Salary Discussion

[HoyaLingus]

on what kind of number our man JTIII gets after his meeting today with Jack.



I say 1.2.

This topic veers closely to the "unsubstantiated rumor" clause in the terms and conditions. Please do not make any claims in this post otherwise--Admin (yes, back from Atlanta)

[Hoya06]

Where did you hear about a meeting today?

[SFHoya99]

I say we never hear the actual numbers.

[Dhall]

Sounds about right. Georgetown should put a very large number in there for a buyout provision in case he decides he wants to renegotiate again or shop around the next time we make the Final Four ... though it looks like even $2.5m didn't keep Michigan from going after Beilein.

[Deleted]

sfhoya99 said:

I say we never hear the actual numbers.

Agreed - does anyone ever remember hearing the numbers when he was first hired?

[HealyHoya]

cam said:

sfhoya99 said:

I say we never hear the actual numbers.

Agreed - does anyone ever remember hearing the numbers when he was first hired?

No. I doubt we'll hear numbers through the rumor mill and I can almost guarantee the Admin won't release anything specific.

[ExcitableBoy]

healyhoya said:

cam said:

Agreed - does anyone ever remember hearing the numbers when he was first hired?

No. I doubt we'll hear numbers through the rumor mill and I can almost guarantee the Admin won't release anything specific.

Don't they have to release the salaries of the 5 highest paid employees?

[Dhall]

As a non-profit, Georgetown must file a Form 990 with the IRS which is available publicly each year. It must list the 5 highest paid employees of the University and their total compensation from the University. That's where the current salary number is coming from - it does not include any deals with Nike, etc. if the University is not the payor.

[SFHoya99]

Right. So what's on the 990 is deceptive. It doesn't include deferred payments, money from deals with Nike, summer camp income.

It may not include consulting income if Thompson gets paid but isn't Top 5. Does it include non-cash compensation?

[chep3]

Just for curiosity's sake, who's in the top 5 now?

[HealyHoya]

...and how does it deal with incentives? Is that considered straight compensation even when it's dependent?

[Dhall]

It does include deferred compensation and contributions to retirement plans, etc. His father JT, Jr. made $412k + $26k in 2004 as a "Special Assistant to the President". It would not include incentives unless they are actually paid out during the relevant tax year. The other 3 people are Professors at the Med. School/Hospital.

[SFHoya99]

Dhall, it wouldn't included the deferred compensation due in the future -- that is, if Thompson is paid $1MM over the next 10 years but the contract is only for five, it won't list his compensation as $2MM despite it being a 5 year/$10MM deal.

[Dhall]

sfhoya99 said:

Dhall, it wouldn't included the deferred compensation due in the future -- that is, if Thompson is paid $1MM over the next 10 years but the contract is only for five, it won't list his compensation as $2MM despite it being a 5 year/$10MM deal.

You probably know better than I but I think I agree with you. What I mean by "deferred compensation" is money that is paid by his employer during the year into a special investment account (457 plan) that is generally available for withdrawal when he retires or leaves and is not taxable to him immediately. That gets listed. Not sure why he would ever agree to the example you mention but maybe that's done as a favor to the University.

[SFHoya99]

dhall said:

sfhoya99 said:

Dhall, it wouldn't included the deferred compensation due in the future -- that is, if Thompson is paid $1MM over the next 10 years but the contract is only for five, it won't list his compensation as $2MM despite it being a 5 year/$10MM deal.

You probably know better than I but I think I agree with you. What I mean by "deferred compensation" is money that is paid by his employer during the year into a special investment account (457 plan) that is generally available for withdrawal when he retires or leaves and is not taxable to him immediately. That gets listed. Not sure why he would ever agree to the example you mention but maybe that's done as a favor to the University.

I see what you are saying. I am referring to a situation like what Thompson, Sr. has now. He really "earned" that money years ago -- this position is essentially deferred comp and is listed in the current year, not when he was coaching.

[lichoya68]

NO RUMORS JUST PAY THE MAN TO STAY HES OUR FUTURE GO HOAYS GO JT3 ;D ;D

[TrueHoyaBlue]

I think the figure that goes on the 990 is anything that's listed on a W-2. So any cash or non-cash compensation for a given year. As others have mentioned, the 990's come out about 1-2 years after that fiscal year is finished, so it would take quite a while for something like this to go public barring an (unlikely) public announcement from GU or coach.

[HoyaLingus]

Maybe we're too classy to put out a press release, but it seems that every other coach that has gotten a new contract/extension/whatnot has had a press release put out that named a figure.

[TBird41]

hoyalingus said:

Maybe we're too classy to put out a press release, but it seems that every other coach that has gotten a new contract/extension/whatnot has had a press release put out that named a figure.

Yes, but how many of them have a nickname similar to "Hoya Paranoia"?

[SoCalHoya]

I wish we had more information, too, but think of it this way...if we publicize III's contract, it would be much easier for NBA teams to try to steal him away. Maybe the Hoya Paranoia serves a purpose, even if it is annoying to us!