Fund’s chief sees total pay hit nearly $600k

The president and chief executive of the American Ireland Fund, Kieran McLoughlin, last year received total remuneration of $586,856 (€442,241).

Documents lodged by the fund with the US tax authorities show that the Dubliner’s package included his annual bonus more than quadrupling to $103,333.

Returns recently filed by the US-based philanthropic organisation disclose that Mr McLoughlin’s basic salary was $382,500 in 2011 — an 11% increase on the $345,000 received in 2010.

The increase in base salary and jump in bonus resulted in Mr McLoughlin increasing his overall remuneration by $104,396 or 22% last year.

The group is part of the Worldwide Ireland Funds, founded in 1976 by Anthony O’Reilly and US ambassador to Ireland Dan Rooney, and has raised over €325m for 1,200 organisations.

Last year, the fund provided $18.7m in 507 grants to 252 recipients. Its aims include promoting peace and reconciliation in the North; to promote education, particularly higher education; and to increase the awareness and appreciation of all aspects of Irish culture.

Mr McLoughlin more than quadrupled his bonus in spite of funds raised by the fund decreasing by 48% last year, from $44.7m to $23.1m.

However, the monies raised by the fund in 2010 included a one-off donation of $28.7m and, on a like for like basis, funds generated by the organisation increased by 39% last year on 2010.

Mr McLoughlin took up his role in Jan 2010. A breakdown of his remuneration shows that along with his basic salary of $382,500 and bonus of $103,333, Mr McLoughlin received ‘other reportable compensation’ totalling $83,811 and non-taxable benefits of $17,212.

A note in the returns states that Mr McLoughlin has family travel, a parking allowance, and social security payments which are added to his taxable compensation.

The filings disclose that the fund has a compensation committee made up of five board members to establish Mr McLoughlin’s pay.

Mr McLoughlin’s proposed compensation is analysed by an outside compensation consultant who researches and compares compensation data with similar organisations.

The returns state: “A recommendation is made by the consultant as to whether the proposed compensation is reasonable taking into consideration the research conducted and the fund’s comparison to the other non-profit organisations. The analysis is then submitted to the board for review and approval.”

In the 2011 report, Mr McLoughlin points out that in the last three years, the organisation’s donors have generated almost one-third of all the income raised by the fund since its foundation in 1976, with costs reduced by 25% in the past three years.

Last June, Taoiseach Enda Kenny and former US president Bill Clinton were guests at a gala event staged by the Ireland Funds in Cork.

The figures show that for 2011, administrative and fundraising expenses accounted for a combined 12% of revenues.

Currently, the organisation is aiming to have $140m raised in its Promising Ireland Campaign by the end of 2013 — up $40m on its original target of $100m.