By Dave Lucas
http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-904787.mp3
Albany, NY – People in Fulton County are up in arms over some bonus money paid to local executives ... Capital District Bureau Chief Dave Lucas reports
Residents and local government officials across New York's Fulton County were caught off-guard this week when word began spreading that administrators of the county's two top economic development agencies were paid bonuses totalling nearly 900-thousand dollars in 2008.
The information was apparently obtained by someone who viewed US Internal Revenue Service 990 forms online : Form 990 is an annual reporting return that certain federally tax-exempt organizations must file with the IRS. It provides information on the filing organization's mission, programs, and finances.
The forms indicated that Fulton County Economic Development Corporation's senior vice president Jeff Bray received a 2008 bonus of 418-thousand 727 dollars - and - Peter Sciochetti, executive vice president of the EDC's real estate subisiary, Crossroads Incubator Coprporation, was paid a 477-thousand 962 dollar bonus the same year. The payouts came on top of what have been referred to as "generous salaries."
The bonus payouts shocked local officials, many of whom fall short of making the county's median annual household income of 45-thousand 360 dollars.
The EDC and CIC market the county for economic development opportunities. Crossroads Incubator Coroporation reportedly granted the executive bonuses - but local government officials say they don't know WHO approved them, or under what criteria they were given.
Donald Stanyon Jr. was CIC's board president during 2008 - when contacted he declined to comment. The EDC issued a statement saying the bonuses awarded were connected to a 31-point-2 million dollar sale of county properties to a property management company, Stag Central Partners of Boston.
Fulton County taxpayers annually contribute $75,000 to the EDC. A board member who spoke on condition of anonymity said that while many of the individuals involved with the EDC and CIC have agreed not to answer any more calls from the news media, they feel that there has been no wrongdoing, and in a reference to the nation's recent financial turmoils, " corporate bonuses like this would not have drawn any attention in other years."