Charity queen’s king’s ransom
By HEATHER HADDON and JOSEPH GOLDSTEIN
Last Updated: 6:37 AM, November 28, 2010
Posted: 12:44 AM, November 28, 2010
Taxpayers are getting rooked.
A high-society charity that funds chess programs in poor schools has become a gold mine for its executive director, a former Wall Streeter who pulls down a $244,000 salary, and its treasurer, who helps run a mutual fund that handled millions in the program’s investments.
In 1994, Marley Kaplan, 61, left the investment-banking world to be a do-gooder at Chess-in-the-Schools, which teaches children the game.
At the time, she was heralded in media profiles for giving up her six-figure salary for a job that paid a meager $25,000. “[She] did not have a wealthy husband or any family money to make up the difference,” one story gushed.
But quietly, her annual salary leaped, including a $100,000 raise between 2007 and 2008, financial records show.
“That seems quite dramatic,” said Sandra Miniutti, vice president of marketing for watchdog group Charity Navigator.
Kaplan’s kingly compensation is double the $120,000 that chiefs of similar-sized nonprofits in the Northeast receive, according to Charity Navigator.
The chess group’s former development vice president pulled down $164,000 and its head administrator raked in nearly $100,000, according to financial records.
…In addition to the salaries, the nonprofit spent $104,000 on “investment advisory fees” last year, according to its financial statement.
Of the $7.7 million it invested — taxpayer money and donations — nearly half was moved into a mutual fund run by Blackstone Partners, the firm where Robert Friedman, the nonprofit board’s treasurer, is a managing director.
He sat on the board’s finance committee when the shares were bought.
Charity watchdogs said such a move is a no-no. “[Board members] need to be absolutely objective in that role,” said Bennett Weiner of the Better Business Bureau Wise Giving Alliance, a watchdog group.
And the investments backfired, with the Chess-in-the-Schools group losing nearly $2 million last year, according to financial records.
Here is the full article.
She should resign.
I want to read the FULL story, and not just a sensationalized NY press release. What I’ve read about Marley has been unqualifiedly good, and I want to know her side of the story. As we are all well aware, the press (and those who back certain agenda) are very very good at twisting words to their own favor without necessarily telling an outright lie.
Money is the root of all evil.
How the mighty fall hard when they go bad.
She should offer a draw.
Of any phrase that puzzles me, it is ‘do gooder’ like the first question that comes to mind, is as far as I know, every value judgement has its antithesis, so what is the antithesis of “do gooder”. Like the phrase is obviously meant to be pejorative, so can ‘do badder’ actually said to be a positive statement about someone?
You can follow the thread of this story at my post on the USCF Forum.
http://main.uschess.org/forums/viewtopic.php?f=23&t=14711
If you don’t go there, at least check out the second Post article about this:
http://www.nypost.com/p/news/local/chess_school_kids_rooked_ZptlOadL7cgyliIOoDLnfP
I’m not getting any money or have any other personal incentive in getting this information out, other than to try to save Chess In The Schools from some very greedy individuals. Marley Kaplan, your game is lost, it is time to resign.
Sincerely,
Chris
The USCF topic has been combined with another thread. The correct URL is:
http://main.uschess.org/forums/viewtopic.php?f=23&t=14614
…and the post url is incomplete. Here is the full one:
http://www.nypost.com/p/news/local/chess_school_kids_rooked_ZptlOadL7cgyliIOoDLnfP
So what’s new? Corrupt chess politicians like Bill Goichberg and Randy Bauer have done the same thing for years. They milked money from USCF members for their own interests.
If you REALLY want to gag, look at this NYT story on her wedding! Seems like she and her husband deserve each other… http://www.nytimes.com/2000/08/13/style/weddings-vows-marley-kaplan-and-bernard-dushman.html