Thanks to an anonymous UOF Board member for suggesting I post this info.
From 2022 to 2023, UO Foundation CEO Paul (Ronald) Weinhold’s pay increased 23%, to $642,673. CFO Kelly Bosch’s pay increased $54%, to $317,846.
From 2013 to 2023, Weinhold’s pay increased by 101%. The pay for the average UO faculty member increased from $89,900 to $122,900, or 35%.
This money comes from an annual tax that the Foundation charges on the value of endowment gifts.
This of course is not “PRIVILEGED and CONFIDENTIAL” information, despite the Foundation’s scary words below. It comes from the IRS 990 forms that the Foundation is required to provide to anyone who asks, and which Propublico eventually posts here. Many not-for-profits post these on their websites, but not Weinhold and Bosch – who also run out the allowable extensions, so that the numbers for the fiscal year that ended June 30 will not be public until May 15 2015. I’ve posted the 2023 reports here and here.
From: “Kelly Bosch (UO Foundation Accounting Department)” <[email protected]>Subject: RE: IRS 990 request [Request updated: #80355]Date: July 9, 2024 at 7:51:58 AM PDTTo: Bill Harbaugh <[email protected]>Reply-To: UO Foundation Accounting Department <[email protected]>##- Please type your reply above this line -##Your request (80355) has been updated. To add additional comments, reply to this email.
Jul 9, 2024, 07:51 PDT
Good morning,
Please find the attached fiscal year ended 2023 Federal 990 tax returns for the UO Foundation and the UO Foundation Supporting Organization.
Thank you,
Kelly
This information, and any attachment, is PRIVILEGED and CONFIDENTIAL property of the University of Oregon Foundation. Any unauthorized reproduction, dissemination or disclosure is prohibited.
$5M to Wheels Up Private Jets for prepaid airfare? Sounds luxurious.
Given how tightly strapped for cash JH claims UO is, you might wonder why the Foundation gave Weinhold and Bosch these raises, instead of transferring the money to UO for educational purposes. This is secret, because the Oregon DOJ has decided the Foundation is exempt from our public records law but the IRS requires them to put down something. See page 51 of the pdf:
IN ACCORDANCE WITH THE
REBUTTABLE PRESUMPTION OF REASONABLENESS, THE [Compensation] COMMITTEE USED COMPARABILITY
DATA OF REGIONAL COMPARABLE UNIVERSITIES AND THEIR RELATED FOUNDATIONS,
EVALUATED THE PRESIDENT’S PERFORMANCE AGAINST GOALS AND OBJECTIVES
ESTABLISHED BY THE COMMITTEE, AND ENSURED THE PACKAGE WAS IN LINE WITH
INTERNAL EQUITY AND THE MARKET.
In other words they used pretty much the same procedure that the UAUO faculty union used to come up with their raise proposal – get us to average in 4 years – which President Scholz has rejected out of hand.
So will Scholz – in the interest of consistency – now use his authority under Oregon law to move the UO endowment to some less expensive foundation?
If Kelly received a 54% pay bump, doesn’t that mean her pay was ridiculously low to begin with for a CFO in charge of such a large amount of money? I don’t know many places giving out 50%+ raises, seems more like an equity adjustment to avoid getting sued by underpaying a woman. No comment on Paul, I don’t even know what he does.
Looking at 2022–which is (or soon) three pay cycles ago so pay is probably up from there–I have a few questions.
** Returns still do not beat a plain old ETF.
** Anyone know why the liabilities jumped up so high? I am no Accountant but is it good that liabilities are almost 1/3 the gross assets?
** I see that somewhere in 2020-2022 they got rid (all?) )their Asset managers (also the time the liabilities spike?) Did they move it out of house?
** Looks like they pay nearly as much (and years more) in Administration as they do in good old scholarships and grants.
** Although the top line is nearly $2.5B after liabilities and strings they really only have like $40M unrestricted… Is there any reason they do not take a tax on all giving something simple like 15% of the bequest must go to an unrestricted endowment? If only.
** Looking at OSU it does seem executive compensation as % of total expenses is 1/2 at UO (if that is worth anything/
The “private and confidential” bit is a standard email signature. Maybe don’t create headlines out of such trivial and normal things? Also, I’ve worked for a few non-profits and all of them file for extensions to solidify financial statements/tax documents.