Corona Beer, Jared Kushner, and the Coronavirus
It must really suck to be Corona beer right now. A pale lager loved by beer drinkers, Corona beer has the unfortunate distinction of being associated by name with the worldwide pandemic of the coronavirus. How did this happen?
The word “corona” refers to a crown or the gaseous envelope that looks like a glowing circle of light (a halo) around the sun or stars: a fitting name for a beer bottled in clear glass that would go on to become the top selling imported beer in the United States.
Now owned by Anheiser Busch (a multinational drink and brewing company based in Belgium), the maker of Corona beer, Grupo Modelo has temporarily suspended production of Corona beer in Mexico because the government has ordered nonessential businesses to close in response to the spread of the coronavirus (note: there are those who believe the making of beer is essential even if the government doesn’t agree) but having a product labeled “Corona” when a virus called “coronavirus” is wreaking havoc upon the world doesn’t make for a happy retail situation. Read more 
Executive Compensation at Northwell Health
Northwell Health is New York’s largest healthcare provider with 23 hospitals and 750 outpatient facilities with more than 68,000 employees across the network (which includes many organizations).
The focus of this post is on the executive compensation of Northwell Healthcare, Inc., a non-profit, tax-exempt 501 (c) (3) based in Westbury, New York with 6,929 employees who were compensated $543 million in 2017, which equates to an average compensation of $78,400.
1,302 employees received more than $100,000 in compensation with the 23 most highly compensated employees reported (from the Form 990 submitted to the IRS for 2017) to be: Read more
Executive Compensation at Intermountain Healthcare (2017)
Intermountain Healthcare refers to a large healthcare system (22 hospitals and nearly 200 clinics) based in Salt Lake City, Utah. Although there are numerous non-profits under the Intermountain Healthcare system, the primary entities include IHC Health Services, Inc. and the Intermountain Healthcare Foundation, Inc. – both of whom operate out of the same office.
In short, IHC Health Services, Inc. reported $6 billion in revenue in 2017. Expenses were $5.5 billion (including $277 million in depreciation) which helped the organization (along with nearly $400 million in net unrealized gains on investments) to increase the general fund (or net fund assets) by nearly $1 billion in 2017 from $5.6 billion to $6.5 billion.
In 2017, IHC Health Services, Inc. employed 44,323 individuals who were compensated nearly $2.8 billion, which equates to an average compensation of $63,200.
4,209 employees received more than $100,000 in compensation with the 28 most highly compensated employees listed below: Read more
Executive Compensation at the Greater New York Hospital Association
Listening to Andrew Cuomo, the governor of New York, talk about the logistic nightmare of working with hospitals in the greater New York area made me curious to know more.
At the core of the problem is a hospital system where there are 2 types of hospitals: public (which tend to be more overwhelmed right now) and private. These two separate hospital systems don’t generally work together since public hospitals are tax-exempt while private hospitals are driven by profitability.
Although public hospitals are usually referred to as non-profit hospitals, the words “non-profit” refer to their tax exempt status, not a propensity to avoid making a profit. A non-profit can report a profit; they just don’t pay taxes on the profit. Instead, the profit is treated as an addition to the general fund or what many people refer to as the endowment. In a non-profit, the wealth stays in the organization for the ultimate benefit of those served while in a for-profit, the wealth is shared by the owners or shareholders. Read more
Executive Compensation at Dairy Management Inc (DMI) 2017
Dairy Management Inc (DMI) is the big organization that most people haven’t heard of because unless you’re a dairy farmer, work in the dairy industry, or work in the corporate offices of Pizza Hut, Taco Bell, or KFC, you would have no reason to know that this non-profit, tax-exempt 501 (c) (6) is the most powerful non-profit dairy organization in the country.
Considered a “check-off” program authorized by Congress but responsible to their members, DMI’s mission is to increase consumption of dairy products by finding more ways to get dairy products to the public including assisting fast food companies with menu items. Read more
Where Does Revenue to Dairy Management Inc (DMI) Go?
Dairy Management Inc (DMI) is a non-profit, tax-exempt 501 (c) (6) whose purpose is to promote dairy products in order to increase consumption of dairy products. Funded by a mandate by Congress, DMI is what is referred to as a “check off program” where all producers have to contribute funds for the good of the industry. Dairy farmers are required to contribute 15 cents per 100 pounds (foreign dairy farmers are required to contribute 7.5 cents per 100 pounds) which equates to about 1.5 cents per gallon of milk.
In 2017, DMI reported total revenue of $155 million, most of which came from program and core funding revenue. Expenses were $155 million and were categorized as follows: Read more
A Novel Idea for Non-Profits: Continue to Pay Your Employees
Watching this country fall apart from the devastation of the coronavirus has made me realize how shockingly fragile all our lives are. It doesn’t matter what socio-economic group people are in because the virus doesn’t discriminate but for those who are barely making ends meet or don’t have a safety net, the effects of this virus are disastrous economically. Read more
Some Humor in These Times
Last week, my television started acting up which normally isn’t a big deal but with being isolated at home, the television has become more important. In truth, CNN has been my lifeline to the outside world keeping me informed.
The picture started changing into static lines of multicolored rainbows and I kept getting a message telling me to check the connection with the receiver, an error referred to as “771.” After verifying the cables were hooked up correctly, my husband called the cable company and spoke to a guy in the technical assistance department who walked him through all sorts of troubleshooting options before deciding we need a service call. Read more
Executive Compensation at the Robin Hood Foundation (2018)
The Robin Hood Foundation (RHF) – a 501 (c) (3) based in New York City – is an organization that primarily awards grants to organizations fighting poverty by providing food, shelter, and healthcare and by helping people lift themselves out of poverty. They do this primarily by awarding grants (in 2018, the organization collected $133 million in revenue and awarded $173 million in grants – $40 million more than the organization raised).
In 2018, RHF had 135 employees who were compensated $18 million, which equates to an average compensation of $136,000. However, only 54 employees received more than $100,000 in compensation. The 12 most highly compensated individuals were: Read more
Where Do Donations to the Robin Hood Foundation Go (2018)?
The Robin Hood Foundation (RHF) is not a “rob from the rich, give to the poor” organization although RHF is known for having a wealthy Board of Directors who financially support the organization so that donations can be used to help alleviate poverty in New York City. How does RHF do this? Primarily by providing grants to other non-profits who provide food, shelter and health services along with education so that people can lift themselves out of poverty.
In a sense, RHF is a “United Way” for non-profits in New York City whose focus is on poverty. They solicit grants, screen the organizations, and disburse donations in the form of grants. Unlike United Way, the RHF states “100% of your donation goes directly to our community partners” on the front page of their website (www.robinhood.org) because “Robin Hood’s Board of Directors underwrites all operating costs.” That’s an amazing claim, especially for donors who are interested in their dollars going as far as possible to help alleviate poverty in a city where 1 in 5 people are estimated to live in poverty. Read more
Paddock Post 