his fiscal 2013 total. Franklin now coaches at Penn State University.
Medical School Dean Jeffrey Balser's salary and benefits total jumped 23 percent to $1.9 million, up from just under $1.6 million.
Basketball coach Kevin Stallings saw a slight reduction in salary and benefits going from $2.2 million in 2013 to $2.1 million in 2014.
Overall, according to the return, salary costs actually fell slightly from $2.27 billion in fiscal 2013 to $2.27 billion the following year.
Former Chancellor for Investments, Matthew W. Wright, left Vanderbilt early in 2013 and got a $942,000 severance payment, pushing his total to $1.12 million. Brett Sweet, who was promoted to chief financial officer, got a 62 percent pay and benefits hike to $1.35 million to go along with his new title.
The university also reported a slight drop in revenue, dropping to $4.028 billion from $4.139 billion. Revenue from health care services totaled $2.6 billion while tuition and fees brought in $478.3 million. The university medical center reported that Medicare reimbursements for its patients fell $93.2 million short of costs.
Endowment funds totaled $4.046 billion compared to $3.635 the year before, according to the return.
Major payments to outside contractors included $44.3 million to Brasfield and Gorrie, $20.5 million to American Constructors and $12.6 million to Turner Universal Construction.
wfrochejr999@gmail.com
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