VPC “Public Support”

Howard Nemerov brings us part II of his series on the VPC’s finances.

Two people perform most of VPC’s public outreach: Executive Director Josh Sugarman and Legislative Director Kristen Rand. Between 2003 and 2007, as revenues decreased 49.9%, both Sugarman’s and Rand’s salaries increased 5.9%. But because revenues decreased, these two top earners––each of whom earned $132,894 in salary and $3,987 in benefits in 2007––went from 15.5% of total revenue in 2003 to 32.7% in 2007, more than doubling their slice of the pie (111.3% increase). Having just two employees taking home about one-third of total revenue may not be a long-term success strategy for a normal business, but it works when normal profitability concerns don’t exist. To understand the financial circumstances of VPC, one must understand their definition of “public support,” which accounted for 91.8% of VPC’s total revenue between 2003 and 2007.And to understand VPC’s “public support,” one must understand the Joyce Foundation, because VPC’s primary “public donor” is the Joyce Foundation.