The other controversy that I find unbelievable is the salary of the top management of the Sick Kids Foundation.
The President Michael O'Mahoney receives an annual salary of $612,000 a year, and his three
Vice Presidents each earn $200,000 per year. Keep in mind that the Sick Kids Foundation merely raises money for the hospital; they don't do anything else. Last year the foundation raised $73 million and they are projecting to earn $100 million this year. Since O'Mahoney took over the organization, fundraising costs have increased to 32 cents for every dollar, up from 23 cents per dollar according to the
Toronto Star article.
O'Mahoney is an American who had experience in fundraising and was hired to help increase revenue. The Toronto Star article quotes Patsy Anderson, the foundation's chair saying "We are paying him what we have to pay to have him here. He is a very, very good leader and
he stretches and inspires (employees).":lol:
CEO salaries have spiralled out of control in the US and in some Canadian companies as well. It has become ridiculous how much these executives are making, even when they are doing a poor job. I think O'Mahoney's salary reflects this growing trend of overpaid executives. I think if O'Mahoney wants to make the big bucks he should be running a private company and not a charitable organization.
