The total remuneration paid to Kieran McLoughlin, the president and chief executive of the American Ireland Fund (AIF), increased by 5.6 per cent in 2012 to $619,059, according to a tax return filed recently in the United States.
This was in a year when the fund’s net revenue declined to $20.3 million from $23.5 million in 2011.
Total salaries and compensation paid to employees amounted to $2.6 million last year, up from $2.4 million in 2011.
Mr McLoughlin’s base salary rose to $428,000 last year from $382,500 in the previous 12 months. His bonus payment increased by $30,000 to $133,333 while “other reportable compensation” declined to $15,885 from $83,811.
Mr McLoughlin received retirement compensation of $25,000 last year (it was zero in the previous year) and non-taxable benefits of $16,842, down from $17,212.
The document states Mr McLoughlin worked on average 70 hours a week in 2012, the same as in 2011.
The figures reveal that Kingsley Akins, a former AIF chief executive and president, received $150,000 in 2012. This was part of a 2009 severance deal agreed with the organisation.
Anthony O'Reilly
The AIF is part of the Worldwide Ireland Funds that were founded in 1976 by Sir Anthony O'Reilly and former US ambassador to Ireland Dan Rooney.
It has raised more than $450 million for 1,500 organisations since it was established.
In the AIF’s 2012 annual report, Mr McLoughlin notes that last year “total revenue exceeded $20 million for the third time in three years, but only the fifth time in our 37-year history”.
The AIF’s annual report states that it provided $15.7 million to agencies and organisations across Ireland.
The AIF is reporting that in 2013, its gross revenue will increase by around $4 million on last year to more than $26 million, while grants will amount to almost $20 million.
In March, Taoiseach Enda Kenny delivered the address at the organisation’s 21st national gala in Washington.
Mr McLoughlin took up his current role in January 2010. A note in the tax return states that he has family travel and a parking allowance, which are added to his taxable compensation.
The filing discloses that the AIF has a five-person compensation committee to establish Mr McLoughlin’s pay and this was analysed by an external compensation consultant.
The figures show that for 2012, management and fundraising expenses accounted for a combined 16 per cent of fund expense distribution.
