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4/25/2007
How much will this Vice President cost?
Finally appearing in the local newspaper this weekend was the announcement of the hiring of Chad Hershner, vice president of Future Fund for the Performing Arts Center. (Apparently there was no rush to publish, as the PAC’s press release came out 2 ½ weeks ago.)
Herschner, comes to Appleton from Charlottesville, Virginia after “successfully leading a $16.7 million capital campaign.” He’ll join President Susan Stockton, three other VPs, a Director of Development and a host of administrative personnel in the PAC offices.
The PAC’s April 5 press release notes that additional information about its new endowment campaign (“Future Fund”) will be forthcoming at a later date. From information provided in the PAC’s last public financial reports, PAC VPs earn, with compensation and benefits, about $109,000 each.** Typically, an endowment will aim to pull 5% of its total value for annual expenses. So, if Mr. Hershner’s package is similar to the three other VPs, that means that right off the bat, the first $2.2M the new Future Fund VP can raise will go strictly to endowing his salary. No mention is made of additional administrative assistants brought on to help with the Future Fund campaign.
If net losses of about $1M continue as in the recent past, Mr. Hershner will want to raise about another $20M for the endowment to help cover operating losses. I suspect in coming days we’ll be learning more about additional projects the Future Fund will be meant to support as well, and about the overall goal for the campaign. Whatever that goal is, be assured, Mr. Herschner has his work cut out for him.
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** In a series of commentaries earlier this year, I shared concerns and questions about the PAC’s financial condition.
Financial information tough to come by
Salaries, Contribution claims
Projections vs. Reality
Selected officer compensation and benefits at the nonprofit organization, as last reported (fiscal year end June, 2006) were:
President $262,000
VP Finance $108,768
VP Communications $108,768
VP Facilities $108,900
COMMENTS
Wow,
I did know that this type of salary comes with such a low stress jobwith questionable need for the community. I would like to see police, teachers and roofers,electricians, etc who have more stress and work harder make a fraction of these inflated salaries. I for one plan to go elsewhere for entertainment.
Mike (Wed Apr 25 08:11:23 2007)
Hey, I'm all for the arts and for a very nice building to show them off, but...$262,000 salary for the PAC President? No wonder tickets are so high priced that most of the citizens that drive by the PAC will never be able to afford to see a performance there. This is really the height of irresponsibility. I have never met Susan Stockton and I'm sure she is a very capable person, but...$262,000 in salary? Does she really bring that much value to the PAC, especially when it is losing $1M annually???
Dave Salzwedel (Wed Apr 25 19:27:18 2007)
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