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Lafalum

Lafayette College 990 tax form shows large payment to Weiss

In it's 990 for tax year 2013 which is the recently filed return. ( it is calendar year 2013-14) The return was prepared 5/13/15 and processed 7/15.15 it shows  payments to Dan Weiss (as per w-2) of 916,413 dollars and additional taxable benefits of 45,298 dollars. So staying the extra year did he get a bonus or some sort of golden parachute??
The 990 is a public document which can be accessed by just googling Lafayette College 990 tax returns
NewXbo

That's 18 scholarships!
LeopardBall10

NewXbo wrote:
That's 18 scholarships!


Yeah, but... We care most about the kids.
BackintheDay

We probably had to buy out the remaining portion of his contract, which I believe was renewed after his first five years.  In addition, the BoT also named a theater for him as a "going away present".  So Danny boy cost us in the bank account and many other places where negative value cannot be determined directly.  Two and one-half years after his departure and we are still learning of the cost of acquiring the "total package", one Daniel H.  Weiss.  I'd like to know what positives he did for the college.  Keeping scholarships on the PL table was a good thing, but what else did he do besides add a bunch of overpriced and useless Deans and VPs who really don't add to the value of an LC education????   Let's hope that he does not show up on the 2014 and 2015 returns as sunk costs with no return.   Exclamation
Lafalum

BackintheDay wrote:
We probably had to buy out the remaining portion of his contract, which I believe was renewed after his first five years.  In addition, the BoT also named a theater for him as a "going away present".  So Danny boy cost us in the bank account and many other places where negative value cannot be determined directly.  Two and one-half years after his departure and we are still learning of the cost of acquiring the "total package", one Daniel H.  Weiss.  I'd like to know what positives he did for the college.  Keeping scholarships on the PL table was a good thing, but what else did he do besides add a bunch of overpriced and useless Deans and VPs who really don't add to the value of an LC education????   Let's hope that he does not show up on the 2014 and 2015 returns as sunk costs with no return.   Exclamation


From what I have heard... the theatre cost 18mio and growing and there is no donor in sight. ( Ed Ahart donated an outside garden or something). Alumni will recall we never did have a campaign. If he was bought out then he was fired! If not it was a 916,000 dollar payment to stay the extra year…and our BOT is where??
BPard

What is this "bought out" talk? We didn't buy out his contract. He left Lafayette for Haverford and we paid him to stay on an extra year.

IMO, the extra year was worth it if during that year he stewarded / closed major gifts like Kent Rockwell's $28M. That gift was clearly in the works well before the gift was made at the very beginning of Byerly's administration.
BackintheDay

BPard wrote:
What is this "bought out" talk? We didn't buy out his contract. He left Lafayette for Haverford and we paid him to stay on an extra year.

IMO, the extra year was worth it if during that year he stewarded / closed major gifts like Kent Rockwell's $28M. That gift was clearly in the works well before the gift was made at the very beginning of Byerly's administration.


916K sounds like two years salary, not one CY salary.  Hence he was paid more than just one year for his "extra" year that he so kindly stayed for.  If he had something to do with the Rockwell gift, then bully for Danny.  Wasn't that he was supposed to do in his eight turbulent years at LC???   If he responsible for that gift, it would have been reported by someone; note you say "if" during that [last] year ....  Again, let's see what the next 990 form says...
Lafalum

Why shouldn't the BOT explain the payment?? Isn't that the purpose of the IRS making these returns of charitable organizations public. Why should we donors have to guess??
BPard

Paying extra to retain him for a year isn't the same as buying out his contract. He wanted to leave, so Lafayette paid him more to stay temporarily. I think we're saying the same thing.

Lafalum is right that I'm guessing, but it seems like a reasonable decision to pay extra to keep him on during the quiet phase of the capital campaign if it meant he could bring in a multiple of that extra payment in gifts above what an interim President would've been able to do. Those are huge "ifs"

Was there an alternative to paying him extra to stay on other than an interim President? And the shortlist for that Interim President would've been the Provost (Wendy Hill), special assistant (Jim Krivoski), or Dean of the College (Hannah Stewart-Gambino). Even this list is probably too long. Unless you want to consider a third tour by Rothkopf.  

I don't envy the Board being placed into that position, especially after extending his contract. He is definitely a shrewd negotiator where his career and compensation are concerned. Played us for $900k and played Haverford for the Met.
BPard

Pulled the 990. One thing I was thankful to see is no payments to the shortest termed VP of Campus Life in the history of higher ed, Limas.

Will be interesting to see if Tavani cracks the list with his endowed position in the returns for 2014 and 2015.
BackintheDay

BPard wrote:
 

I don't envy the Board being placed into that position, especially after extending his contract. He is definitely a shrewd negotiator where his career and compensation are concerned. Played us for $900k and played Haverford for the Met.


Before the Board extended him, Danny was actively looking, but when he could not find anything to his liking, he gladly accepted a contract extension, probably with an exit clause.  He then officially resigned in May13, leaving little time for the Board to react, so they overpaid to keep him an extra year.  Danny worked them there. I think he pushed for the extra cash as payback for the Board making him the fraternity buster and extending the scholly process at their insistence.

During his reign, our USNWR rank went from upper 20s to upper 30s; alumni donations went from low 40s to low 30s (recovering slightly under AB). Ten years after Waldo took the keys to the college, I am still back to my question - what exactly did he do for LC besides ring up some big bills.  As BP says, Limas was on him as were all the other useless and overpaid Deans and VPs that he had to have.

BP, you correctly say he played us and Haverford; the conclusion is that Danny boy is a me first guy who really did not have LC's best interests at heart.  And the BOT still praise him and themselves for hiring him. Sad.
flyfisher

Hard to believe we paid that position 900k. I watched the Web chat. Percentage of alumni giving dropped from high of 58% to 37%. I can't see it going up much. Two of the bigger reasons to give, greek life and sports, are a disconnect. I meet so many wealthy alumni who refuse to give a penny.
Lafalum

Agree completely with the above assessment. But the BOT leadership must take some responsibility. Change would be appropriate.
By the way so far I like what Byerly has done. But there is more to do!

There was a payment to Limas on the previous 990. You may also recall Weiss' hiring of a provost who was given tenure and then quit being provost.
The freezing of professor salaries and cuts in athletics which we still have not recovered from. He froze salaries while adding staff of all kinds saving all that energy for his drive to Markle in his college paid for BMW. Thankfully for Haverford he only waited less than a year to screw them. How about the relieving of Bruce and then rehire him!!
BPard

Quote:
How about the relieving of Bruce and then rehire him!!
What? I don't remember that. When?

Quote:
There was a payment to Limas on the previous 990.
Exactly. This, I believe, was a buyout (e.g., to your earlier point, he was fired).

Quote:
You may also recall Weiss' hiring of a provost who was given tenure and then quit being provost.
Former Provost Cummings is still on the faculty in the music department. His Provost announcement here. Since Wendy Hill started as Provost July 1, 2007 that means he was Provost for less than a year. No clue what happened.

I was peeved at the tenure upon hire until talking to faculty members. Nobody expects a new provost to come in without tenure. Apparently, it is a table stake with the position.

Looking forward for hires in the Byerly administration, I don't know Rizvi or Kiser, and although I really liked Mitch Wein and was sorry to see him go - Roger Demareski is off to a good start, Kim Spang has a tough job ($400M with a lot of staff turnover), elevating MacDonald also elevates admissions/aid which is probably a good thing for the College (still not sure if the higher than expected yield this year is a "good" problem to have or not), and consolidation of endowment under chief investment officer Bohrer seems like a smart move instead of paying a manager of managers.

That is a lot of change, especially for higher ed. But it's what you expect as a new President brings her team together. I like a lot of the changes and am more hopeful for the direction of the College than I have been for a long time.

Quote:
Two of the bigger reasons to give, greek life and sports, are a disconnect. I meet so many wealthy alumni who refuse to give a penny.
Hopefully this turns around. Chi Phi's situation notwithstanding, the College did recognize a colony for the first time in 20 years. If Chi Phi reapplies successfully next year and Zeta Psi resumes operations in 3 years, the campus will be back up to active, recognized 6 chapters.

Quote:
adding staff of all kinds
This was absolutely needed in Campus Life, which had been gutted since Krivoski moved up and positions not replaced/backfilled. The fresh blood in Campus Life brought in a much needed fresh perspective that was only hindered by, instead of guided towards, the miasma of the College's past decisions.
ed65

BackintheDay wrote:
BPard wrote:
 

I don't envy the Board being placed into that position, especially after extending his contract. He is definitely a shrewd negotiator where his career and compensation are concerned. Played us for $900k and played Haverford for the Met.


Before the Board extended him, Danny was actively looking, but when he could not find anything to his liking, he gladly accepted a contract extension, probably with an exit clause.  He then officially resigned in May13, leaving little time for the Board to react, so they overpaid to keep him an extra year.  Danny worked them there. I think he pushed for the extra cash as payback for the Board making him the fraternity buster and extending the scholly process at their insistence.

During his reign, our USNWR rank went from upper 20s to upper 30s; alumni donations went from low 40s to low 30s (recovering slightly under AB). Ten years after Waldo took the keys to the college, I am still back to my question - what exactly did he do for LC besides ring up some big bills.  As BP says, Limas was on him as were all the other useless and overpaid Deans and VPs that he had to have.

BP, you correctly say he played us and Haverford; the conclusion is that Danny boy is a me first guy who really did not have LC's best interests at heart.  And the BOT still praise him and themselves for hiring him. Sad.


Spot on Bpard.  I hope we have seen the last of danny boy.
Lafalum

[quote="BPard:51014"]
Quote:
How about the relieving of Bruce and then rehire him!!
What? I don't remember that. When?

[quote]

I recall it was soon after Jim Dicker took over athletics. Bruce was moved to Development and they hired a consultant on what to do and who to hire. That effort died probably because they found out there was an overhaul to be done and they didn't want to spend the money including increasing the salary of the AD position to attract talent.
bison137

[quote="Lafalum:51017"][quote="BPard:51014"]
Quote:
How about the relieving of Bruce and then rehire him!!
What? I don't remember that. When?

Quote:


I recall it was soon after Jim Dicker took over athletics. Bruce was moved to Development and they hired a consultant on what to do and who to hire. That effort died probably because they found out there was an overhaul to be done and they didn't want to spend the money including increasing the salary of the AD position to attract talent.




https://news.lafayette.edu/2011/1...%E2%80%99s-director-of-athletics/
Franks Tanks

[quote="bison137:51018"][quote="Lafalum:51017"]
BPard wrote:
Quote:
How about the relieving of Bruce and then rehire him!!
What? I don't remember that. When?

Quote:


I recall it was soon after Jim Dicker took over athletics. Bruce was moved to Development and they hired a consultant on what to do and who to hire. That effort died probably because they found out there was an overhaul to be done and they didn't want to spend the money including increasing the salary of the AD position to attract talent.




https://news.lafayette.edu/2011/1...%E2%80%99s-director-of-athletics/


Yup, so Bruce was effectively fired (ok "reassigned") over 4 years ago.  Yet he is still here because people realized hiring a real AD would be too costly, or perhaps more precisely that new AD will demand thing that the college wouldn't be comfortable doing or paying for.  So we have an athletic department on autopilot instead.

But hey we beat a crappy Lehigh team in Yankee stadium last year, and arguably our most competent coach lead us to the big dance last year so we are good for at least 1/2 a decade.
BPard

Lafalum wrote:
That effort died probably because they found out there was an overhaul to be done and they didn't want to spend the money including increasing the salary of the AD position to attract talent.
Suggest to Annette that she dust off this recommendation? She's a supporter of athletics but isn't necessarily fighting a turf war to keep it. If an alum wanted to fund a higher level AD position as part of the capital campaign's athletics component, I think she'd be supportive.

May as well get something out of the consultant's study, especially if it is "new" money to the campaign.

Following up on other thread, the ADs at the following schools are disclosed on the 990s as one of top five highly compensated: Holy Cross, Bucknell, Colgate, and Loyola. Not Lehigh, Not Boston, Not American, Not Lafayette.

Interesting groupings, especially when you consider the graduate programs that play a factor in the latter group.
Lafalum

Interesting piece of information. So it appears that our AD is the least compensated given the University structure you point out. lt is certainly probably the least respected position in OUR structure!! I see a need to revise that view by our organization.

It is a position that effects fundraising, public relations, alumni relations, student moral, aside from personally touching about 25% if our students. There are some who don't like it but it is our culture and we have not  taken advantage except for 150 and maybe the few times we have been to the Basketball Championships.
NewXbo

Hell, we can't even hire an assistant AD to replace George. They were negotiated with an assistant from Maryland (I think) and one from a well known school in California. Neither would come because of the salary. Now they are searching again.

You get what you pay for.
Lafalum

NewXbo wrote:
Hell, we can't even hire an assistant AD to replace George. They were negotiated with an assistant from Maryland (I think) and one from a well known school in California. Neither would come because of the salary. Now they are searching again.

You get what you pay for.


So to close the circle….we pay 916,000 dollars plus to a guy who is no longer an employee, but can't afford to pay a first class AD, or anything else that we could use, like reasonable pay for assistants etc.
BackintheDay

As Laf Alum said ..... So to close the circle….we pay 916,000 dollars plus to a guy who is no longer an employee, but can't afford to pay a first class AD, or anything else that we could use, like reasonable pay for assistants etc.

That is what is so maddening, because it makes no sense.  However, there was recent progress on the Greek front after decimation during the Weiss era, so just maybe AB and the admin will start warming up to athletics now also.  AB has seen first hand how the students, student-athletes and alumni reacted at 150 and the big dance, so perhaps she can sell to the Faculty and BOT the benefits of investing more in sports.  it's a slow go for sure, and the negative effects of Weiss will carry on.  Someone please tell me something he did for the school that had a positive return on the investment. Waldo is long gone; time for the BOT to get things right and bring the alumni back in - Danny boy drove us away.

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