Monday, June 16, 2014

Razorback Foundation ran a deficit in most recent tax year: Severance, speaking fees cost millions

Posted By on Mon, Jun 16, 2014 at 1:44 PM

click to enlarge imgres.jpg
Arkansas Business this week has compiled a report on the best-paid nonprofit officials in Arkansas, using the public 990 tax forms nonprofits are required to file. Seven doctors or hospital administrators led the way with compensation of more than $1 million each, Dr. Ali Krisht, a neurosurgeon at St. Vincent Health, was No. 1 with $1.3 million in tax year 2013.

This reminded me that I hadn't checked in a while on the Razorback Foundation, the secretive, university-controlled putative non-profit that supports athletics at the University of Arkansas-Fayetteville. It is powered in part by premium ticket sales handled by public employees of the university.

Good timing. Guidestar, an organization that amasses information on nonprofits, now has the 990 filed for the tax year ending June 30, 2013. It was filed earlier in 2014.

Here's the full report.
Some $2.6 million in Razorback Foundation spending went to high-level executives and current and former UA athletic figures.

The highlights:

In the tax year covered by the report, the foundation had $28 million in total revenue, versus $37.7 the year before. Expenses exceeded revenue by $9.3 million, versus a $20.7 million surplus the year before. The Foundation sent $30.6 million in support of UA sports — scholarships, construction and similar. That was a substantial increase over the previous year, likely a product of the big construction needs.  The Foundation relied on reserves to cover the spending. At the end of the year, it had about $39 million in assets versus $47 million the year before.

INDIVIDUAL COMPENSATION (all figures below rounded off):

Norm DeBriyn, associate director, $126,000

Sean Rochelle, executive director, $121,000

Billye Veteto, chief financial officer, $106,000

Harold Horton, former foundation director, $158,000

PAYMENT TO INDEPENDENT CONTRACTORS

Mike Anderson, basketball coach, $700,000 for "speaking engagements."

Frank Broyles, former athletic director, $417,000 for "speaking engagements." (His emeritus status with the UA and foundation ends June 30.)

John Pelphrey, former basketball coach, $410,000 for contract buyout.

John L. Smith, former football coach, $300,000 for "speaking engagements."

Bobby Petrino, former football coach fired in April 2012, $291,000 for "speaking engagements."

TRANSACTIONS WITH 'INTERESTED PARTIES'

Jeff Long, UA athletic director, $400,000 loan from  foundation (balance due said to be $454,000) for life insurance.

I'd ask for more details about some of these things but Sean Rochelle has never returned a call from the Arkansas Times. And the athletic department  refers questions to the foundation. It will be a true public university athletic program the day this $30 million operation, built on the backs of fans, public university students and facilities on public property, is open to the same scrutiny the rest of the university receives. Same goes for the UA Foundation.


Tags: , , , , ,

Favorite

Speaking of...

Comments (9)

Showing 1-9 of 9

Add a comment

 
Subscribe to this thread:
Showing 1-9 of 9

Add a comment

More by Max Brantley

  • Arkansas Supreme Court denies rehearing in death penalty challenge, but delays mandate

    The Arkansas Supreme Court today refused to rehear the case denying Death Row inmates information about drugs used by the state in the lethal injection process.
    • Jul 21, 2016
  • Welspun layoffs: Another example of corporate welfare folly

    Layoffs at the Welspun pipe plant in Little Rock are a reminder of the folly of corporate welfare and the inability of Arkansas to separate itself from global economic forces. See the Fayetteville shale. And keep a watchful eye on that Sun Paper pulp mill proposed near Arkadelphia.
    • Jul 21, 2016
  • Hamburg bank manager gets 21 months for theft

    Melinda Gwin, 49, of Hamburg has been sentenced to 21 months in federal prison and ordered to repay $210,875 stolen from the First National Bank of Crossett. She was sentenced in El Dorado federal court, according to a Justice Department news release.
    • Jul 21, 2016
  • More »

Readers also liked…

  • Marriage is so sacred in Arkansas people do it over and over again

    Arkansas leads the country in multiple marriages, including in the percentage who've been married three or more times. And they say it is the gay people who are ruining marriage.
    • Mar 13, 2015
  • The Koch Party: Inside the oligarchs' political machine

    Politico delves deeply into the political machine begin built with the Koch brothers' fortune — a data-driven colossus for voter identification and turnout that has eclipsed Republican Party machinery to the extent that people like Tom Cotton used it over party tools.
    • Dec 14, 2014
  • The bigots-are-going-to-be-bigots open line

    The Baptist bigots won't settle for any compromise on a new Fayetteville city rights ordinance. Christians who want to discriminate against gay people must be protected.
    • Dec 21, 2014

Most Shared

  • Tackling autism, child by child

    An Arkansas Children's Hospital doctor is testing a new drug that targets one of a host of ailments the highly individual disorder can cause.
  • 1957 all over again

    Last week, the State Board of Education voted to ignore federal courts and allow school district transfers that will encourage segregation.
  • Death penalty lives

    Barely clinging to its flagging life, the death penalty got a merciful reprieve last month from the unlikeliest quarter, the Arkansas Supreme Court.
  • Drinking culture

    Here we go again. At the rate these campus sexual abuse sagas are making news, it's reasonable to ask what college administrators can possibly be thinking about.

Most Viewed

Most Recent Comments

Blogroll

 

© 2016 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation