TIME.com: Charity Fat Cats -- Dec. 19, 2005 -- Page 1: "Charity Fat Cats
THE IRS IS CRACKING DOWN ON EXCESSIVE PAY AND PERKS AT NONPROFITS. COULD THE SCRUTINY GO TOO FAR?
By ELEAZAR DAVID MELENDEZ
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Posted Sunday, Dec. 11, 2005
There was no particular reason for Steven J. McCormick's salary to raise a red flag. In fact, his 2003 remuneration as CEO of the Nature Conservancy, the world's largest environmental charity--at $275,000 plus health and retirement benefits--might even have seemed inadequate. With operations in 28 countries and claims of having nearly a million members, the Conservancy that McCormick was running was, after all, the nonprofit equivalent of a multinational. But it turned out that McCormick had also received a $75,000 sign-on bonus, $75,000 to cover living expenses, a $1.7 million loan to buy a new house and a no-strings-attached discretionary fund to use toward finishing pet projects."
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