MUScoop
MUScoop => Hangin' at the Al => Topic started by: Dr. Blackheart on May 29, 2016, 05:03:43 PM
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Marquette just posted their IRS Form 990, which covers their academic year of 7/1/14 through 6/30/15. JayBee will chime in with all the caveats, but this covers Wojo's first full year of compensation, remembering he has been extended since.
Wojo's base salary is listed as $1,186,158 plus $37,872 in other benefits for a total of $1,224,030 in compensation.
Buzzard still received $478,480 in compensation and benefits, even though he left in March 2014 and didn't work in this fiscal year.
Marquette was still paying severance for the Pilarz disaster to DiStanislao ($325,000), Larry Williams ($390,696), and Kliebhan ($393,667) as it related to MU and MUAD. At least Pilarz still isn't getting a stipend like last year.
Cords got paid $293,742 for his mop up duty of this mess.
So, MU paid $1.9 million to employees long gone to get that mess behind them. We were left to flush the toilet.
http://www.marquette.edu/financeoffice/documents/FY15finalPUBLIC.pdf
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I need to find a gig where they ask me to leave, and then pay me another $300-500k!
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How can buzz break his contract but then still get paid?
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It's likely deferred compensation of some sort.
I notice that Wojo just got paid straight cash. Nothing that I could see like Team Buzz Williams, LLC.
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Oh and Buzz never "broke his contract."
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How can buzz break his contract but then still get paid?
Could be something as simple as bonuses paid out for NCAA tournament wins, but paid out over a period of time instead of lump sums. Just because Buzz/VPI paid the buyout to release him doesn't mean he's not owed the bonuses.
Not saying that's the actual reason, but it's a reasonable explanation.
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How can buzz break his contract but then still get paid?
It was reported at the time that Buzz had a clause that said when the AD left that his buyout dropped to $100,000. While that was intended for Cottingham, it was still in place when Larry left. So, Buzz didn't break the contract.
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Buzz breached the contract thereby invoking the terms of the liquidated damages clause.
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Buzz breached the contract thereby invoking the terms of the liquidated damages clause.
Was quoting Goodman, NBC and others...could be Buzz spin but all quote the $100k number.
Buzz Williams to coach Hokies http://espn.go.com/mens-college-basketball/story/_/id/10648381/buzz-williams-leave-marquette-golden-eagles-coach-virginia-tech-hokies via @ESPN App http://espn.go.com/mens-college-basketball/story/_/id/10648381/buzz-williams-leave-marquette-golden-eagles-coach-virginia-tech-hokies
http://www.thesportsbank.net/college-bball/buzz-williams-leaving-marquette-438/
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Buzz breached the contract thereby invoking the terms of the liquidated damages clause.
I think if we knew the real truth it might be that MU wanted him gone. The last compensation might be the difference between what he would of been paid at MU vs. what he was paid the first year at Virginia Tech.
That would explain why Buzz left for a lower paying job at less successful basketball school.
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Marquette just posted their IRS Form 990, which covers their academic year of 7/1/14 through 6/30/15. JayBee will chime in with all the caveats, but this covers Wojo's first full year of compensation, remembering he has been extended since.
Wojo's base salary is listed as $1,186,158 plus $37,872 in other benefits for a total of $1,224,030 in compensation.
Buzzard still received $478,480 in compensation and benefits, even though he left in March 2014 and didn't work in this fiscal year.
Marquette was still paying severance for the Pilarz disaster to DiStanislao ($325,000), Larry Williams ($390,696), and Kliebhan ($393,667) as it related to MU and MUAD. At least Pilarz still isn't getting a stipend like last year.
Cords got paid $293,742 for his mop up duty of this mess.
So, MU paid $1.9 million to employees long gone to get that mess behind them. We were left to flush the toilet.
http://www.marquette.edu/financeoffice/documents/FY15finalPUBLIC.pdf
I am not sure why you believe that Father Pilarz alone is responsible. It's not like he made these HR decisions by himself. A university hire, for example has more fingerprints on it than a hire by just about any other kind of organization. He may have wanted these decisions to be made; he may have, in fact, aggressively campaigned for those decisions. But ultimately, they are made by the BOT and the high-level leadership team.
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Marquette just posted their IRS Form 990, which covers their academic year of 7/1/14 through 6/30/15. JayBee will chime in with all the caveats, but this covers Wojo's first full year of compensation, remembering he has been extended since.
Wojo's base salary is listed as $1,186,158 plus $37,872 in other benefits for a total of $1,224,030 in compensation.
Buzzard still received $478,480 in compensation and benefits, even though he left in March 2014 and didn't work in this fiscal year.
Marquette was still paying severance for the Pilarz disaster to DiStanislao ($325,000), Larry Williams ($390,696), and Kliebhan ($393,667) as it related to MU and MUAD. At least Pilarz still isn't getting a stipend like last year.
Cords got paid $293,742 for his mop up duty of this mess.
So, MU paid $1.9 million to employees long gone to get that mess behind them. We were left to flush the toilet.
http://www.marquette.edu/financeoffice/documents/FY15finalPUBLIC.pdf
MU is a highly profitable organization. We made 48 Million tax free this year up from 35 million tax free last year.
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I think if we knew the real truth it might be that MU wanted him gone. The last compensation might be the difference between what he would of been paid at MU vs. what he was paid the first year at Virginia Tech.
That would explain why Buzz left for a lower paying job at less successful basketball school.
I find this incredibly unlikely. In fact the public info from VPI indicates this isn't even close to being true.
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It was reported at the time that Buzz had a clause that said when the AD left that his buyout dropped to $100,000. While that was intended for Cottingham, it was still in place when Larry left. So, Buzz didn't break the contract.
Did you factor in settlement costs for sexual assaults back in the day as well?
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Marquette just posted their IRS Form 990, which covers their academic year of 7/1/14 through 6/30/15. JayBee will chime in with all the caveats, but this covers Wojo's first full year of compensation, remembering he has been extended since.
Wojo's base salary is listed as $1,186,158 plus $37,872 in other benefits for a total of $1,224,030 in compensation.
Buzzard still received $478,480 in compensation and benefits, even though he left in March 2014 and didn't work in this fiscal year.
Marquette was still paying severance for the Pilarz disaster to DiStanislao ($325,000), Larry Williams ($390,696), and Kliebhan ($393,667) as it related to MU and MUAD. At least Pilarz still isn't getting a stipend like last year.
Cords got paid $293,742 for his mop up duty of this mess.
So, MU paid $1.9 million to employees long gone to get that mess behind them. We were left to flush the toilet.
http://www.marquette.edu/financeoffice/documents/FY15finalPUBLIC.pdf
Kliebhan has been gone since 2011, right?
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Kliebhan has been gone since 2011, right?
Yep. "Retired"
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I am not sure why you believe that Father Pilarz alone is responsible. It's not like he made these HR decisions by himself. A university hire, for example has more fingerprints on it than a hire by just about any other kind of organization. He may have wanted these decisions to be made; he may have, in fact, aggressively campaigned for those decisions. But ultimately, they are made by the BOT and the high-level leadership team.
Yes, this was Team ClusterF*ck. That said, Mary was Scott's childhood friend and she was close with Larry from Notre Dame. Do you honestly believe an independent board selected these two out of a group line up?
The board holds in trust Marquette’s human, physical, and financial and assets for future generations. The trustees are stewards of Marquette’s Catholic and Jesuit identity. They establish policies on university strategy, financial management, fundraising, investments, property and assets. The board is responsible for hiring and evaluating the university’s president. The day-to-day administration of Marquette is the responsibility of the university president and his leadership team.
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MU is a highly profitable organization. We made 48 Million tax free this year up from 35 million tax free last year.
That $1.9 million represents 48 scholarships.
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Yes, this was Team ClusterF*ck. That said, Mary was Scott's childhood friend and she was close with Larry from Notre Dame. Do you honestly believe an independent board selected these two out of a group line up?
Larry was one of over 75 candidates looked at, though about 8 to 10 were serious. I have a good friend that was a candidate, he currently resides at a level in professional sports that would qualify him as an equal to an AD. He is an MU grad. One of those 8 to 10.
Williams never even met Pilarz until about 2 weeks prior to being hired. Allie McGuire chaired the search committee.
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Larry was one of over 75 candidates looked at, though about 8 to 10 were serious. I have a good friend that was a candidate, he currently resides at a level in professional sports that would qualify him as an equal to an AD. He is an MU grad. One of those 8 to 10.
Williams never even met Pilarz until about 2 weeks prior to being hired. Allie McGuire chaired the search committee.
I am not sure of your point. As I stated, Mary worked closely with Larry for multiple years at Notre Dame, and she was Pilarz's childhood friend. If you think that was a coincidence, so be it. In any regard, Pilarz hired those both as was his charge.
Back to the the topic. MU is still paying for all those mistakes as well as the separation of those others all involved in that cluster.
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How can buzz break his contract but then still get paid?
The hillbilly lonesome cowboy who was and is a big time fake. Just as this evidence shows. And because he was shown the door that hit him the ass, weighed down by all those zoidies.
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I am not sure of your point. As I stated, Mary worked closely with Larry for multiple years at Notre Dame, and she was Pilarz's childhood friend. If you think that was a coincidence, so be it. In any regard, Pilarz hired those both as was his charge.
Back to the the topic. MU is still paying for all those mistakes as well as the separation of those others all involved in that cluster.
Wait... are you telling me Chicos shoehorned in a name drop where it was tangentially related at best? I'm shocked!
The point, as always, is Chicos Knows People. Just ask him. He's done business with Donny Deutsch for years, he shared cheese fries with Michael Dukakis' nephew in a corporate box, and his close personal friend is the Equivalent to the Collegiate AD Position in Professional Sports Who Was Also One of 10 Finalists for the MU AD Position. He can get you any of their autographs upon request.
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I am not sure of your point. As I stated, Mary worked closely with Larry for multiple years at Notre Dame, and she was Pilarz's childhood friend. If you think that was a coincidence, so be it. In any regard, Pilarz hired those both as was his charge.
I'm not sure Chicos has a full understanding of what a search committee does. Allie McGuire wasn't making the hire. They would screen candidates and make recommendations, but in the end they will let the supervisor hire the guy he wants as long as he is qualified.
BTW, there was nothing in Larry's background to suggest he would be a poor candidate...at least to an outsider like me. In the end it was the Pilarz presidency that was the root of many of Marquette's woes.
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Wait... are you telling me Chicos shoehorned in a name drop where it was tangentially related at best? I'm shocked!
The point, as always, is Chicos Knows People. Just ask him. He's done business with Donny Deutsch for years, he shared cheese fries with Michael Dukakis' nephew in a corporate box, and his close personal friend is the Equivalent to the Collegiate AD Position in Professional Sports Who Was Also One of 10 Finalists for the MU AD Position. He can get you any of their autographs upon request.
stop...chicos is the donald trump of this board.
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MU is a highly profitable organization. We made 48 Million tax free this year up from 35 million tax free last year.
I just spent the last month filling out 990s. You are either unnecessarily snarky or don't know what you are talking about.
All donations have to be recorded as revenue whether they are immediately spent or not. If you dig into the the details, you will notice that there was $26 million contributed to endowment funds in 2015. That is money that is not meant to go straight back out as expense. If you assume that Marquette only spends the investment income off of endowments, all contributions to endowment funds would be pure "profit".
My guess is a lot of the rest were capital campaign contributions. You have to recognize it in the year that either the money is received, or on a pledge, all conditions have been met to receive the money. However, the expense is recognized over the life of the asset. As a simple example, let's assume that in the year the law school was completed, the Ecksteins gave Marquette $50 million to pay for it. The building has an estimated useful life of 50 years. In that example, Marquette would show revenue of $50 million, but expense of only $1 million ($50 million/50 years = $1 miilion/year of depreciation), for a tidy "profit" of $49 million for that year.
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I just spent the last month filling out 990s. You are either unnecessarily snarky or don't know what you are talking about.
All donations have to be recorded as revenue whether they are immediately spent or not. If you dig into the the details, you will notice that there was $26 million contributed to endowment funds in 2015. That is money that is not meant to go straight back out as expense. If you assume that Marquette only spends the investment income off of endowments, all contributions to endowment funds would be pure "profit".
My guess is a lot of the rest were capital campaign contributions. You have to recognize it in the year that either the money is received, or on a pledge, all conditions have been met to receive the money. However, the expense is recognized over the life of the asset. As a simple example, let's assume that in the year the law school was completed, the Ecksteins gave Marquette $50 million to pay for it. The building has an estimated useful life of 50 years. In that example, Marquette would show revenue of $50 million, but expense of only $1 million ($50 million/50 years = $1 miilion/year of depreciation), for a tidy "profit" of $49 million for that year.
Which is why you have to pay attention to the cash flow statements too right? In your above example, the $49 million would turn from a cash asset to a building asset. And in your endowment example, the cash is turned into an investment.
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Marquette just posted their IRS Form 990, which covers their academic year of 7/1/14 through 6/30/15. JayBee will chime in with all the caveats, but this covers Wojo's first full year of compensation, remembering he has been extended since.
Wojo's base salary is listed as $1,186,158 plus $37,872 in other benefits for a total of $1,224,030 in compensation.
Buzzard still received $478,480 in compensation and benefits, even though he left in March 2014 and didn't work in this fiscal year.
Folks, slow down.
The 990 is for MU's fiscal year ended 6/30/15, HOWEVER... much of the compensation information (e.g., Schedule J, PART VII a., etc.) is based on amounts included on W-2's (~calendar year).
So, what W-2 falls into MU's year ended 6/30/15?
The calendar 2014 W-2.
Buzz was coach until early spring. Thus, you see an amount as being paid to him.
Wojo was coach for part of the year. Thus, you see what may look like a low amount being paid to him. It's a partial year.
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Folks, slow down.
The 990 is for MU's fiscal year ended 6/30/15, HOWEVER... much of the compensation information (e.g., Schedule J, PART VII a., etc.) is based on amounts included on W-2's (~calendar year).
So, what W-2 falls into MU's year ended 6/30/15?
The calendar 2014 W-2.
Buzz was coach until early spring. Thus, you see an amount as being paid to him.
Wojo was coach for part of the year. Thus, you see what may look like a low amount being paid to him. It's a partial year.
Good point, Jay Bee.
Luckily, my organization is on a calendar year, but as an accountant, i always found it frustrating that you couldn't tie the W-2 numbers to the income statement on a non-calendar-year organization.
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Back to the the topic. MU is still paying for all those mistakes as well as the separation of those others all involved in that cluster.
You've never worked for a university have you? Much worse clusters than this exist at almost every university. Hell, look what's going on at Baylor right now.
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Good point, Jay Bee.
Luckily, my organization is on a calendar year, but as an accountant, i always found it frustrating that you couldn't tie the W-2 numbers to the income statement on a non-calendar-year organization.
My favorite for corporate reporting is the ol' 52/53-week convention. Want to talk about ASC 2016-09? We need an accounting message board on Scoop.
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Back to Wojo's contract... now, remember without seeing the contract... reading the contract.. understanding the contract.. it's not possible to be sure what the reported numbers mean. There are so many provisions in contracts that can make the payout and/or reported earnings in a single year only a part of the story.
For example, he may have a stay bonus... something like, "if you're still employed on April 30, 2018, you'll get $600k"...
BUT.. I will say.. if we assume Wojo was paid a base of around $1.2MM for approximately 9 months in calendar 2014 and we annualize it to $1.6MM... that amount is right in line with where I'd expect his contract to be based on his resume coming in. Completely reasonable.
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You've never worked for a university have you? Much worse clusters than this exist at almost every university. Hell, look what's going on at Baylor right now.
True, but the topic is on Marquette and these folks were all fired/separated.
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My favorite for corporate reporting is the ol' 52/53-week convention. Want to talk about ASC 2016-09? We need an accounting message board on Scoop.
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Back to Wojo's contract... now, remember without seeing the contract... reading the contract.. understanding the contract.. it's not possible to be sure what the reported numbers mean. There are so many provisions in contracts that can make the payout and/or reported earnings in a single year only a part of the story.
For example, he may have a stay bonus... something like, "if you're still employed on April 30, 2018, you'll get $600k"...
BUT.. I will say.. if we assume Wojo was paid a base of around $1.2MM for approximately 9 months in calendar 2014 and we annualize it to $1.6MM... that amount is right in line with where I'd expect his contract to be based on his resume coming in. Completely reasonable.
I think this logic is about right. However, in the previous 990, Wojo isn't listed where Chew is. Buzz made $3.3M in that one. I believe this 990 is on an accrural basis as well which may explain Buzz's further compensation. The previous their players, except Cords are listed a severance payments.
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I think this logic is about right. However, in the previous 990, Wojo isn't listed where Chew is. Buzz made $3.3M in that one. I believe this 990 is on an accrural basis as well which may explain Buzz's further compensation. The previous their players, except Cords are listed a severance payments.
No. The largest amount you point out in your original post is false. You do not understand the document that you're reading and are jumping to poor and inaccurate conclusions.
Buzzard still received $478,480 in compensation and benefits, even though he left in March 2014 and didn't work in this fiscal year.
Again (see my earlier posts in this thread), the numbers you're citing from the fiscal year ended 6/30/15 are from calendar year 2014. So, all or most of the amounts listed for Buzz are just his normal salary from when he was employed as coach at MU.
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Wait... are you telling me Chicos shoehorned in a name drop where it was tangentially related at best? I'm shocked!
That's awesome....especially since I didn't name drop on this one. LOL. Please show me where I named the person who was in the final listing?
Crickets.....
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I am not sure of your point. As I stated, Mary worked closely with Larry for multiple years at Notre Dame, and she was Pilarz's childhood friend. If you think that was a coincidence, so be it. In any regard, Pilarz hired those both as was his charge.
Back to the the topic. MU is still paying for all those mistakes as well as the separation of those others all involved in that cluster.
Blackheart, maybe I read it wrong, but it feels like you are saying it was a done deal and they had their guy from the get go because of Mary.
I'm suggesting it wasn't nearly so neat and tidy like that.....that is very much on topic, IMO.
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I believe this 990 is on an accrural basis as well which may explain Buzz's further compensation.
It's not on an accrural (sic) or accrual basis. This misunderstanding of yours resulted in misstatement of facts in the original post of this thread.
From the 2015 Instructions for Schedule J (irs.gov if you want to double check for yourself):
(http://i.imgur.com/9tNeh7v.png?1)
The calendar year that ended in MU's FY ended 6/30/15 was 2014.
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I'm not sure Chicos has a full understanding of what a search committee does. Allie McGuire wasn't making the hire. They would screen candidates and make recommendations, but in the end they will let the supervisor hire the guy he wants as long as he is qualified.
BTW, there was nothing in Larry's background to suggest he would be a poor candidate...at least to an outsider like me. In the end it was the Pilarz presidency that was the root of many of Marquette's woes.
I'm quite aware, and have been on two committees myself. I know Allie wasn't making the hire nor is the search committee one that makes the hire. Now, the search committee can have a vote in the process, depending how the structure of the hiring is setup. Different ways of doing it.
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stop...chicos is the donald trump of this board.
You're the Hillary Clinton of this board.
Also, no politics please...
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I need to find a gig where they ask me to leave, and then pay me another $300-500k!
Look at virtually every corporate CEO in America that gets showns the door. Golden parachutes galore.
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Look at virtually every corporate CEO in America that gets showns the door. Golden parachutes galore.
Average CEO pay is $160K
http://www.payscale.com/research/US/Job=Chief_Executive_Officer_(CEO)/Salary
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Except this: http://www.nytimes.com/interactive/2016/05/29/business/how-much-ceos-made-last-year.html
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Except this: http://www.nytimes.com/interactive/2016/05/29/business/how-much-ceos-made-last-year.html
This isn't what they were paid, however.
If I give you a stock option grant that is valued (based somewhat on subjective assumptions) at $1,000,000 today, but the award doesn't vest for 4 years and only vests if the company meets certain performance criteria -- otherwise, it's worth $0 to you, were you really paid $1,000,000 in 2016?
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This isn't what they were paid, however.
If I give you a stock option grant that is valued (based somewhat on subjective assumptions) at $1,000,000 today, but the award doesn't vest for 4 years and only vests if the company meets certain performance criteria -- otherwise, it's worth $0 to you, were you really paid $1,000,000 in 2016?
True, though cash payments for those on that list are still "slightly" higher than the averages from your source... ;)
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True, though cash payments for those on that list are still "slightly" higher than the averages from your source... ;)
That goofy Payscale site isn't my source -- that was chico's post.
Nonetheless, the public is unable to understand proxy summary compensation disclosures vs. what's been paid or earned.
Here's what people lump in together as being the exact same things:
1) $5,000,000 in cash, paid today, and
2) Stock options valued under the Black-Scholes method at $5,000,000. These stock options only vest and become exercisable if (a) you stay employed for the next 4 years and (b) the company meets various performance criteria over that period. Otherwise, those options are never exercisable for you and go bye bye. In addition, if the company's stock doesn't perform, the options - even if (a) and (b) above are met, will be worthless.
Call me kooky, but I'd take 1) over 2).
The NY times link counts them as being the same thing.
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That goofy Payscale site isn't my source -- that was chico's post.
Nonetheless, the public is unable to understand proxy summary compensation disclosures vs. what's been paid or earned.
Here's what people lump in together as being the exact same things:
1) $5,000,000 in cash, paid today, and
2) Stock options valued under the Black-Scholes method at $5,000,000. These stock options only vest and become exercisable if (a) you stay employed for the next 4 years and (b) the company meets various performance criteria over that period. Otherwise, those options are never exercisable for you and go bye bye. In addition, if the company's stock doesn't perform, the options - even if (a) and (b) above are met, will be worthless.
Call me kooky, but I'd take 1) over 2).
The NY times link counts them as being the same thing.
Know all that very well, including the Black-Scholes modeling. Right now, I would take 1) as well. My answer may have been significantly different 10 or 15 years ago though.
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That's awesome....especially since I didn't name drop on this one. LOL. Please show me where I named the person who was in the final listing?
Crickets.....
Your defense is pedantry?
Ha okay, you did not technically use the person's name in the post I quoted. My apologies.
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Except this: http://www.nytimes.com/interactive/2016/05/29/business/how-much-ceos-made-last-year.html
Except there aren't 200 CEOs in this country....more like 200,000. Good to see my industry has 20+ in that list. Looks I chose wisely.
I'll bet if we look at the top lawyers paid in this country the amounts would be insane...same for doctors, athletes, actors....and yes, top CEOs.
Avg CEO pay....$160k. I'm guessing avg attorney salary also much lower than the top 200. ;)
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This isn't what they were paid, however.
If I give you a stock option grant that is valued (based somewhat on subjective assumptions) at $1,000,000 today, but the award doesn't vest for 4 years and only vests if the company meets certain performance criteria -- otherwise, it's worth $0 to you, were you really paid $1,000,000 in 2016?
Details details.
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True, though cash payments for those on that list are still "slightly" higher than the averages from your source... ;)
My source, but the avg American, or avg Scooper isn't capable of understanding there are several hundred thousand CEO's in this country, not a few hundred. Details...details.
Here's another source....The Bureau of Labor Statistics. Avg pay of CEOs is $178k, almost 250K positions.
https://www.aei.org/publication/the-average-us-ceo-last-year-made-only-178400-about-the-same-as-a-dentist-and-got-a-raise-of-less-than-1/
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My source, but the avg American, or avg Scooper isn't capable of understanding there are several hundred thousand CEO's in this country, not a few hundred. Details...details.
Actually, there are millions. Just ask my wife. :)
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True, but the topic is on Marquette and these folks were all fired/separated.
Oh I get that. My post was meant to try to keep things in context. I feel that scoop in general (not you specifically) often have anti Marquette administration agenda. I was just trying to keep the context that these kinds of situations are very common at universities and while not good, should not be viewed as a huge black eye to Marquette. Discussion of it is absolutely merited, just trying to keep the context.
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Oh I get that. My post was meant to try to keep things in context. I feel that scoop in general (not you specifically) often have anti Marquette administration agenda. I was just trying to keep the context that these kinds of situations are very common at universities and while not good, should not be viewed as a huge black eye to Marquette. Discussion of it is absolutely merited, just trying to keep the context.
Except that the highest $ individual on his list simply was being paid when he was an employee. The claim of the OP was based on his own mistake, not reality. There's no merit in that!
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Except this: http://www.nytimes.com/interactive/2016/05/29/business/how-much-ceos-made-last-year.html
I guess I should have said Fortune 500 companies as this guy digs up a site that includes every CEO in America. If we are a Top 500 University, then compare to Top 500 CEO's.
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Actually, there are millions. Just ask my wife. :)
There are...I'd agree with her. 27 million private firms in this country, let alone the CEO in the home....my wife, your wife, etc.
;)
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I guess I should have said Fortune 500 companies as this guy digs up a site that includes every CEO in America. If we are a Top 500 University, then compare to Top 500 CEO's.
Even then, there are millions of companies/firms in this country, only 2,600 universities.
Fortune 500 CEOs are going to be compensated (much of it in stock performance) because there are only 500 of them, and they are responsible for generating trillions of dollars in value to the US and world economies. Just as athletes in pro sports....there are only a few of them, they're going to get compensated accordingly. Supply and demand.
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I just spent the last month filling out 990s. You are either unnecessarily snarky or don't know what you are talking about.
All donations have to be recorded as revenue whether they are immediately spent or not. If you dig into the the details, you will notice that there was $26 million contributed to endowment funds in 2015. That is money that is not meant to go straight back out as expense. If you assume that Marquette only spends the investment income off of endowments, all contributions to endowment funds would be pure "profit".
My guess is a lot of the rest were capital campaign contributions. You have to recognize it in the year that either the money is received, or on a pledge, all conditions have been met to receive the money. However, the expense is recognized over the life of the asset. As a simple example, let's assume that in the year the law school was completed, the Ecksteins gave Marquette $50 million to pay for it. The building has an estimated useful life of 50 years. In that example, Marquette would show revenue of $50 million, but expense of only $1 million ($50 million/50 years = $1 miilion/year of depreciation), for a tidy "profit" of $49 million for that year.
The revenue expense numbers are consistent from year to year. The contributions you cite also become assets. The change in net assets was a positive 41 million. I think we are doing well.
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The revenue expense numbers are consistent from year to year. The contributions you cite also become assets. The change in net assets was a positive 41 million. I think we are doing well.
We are indeed doing well. But it isn't really accurate or appropriate to call it "profitable".
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We are indeed doing well. But it isn't really accurate or appropriate to call it "profitable".
Yes we are a non profit organization. I am delighted we are not sucking wind though.
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I think if we knew the real truth it might be that MU wanted him gone. The last compensation might be the difference between what he would of been paid at MU vs. what he was paid the first year at Virginia Tech.
That would explain why Buzz left for a lower paying job at less successful basketball school.
This is a really good point. I'm personally of the opinion that 60% chance Buzz left, 40% chance MU told him he'd be done at the end of the season. Neither would really shock me.
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This is a really good point. I'm personally of the opinion that 60% chance Buzz left, 40% chance MU told him he'd be done at the end of the season. Neither would really shock me.
No. It's a terrible point and completely inaccurate. And Buzz was not "told he'd be done at the end of the season."
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Except there aren't 200 CEOs in this country....more like 200,000. Good to see my industry has 20+ in that list. Looks I chose wisely.
More like, "looks like those 20+ CEOs chose the right industry." Didn't see you on that list?
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No. It's a terrible point and completely inaccurate. And Buzz was not "told he'd be done at the end of the season."
I probably missed it - was something sourced that confirms that?
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I probably missed it - was something sourced that confirms that?
They didn't go out of the way to make him happy. They never asked him to leave.
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More like, "looks like those 20+ CEOs chose the right industry." Didn't see you on that list?
(https://ionesfly.files.wordpress.com/2016/01/85915-wendell-pierce-gif-lwn2.gif?w=346&h=201)
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Average CEO pay is $160K
http://www.payscale.com/research/US/Job=Chief_Executive_Officer_(CEO)/Salary
What kind of CEO are you talking.....That seems awfully light.....Are you averaging people that call themselves CEO's at a soon to be doomed....."I just started my own company CEO's"......(for tax purposes)
I know 4......2 big guys (Fortune 200).....1 small company (200 employees).....and one owner/CEO......and none is reimbursed less than 4X the number you quoted.....and that is without profit sharing/performance bonuses.....That is base.....
A manager with regional responsibility gets "base" renumeriated in that area.....or should......
and PS.....Given that my spouse is an HR exec.....and have listenned to 25 years of stories.....This MU cluster would be considered a mess.....Don't know who was the genius.....Probably several.....Given that.....MU does not have a masters level HR program of note.....
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No. It's a terrible point and completely inaccurate. And Buzz was not "told he'd be done at the end of the season."
Accurate, but there was 'dancing in the halls' at Zilber.
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Accurate, but there was 'dancing in the halls' at Zilber.
The basketball program hasn't even been invited to a sock hop since. Maybe the folks at Zilber will be "dancing in the streets" rather than the halls soon.
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What kind of CEO are you talking.....That seems awfully light.....Are you averaging people that call themselves CEO's at a soon to be doomed....."I just started my own company CEO's"......(for tax purposes)
I know 4......2 big guys (Fortune 200).....1 small company (200 employees).....and one owner/CEO......and none is reimbursed less than 4X the number you quoted.....and that is without profit sharing/performance bonuses.....That is base.....
A manager with regional responsibility gets "base" renumeriated in that area.....or should......
and PS.....Given that my spouse is an HR exec.....and have listenned to 25 years of stories.....This MU cluster would be considered a mess.....Don't know who was the genius.....Probably several.....Given that.....MU does not have a masters level HR program of note.....
Click the links, straight forward what I'm talking about. Chief Executive Officer of a company. People focus in on only the Fortune 500 companies, but there are CEOs of companies big and small all over this country. That's the problem, people aren't capable or forget this, even though the vast vast vast majority of CEOs make less then their neighborhood Orthodontist. There's a reason why people don't want to look at the entire picture and all the stats.
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Click the links, straight forward what I'm talking about. Chief Executive Officer of a company. People focus in on only the Fortune 500 companies, but there are CEOs of companies big and small all over this country. That's the problem, people aren't capable or forget this, even though the vast vast vast majority of CEOs make less then their neighborhood Orthodontist. There's a reason why people don't want to look at the entire picture and all the stats.
Chicos, the pedantic sea lion
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The basketball program hasn't even been invited to a sock hop since. Maybe the folks at Zilber will be "dancing in the streets" rather than the halls soon.
There was nobody in the halls at Zilber at the time. Felt like Detroit.
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Chicos, the pedantic sea lion
Nothing pedantic about it. People use CEO pay to try and make a point (a wrong one), but the facts are the point is lost when what they truly mean are a handful of CEOs.....which are paid accordingly because of what they do and the talents they have....no different than the top ball players, actors, etc.
(http://s2.quickmeme.com/img/42/428c2a94768f80615f741c5753a3ba272c752d1850e47bfe299f7f09092b0829.jpg)
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I need to find a gig where they ask me to leave, and then pay me another $300-500k!
Just keep moderating the way you do, it can happen. ;)
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The July-June 2016 IRS 990 form was just posted. I will leave this in the year old thread with all the bean counters' caveats. Note headline: This is a year old and there may or may not be other income.
- The Pilarz and Von Williams family severance gravy train has ended
- Wojo's 990 form Total Compensation was $1,866,965. Base was $1,673,682. Bonus was $140,000, other non-taxable benefits were $53,283.
- Scholl earned $466,027 in total comp (including a bonus) and Broeker $316,00 (well-earned keeping the train on the tracks)
- Lovell earned $869,578 in total (ditto to Broeker)
This appears to be a nice bump for Wojo after his extension. More to come next June.
Let the caveats commence.
http://www.marquette.edu/financeoffice/documents/FiscalYear2016-TaxReturn.pdf
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Wait... are you telling me Chicos shoehorned in a name drop where it was tangentially related at best? I'm shocked!
The point, as always, is Chicos Knows People. Just ask him. He's done business with Donny Deutsch for years, he shared cheese fries with Michael Dukakis' nephew in a corporate box, and his close personal friend is the Equivalent to the Collegiate AD Position in Professional Sports Who Was Also One of 10 Finalists for the MU AD Position. He can get you any of their autographs upon request.
Lol
Hes a changed man though
Lol
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Wojo doesn't look to be doing the personal LLC thing like Buzz did.
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Not a caveat, some of you are just ignorant. Those numbers don't represent a "nice bump" (how are you coming to that conclusion? Nutso) and they don't reflect post-extension impact.
Understand the timing, understand the numbers.
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Not a caveat, some of you are just ignorant. Those numbers don't represent a "nice bump" (how are you coming to that conclusion? Nutso) and they don't reflect post-extension impact.
Understand the timing, understand the numbers.
Care to be enlightening instead of insulting?
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Care to be enlightening instead of insulting?
Not really, but. The figures for Wojo reflect his calendar year 2015 earnings. The extension was announced at the very end of 2015. A pay change may have been retro'd, but we don't know that.
What we have to date are Wojo's 2014 earnings (partial year) and his 2015 earnings (effectively pre-extension). The amounts, on a full year basis, are quite comparable - there is no "significant bump" that is evident.
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Yes, even though Marquette reports on a fiscal year basis (7/1-6/30), the reported income reflects the tax documentation he received during this fiscal year.
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Whatever Wojo is making it's way too much
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Whatever Wojo is making it's way too much
Wojo has the same opinion about your salary hourly wages
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Wojo has the same opinion about your salary hourly wages
Doesn't Mutaman make $700 an hour?
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Doesn't Mutaman make $700 an hour?
last time he let it be known, i thought $500, but inflation, cost of living, etc could have pushed it up to that-surprised he hasn't given us an update ;)
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Bonus!!!
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Wojo is roughly somewhere between 25-30th.
http://sports.usatoday.com/ncaa/salaries/mens-basketball/coach/
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Wojo is roughly somewhere between 25-30th.
http://sports.usatoday.com/ncaa/salaries/mens-basketball/coach/
Wow - that crappy, low paying gig Buzz left for has him #10 in the nation and #2 in the ACC (behind K but ahead of Bennett and "ol' Roy). In addition, he's paid more than any coach in the new Big East.
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Wow - that crappy, low paying gig Buzz left for has him #10 in the nation and #2 in the ACC (behind K but ahead of Bennett and "ol' Roy). In addition, he's paid more than any coach in the new Big East.
Yep. Never understood the narrative that Buzz left for less money.
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Using the USA Today site that Hilltoppers sent... let's say Wojo gets us to the sweet 16 each of the next two years... what is the total compensation you would be willing to see him at?
Personally, with his recruiting track record and from all accounts, the way the players like him, I would hope MU would make him a top 15 paid guy.
That would be around 2.4 million.
I mean by all accounts Ohio State just made holtman top 15 with their deal.
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Yep. Never understood the narrative that Buzz left for less money.
Buzz pushed it through his media cronies (like Goodman), and it had the air of truth because his total compensation at Marquette was more than his base pay at Va Tech. People believe what they read or see on TV.
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http://latenighthoops.com/buzz-williams-virginia-tech-finalize-contract/#.WTrPLvA8KEd
From more than 3 years ago...
"Don’t let the numbers in headlines or the traditional media fool you. Buzz Williams taking less to leave Marquette and go to Virginia Tech didn’t happen."
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I just spent the last month filling out 990s. You are either unnecessarily snarky or don't know what you are talking about.
All donations have to be recorded as revenue whether they are immediately spent or not. If you dig into the the details, you will notice that there was $26 million contributed to endowment funds in 2015. That is money that is not meant to go straight back out as expense. If you assume that Marquette only spends the investment income off of endowments, all contributions to endowment funds would be pure "profit".
My guess is a lot of the rest were capital campaign contributions. You have to recognize it in the year that either the money is received, or on a pledge, all conditions have been met to receive the money. However, the expense is recognized over the life of the asset. As a simple example, let's assume that in the year the law school was completed, the Ecksteins gave Marquette $50 million to pay for it. The building has an estimated useful life of 50 years. In that example, Marquette would show revenue of $50 million, but expense of only $1 million ($50 million/50 years = $1 miilion/year of depreciation), for a tidy "profit" of $49 million for that year.
All good points. Likely use something other than straight line depreciation but straight line is the easiest to illustrate the point.
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Again, note all the caveats from the bean counters...and note these numbers are a year behind and there could be other forms of compensation not reflected here...and timing of payments may be off than the reporting date.
But, Wojo and Scholl are earning about <rougly> in the same range from the university as reflected in the previous year's 990 listed earlier in this thread (down a bit overall but base up).
- Wojo's total compensation is $1,826,745 which includes base (up to $1.74m), bonus and benefits
- Scholl's total comp is $479k
http://www.marquette.edu/financeoffice/documents/FY17Form990PUBLIC.pdf
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Again, note all the caveats from the bean counters...and note these numbers are a year behind and there could be other forms of compensation not reflected here...and timing of payments may be off than the reporting date.
But, Wojo and Scholl are earning about <rougly> in the same range from the university as reflected in the previous year's 990 listed earlier in this thread (down a bit overall but base up).
- Wojo's total compensation is $1,826,745 which includes base (up to $1.74m), bonus and benefits
- Scholl's total comp is $479k
http://www.marquette.edu/financeoffice/documents/FY17Form990PUBLIC.pdf
Will McAdams settlement be in next years report?
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Not sure a legal settlement actually falls under compensation.
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Not sure a legal settlement actually falls under compensation.
Not sure about 990 reporting, but the IRS will treat it as taxable compensation (i.e., its not for personal injury ).
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Not sure a legal settlement actually falls under compensation.
Likely ta bee a confidentiality agreement, hey?
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Likely ta bee a confidentiality agreement, hey?
Will be very public as the WI Supreme Court sent the case back to the Milwaukee County Circuit Court for purposes of awarding damages.
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I'm sure they can reach a confidential agreement before the hearing.
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I'm sure they can reach a confidential agreement before the hearing.
Well, we are talking about McAdams here.....
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Well, we are talking about McAdams here.....
Everyone has a price, hey?
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Not sure about 990 reporting, but the IRS will treat it as taxable compensation (i.e., its not for personal injury ).
I don't think it would fall under the compensation section, more likely will be buried in a general line item.
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Not sure about 990 reporting, but the IRS will treat it as taxable compensation (i.e., its not for personal injury ).
Did he receive any monetary judgment besides his back pay? If not, he probably didn't get enough to make it onto the 990.
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I'm sure they can reach a confidential agreement before the hearing.
They could, but I will bet a box of donuts McAdams would take a smaller, but highly public settlement.
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They could, but I will bet a box of donuts McAdams would take a smaller, but highly public settlement.
That's what I was suggesting earlier. He likes attention.
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http://latenighthoops.com/buzz-williams-virginia-tech-finalize-contract/#.WTrPLvA8KEd
From more than 3 years ago...
"Don’t let the numbers in headlines or the traditional media fool you. Buzz Williams taking less to leave Marquette and go to Virginia Tech didn’t happen."
This is great info. How do those guys get that info? Open records laws?
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This is great info. How do those guys get that info? Open records laws?
Yes. If someone else has requested and posted a contract online, I'll just grab that of course, but often will make requests of the respective universities. Some are very responsive and easy to work with. Others are not or are d1**s (for example, Memphis).
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Yes. If someone else has requested and posted a contract online, I'll just grab that of course, but often will make requests of the respective universities. Some are very responsive and easy to work with. Others are not or are d1**s (for example, Memphis).
Are they required to provide information in a certain period of time after the request?
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Are they required to provide information in a certain period of time after the request?
Not sure if there are state laws that trump FOIA.. but FOIA I think is 20 biz days to respond. It has been all over the board for me - but, same day or within about 3 days is pretty normal.