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Suzanne Boas, CredAbility CEO: $377,424
By JIM WALLS
Atlanta’s best-known non-profit credit counseling service, which laid off 70 employees last week, paid six top executives $1.48 million last year, tax records show. Retiring President Suzanne E. Boas topped the list at $377,424.
Counselors, support staff and managers were among those losing their jobs at the Consumer Credit Counseling Service of Greater Atlanta. Spokesman John McCosh said the loss of a $3 million federal grant — a victim of recent congressional budget negotiations — made the job cuts necessary.
The non-profit, which rebranded itself last year under the name CredAbility, also lost revenue as the economy improved and fewer clients needed its services, McCosh said.
“We’ve been watching our nickels and dimes very carefully. We’ve always done that,” he said. “But as the economy has gotten better … that has a countercyclical effect on us.”
The organization’s operating income — revenue less expenses — dropped from $4.8 million in 2008 to $2.8 million a year later. In 2010, the organization’s latest tax filing shows, operating income fell to just $105,000.
Boas, who steps down June 30, collected 34 percent more in her paycheck last year than she did just three years earlier. Tax records show she earned about $280,000 in 2007, $331,000 in 2008 and $353,000 in 2009.
Growth of the agency — which has more than doubled in size since 2007 — justified those pay increases, McCosh said.
“It’s more people for her to be responsible for,” he said. “It requires greater levels of expertise and forming important relationships to keep the agency on a firm financial footing.”
Besides Boas, CredAbility reported these executive salaries to the IRS for 2010:
- Mark Cole, chief operating officer — $298,149
- Dorris Shelton Gulley, chief financial officer — $166, 198
- Daniel Brown, chief information officer — $209,529
- Michael Siegel, chief communication officer — $258,189
- Michelle Jones, senior vice president of counseling — $170,679
There was no word on whether executives’ salaries will be cut back now that they will have fewer employees to be responsible for.