Word: mccormick
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There was no particular reason for Steven J. McCormick's salary to raise a red flag. In fact, his 2003 remuneration as CEO of the Nature Conservancy, the world's largest environmental charity--at $275,000 plus health and retirement benefits--might even have seemed inadequate. With operations in 28 countries and claims of having nearly a million members, the Conservancy that McCormick was running was, after all, the nonprofit equivalent of a multinational. But it turned out that McCormick had also received a $75,000 sign-on bonus, $75,000 to cover living expenses, a $1.7 million loan...
...irregularities, Congress launched an inquiry, and the Conservancy has spent the past two years overhauling its accountability practices. The nonprofit has instituted mandatory ethics training for its staff and voluntarily implemented sections of the strict new governance guidelines in the Sarbanes-Oxley Act, which does not apply to charities. McCormick took a 5% pay cut, discontinued the discretionary fund and immediately paid back the loan. "The management has taken this situation very seriously," says Stephanie Meeks, the Conservancy's chief administrative officer. "We have taken specific steps to make sure there isn't even the perception of wrongdoing." McCormick...
...McCormick and the Conservancy learned the hard way that charity is no longer beyond reproach. Corporate America has been penned in by new regulations imposed by the Sarbanes-Oxley Act, but the nonprofit sector faces few rules for disclosing financial health, paying executives or explaining spending. But in the postscandal era, state and federal lawmakers are pushing for stricter standards of governance for nonprofits...
That year, Kerrigan was joined by Timothy P. McCormick ’91-’92, who hung a similar flag from his room in Cabot House and later voluntarily took it down, The Crimson reported...
...Barker Center’s Thompson Room was abuzz with excitement on Wednesday, as Goelet Professor of Medieval History Michael McCormick approached the podium to introduce the inaugural lecture in a series on migration and medieval culture.For the 50 audience members, the lecture, which focused on the collaboration of a physicist and an archaeologist, was more than a speech. It signaled a renewed commitment to medieval studies at Harvard.Two years ago, McCormick was awarded $1.5 million as part of a grant from the Mellon Foundation in New York. Each year, the Mellon Foundation gives five humanities scholars the Distinguished Achievement...