Friday, December 10, 2004

New Fed rule cup limit exec compensation at nonprofit companies like ORC

La Crosse Tribune - News: "Federal officials want new rules limiting executive compensation at nonprofit companies like ORC Industries Inc. of La Crosse.
ORC employs about 750 people -many with disabilities - making garments and other items for the military and other customers at plants in Wisconsin and Texas.

ORC president Barbara Barnard received $683,054 in salary and benefits in 2003, nearly $300,000 of which is in deferred compensation, according to ORC's federal tax returns.

But under the proposed rule, nonprofits like ORC that benefit from federal set-aside programs for disabled and blind workers would have to limit total executive compensation to approximately $207,000 � or justify why it should be higher."

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