Goodwill CEO Salary: What You Need To Know
In an era where transparency is paramount, and the public demands accountability from even the most charitable institutions, understanding the compensation of leaders at non-profit organizations like Goodwill Industries is no longer a mere curiosity, but a necessity for informed giving and community engagement.
This article delves into the specifics of executive compensation within Goodwill Industries, providing a comprehensive overview of how salaries are determined, the factors that influence them, and how they compare to industry standards. We will explore the financial aspects of the organization, revealing insights that shed light on its operations and commitment to its mission.
Every major organization, whether for-profit or non-profit, relies on a chief executive officer (CEO) to provide leadership and oversee its operations. The core responsibilities of a CEO, though varying slightly between different industries, typically involve setting strategic direction, managing resources, and ensuring the organization's overall success. In the context of a non-profit, the CEO's role is critical in balancing financial sustainability with the delivery of community services.
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Let us turn our attention to the individual at the helm of Goodwill Industries International, Steven C. Preston. Mr. Preston, as the CEO, makes decisions that impact thousands of employees and the millions of individuals Goodwill serves annually.
However, the question remains: How do these salaries stack up, and what does it all mean for the future of these organizations and the people they serve?
| Category | Details |
|---|---|
| Name | Steven C. Preston |
| Title | President and CEO, Goodwill Industries International |
| Reported Salary (2019) | $729,000 |
| Primary Sources of Income | Retail Sales, Donations, Grants, Investments |
| Career Highlights | Information not available in the provided text. Further research would be needed. |
| Net Worth | Information not available in the provided text. Further research would be needed. |
| Overview | As CEO, Mr. Preston is responsible for the overall strategic direction and operational management of Goodwill Industries International. His compensation is a reflection of the size, complexity, and financial performance of the organization. |
| Reference | Goodwill Industries International Official Website |
Goodwill's financial model is multifaceted. The organization generates revenue from various sources, including retail sales from donated goods, monetary donations from the public, grants from governmental and philanthropic organizations, and investment income. This diverse revenue stream allows Goodwill to fund its extensive community programs and services. The salaries of executives, like that of Mr. Preston, are funded through these revenue sources. This means that the salaries are dependent on the financial health of the organization.
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The method by which Goodwill reinvests its profits is central to its mission. Rather than distributing profits to shareholders, Goodwill reinvests them back into its community programs and services. These programs include job training, career placement, skills development, and support services for individuals facing barriers to employment. This commitment to reinvestment is crucial to Goodwill's long-term sustainability and its ability to serve those in need.
The compensation of Goodwill's CEO is often a subject of public interest and scrutiny. In 2018, the CEO of Goodwill Industries International, Inc., earned $1.7 million in total compensation. This package consisted of a base salary of $600,000, a bonus of $500,000, and additional compensation of $600,000. However, this is not the only figure that is available. According to the latest available tax filings, the CEO of Goodwill Industries International, Inc., Steven C. Preston, received a salary of $729,000 in 2019.
While it is essential to examine the compensation of top executives, it is also important to recognize the larger context of Goodwill's operations. This includes the fact that Goodwill is not a single entity, but rather a network of independent, locally operated organizations. Each of these organizations has its own governing board of directors, which is responsible for setting the compensation of its CEO and other executives. CEO salaries at these local organizations can vary widely depending on factors such as the size of the chapter, its annual revenue, and the local cost of living.
The data suggests that CEO compensation can be quite varied, reflecting differences in organizational size, revenue, and geographical location. The average CEO compensation in 2023 was $700,000, while the highest compensation reached $905,000 for Goodwill of Colorado.
Goodwill Industries is purportedly tied for last on some lists, in terms of efficiency, although such claims are often based on misleading information and inaccurate data. It is important to look past the surface and examine the actual impact of each organization on the community.
The average executive compensation is $232,402 a year. The median estimated compensation for executives at Goodwill, including base salary and bonus, is $238,583, or $114 per hour. The average President and Chief Executive Officer base salary at Goodwill is $167k per year. The average additional pay is $16k per year, which could include cash bonus, stock, commission, profit sharing, or tips.
The CEO's salary is not the only cost associated with management; the salaries of other executives also contribute to the overall expenses. If all 161 Goodwill organizations paid their CEO the average compensation, the total spent on CEO compensation in 2023 would exceed $113 million.
Independent charity watchdog organizations like GuideStar and the Better Business Bureau's Wise Giving Alliance provide details about Goodwill Industries. These organizations assess charities based on factors such as financial transparency, governance, and program effectiveness. Their evaluations offer valuable insights into the performance and accountability of non-profit organizations.
In the case of Goodwill Industries of Middle Tennessee, the organization operates through its own governing board of directors, although it is affiliated with Goodwill Industries International. The CEO of Goodwill Industries of Middle Tennessee is Matthew Bourlakas.
While salaries are an important factor, they do not tell the whole story. When evaluating a non-profit, it is important to consider the organization's broader impact. This means looking at its programs, its services, and its overall impact on the community. Also essential to consider are the specific goals that the organization aims to achieve.
In 2015, the compensation of Jim Gibbons, the CEO of Goodwill, was reported to be $712,202. It is important to note that these figures do not necessarily reflect current compensation levels, but offer a point of reference for the past. Given the dynamic nature of compensation practices, such as promotions and new additions, it is essential to use the most up-to-date data.
It is also worth noting the existence of loans made to former executives. For instance, Goodwill Industries of South Florida made a loan of $75,000 to David Postrana, the former CEO, with a balance of $550,000 still due. Similarly, Goodwill Industries of South Florida made a loan to David Postrana, the former CEO for $75,000. The balance due is $550,000. See schedule L, part V of the form 990 for more information.
The comparison of CEO salaries, however, provides valuable insights. For example, the average salary for a CEO Founder is $336,863 per year (estimate) in the United States, which is infinitely higher than the average Goodwill salary of $0 per year (estimate) for this job. Similarly, the average salary for a CEO is $348,931 per year (estimate) in Arizona, again, which is infinitely higher than the average Goodwill salary of $0 per year (estimate) for this job. In North Carolina, the average salary for a CEO is $333,034 per year (estimate), also infinitely higher than the average Goodwill salary of $0 per year (estimate) for this job.
Goodwill industries has consistently paid more lucrative paychecks to its CEO anywhere from $500,000 per year to north of $1 million annually.
Goodwill pays a variety of compensation packages. The average goodwill salary ranges from approximately $28,751 per year (estimate) for a cashier/bagger to $240,697 per year (estimate) for a SVP of marketing. The average goodwill hourly pay ranges from approximately $14 per hour (estimate) for a cashier/team member to $90 per hour (estimate) for an IP counsel. This pay is appropriate to the performance of the CEO, the established market, and the nonprofit industry.
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