These Guys Are Well Paid!
Wednesday, May 4, 2005 at 10:09 AM "PGA Tour commissioner Tim Finchem made enough money in 2003 to be eighth on the money list, earning $3.8 million in Golf Digest's annual list of highest-paid nonprofit executives in the golf industry," says an AP story.
"Golf Digest used the most recent tax filings to compile the list for its June edition. The top five came from the PGA Tour, with Finchem followed by co-chief operating officers Charlie Zink ($1,156,308) and Ed Moorhouse ($1,156,291). It wasn't clear why Zink made $17 more than Moorhouse in 2003."
It also wasn't clear why they earn 7-digit salaries! Yikes.
"Jim Awtrey, outgoing CEO of the PGA of America, was No. 6 on the list at $662,751, while USGA executive director David Fay checked in at No. 8 with a 2003 salary of $563,348."
Incidentally, reader Blue Blazer notes that Mr. Fay had $78,348 in allowances and expenses reported in 2003 (according to the form 990 for what is actually his 2002 salary). Blue Blazer points out that Mr. Fay’s recent salary bumps are impressive: $302,000 in 1997 to $360,000 in 1999 to $385,000 in 2000 to $479,000 in 2001 to $563,348 in 2002. Those are some hefty raises the last three years. Does he get bonuses for drops in the USGA membership total and course setup boondoggles?
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