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Also at yesterday's rally Vice President Cate was asked to explain the above table of bonuses--beyond base salaries--paid to 21 administrators between 2006 and 2009. His initial response: that bonuses are common "in the world of business." Yes, it's true: It is common in corporate America to reward incompetent and greedy executives with bonuses on top of their already fat paychecks. But UVM isn't corporation; it's a public university.
Not only are we not a business, what we are is a non-profit organization! The whole point of having that tax status is that no one's making a profit off our work. I'm amazed this is even legal.
ReplyDeleteThe spirit of the law is that non-profits don't pay taxes because they're not in it to make money. They're in it to do public good. This is truly bizarre.
Right. The underlining issue lies in the fact that a NPO is acting as if it were a for-profit corporation.
ReplyDeleteDan Fogel must step down, or the state must strip the institute of it's publicly-funded status. One or the other.