CFC facility

[Unregistered]

Please don't make the Greek out to be just an employee. He's much more than that

From their Website: "Beachside of Connecticut Soccer Club, a domestic non-stock corporation is governed by an independent Board of Directors, who oversee all aspects of the club, which is a nonprofit (IRS 501c3) organization.

The current Board was formed in 2014. All its members are volunteers, alumni, or parents of alumni. None are parents of current players."

MK serves as DOC which is a very influential role at any soccer club. MK reports to the Board. MK not on the Board and is not an owner of BS.

[Unregistered]

From their Website: "Beachside of Connecticut Soccer Club, a domestic non-stock corporation is governed by an independent Board of Directors, who oversee all aspects of the club, which is a nonprofit (IRS 501c3) organization.

The current Board was formed in 2014. All its members are volunteers, alumni, or parents of alumni. None are parents of current players."

MK serves as DOC which is a very influential role at any soccer club. MK reports to the Board. MK not on the Board and is not an owner of BS.

He is the top of the management team. Key word in the above post is that the board is made up of volunteers. They are running anything

[Unregistered]

Semantics. He's founder and leader of the management team. He runs the organization.

The legal structure of the business is a not for profit which maximizes his earning potential. He draws the highest salary of anyone in the organization

The board of directors are volunteers and rubber stamp his wishes

I see what you are saying - and yes, MK is a co-founder of the club and he has several "yes men" on the Board. As DOC, I would imagine that he is in fact the highest paid employee - which is understandable for such a role.

I disagree that the not for profit status maximizes his earnings potential. He does not own any part of BS, so he cannot profit from its sale in future - in fact a not for profit business cannot be sold. If he could do it over again, I would bet he would not set it up differently. CFC guys were smarter - they have owners and will be able to profit from the sale of their ownership interests in the future.

[Unregistered]

I see what you are saying - and yes, MK is a co-founder of the club and he has several "yes men" on the Board. As DOC, I would imagine that he is in fact the highest paid employee - which is understandable for such a role.

I disagree that the not for profit status maximizes his earnings potential. He does not own any part of BS, so he cannot profit from its sale in future - in fact a not for profit business cannot be sold. If he could do it over again, I would bet he would not set it up differently. CFC guys were smarter - they have owners and will be able to profit from the sale of their ownership interests in the future.

Sorry. Should read "If he could do it over again, I would bet he would set it up differently".

[Unregistered]

I see what you are saying - and yes, MK is a co-founder of the club and he has several "yes men" on the Board. As DOC, I would imagine that he is in fact the highest paid employee - which is understandable for such a role.

I disagree that the not for profit status maximizes his earnings potential. He does not own any part of BS, so he cannot profit from its sale in future - in fact a not for profit business cannot be sold. If he could do it over again, I would bet he would not set it up differently. CFC guys were smarter - they have owners and will be able to profit from the sale of their ownership interests in the future.

He draws a large salary, a car, consulting fees, travel expenses, etc. he's living the high life in lower Fairfield County

You make a fair point about future sale of the organization. Perhaps his other associated ventures can be sold. I would argue that he's been getting dividends for quite some time.

[Unregistered]

He draws a large salary, a car, consulting fees, travel expenses, etc. he's living the high life in lower Fairfield County

You make a fair point about future sale of the organization. Perhaps his other associated ventures can be sold. I would argue that he's been getting dividends for quite some time.

What do you consider a "large" salary? Also, to be clear, he is not getting dividends as an owner of BS (non profits do not pay dividends). I assume you are referring to his "perks' as a leader of the management team.

In summary, MK is not getting rich running BS. His bread is buttered by his other activities in Fairfield County. BS is more of an ego play for him.

[Unregistered]

Very few clubs set up as non profits. As a for profit owners can do as they please without oversight by a board or the government. As a non profit you have to have a board (even if they are yes men) and do a ton of paperwork each year, 990s etc*, all of which have to be open to the public. That won't stop an "owner" from drawing a substantial salary and other benefits, again especially if the board is one in name only. If it came time for a "sale" (which I don't see MK doing anytime soon because it is a big ego play for him) they could dissolve the non profit and MK could set it up anyway he wants.



*If you want to see Beachside's go to www.guidestar.org. A quick registration process and you can access any US non-profit's 990 filings.

[Unregistered]

What do you consider a "large" salary? Also, to be clear, he is not getting dividends as an owner of BS (non profits do not pay dividends). I assume you are referring to his "perks' as a leader of the management team.

In summary, MK is not getting rich running BS. His bread is buttered by his other activities in Fairfield County. BS is more of an ego play for him.

According to beachside's 2015 990, Management fee were over $511,000 on revenues of 1.1 million. Additional travel expenses of $28,000

[Unregistered]

According to beachside's 2015 990, Management fee were over $511,000 on revenues of 1.1 million. Additional travel expenses of $28,000

So you are implying that MK is taking a salary of $511k, or half of total revenue? I would bet not.

[Unregistered]

Very few clubs set up as non profits. As a for profit owners can do as they please without oversight by a board or the government. As a non profit you have to have a board (even if they are yes men) and do a ton of paperwork each year, 990s etc*, all of which have to be open to the public. That won't stop an "owner" from drawing a substantial salary and other benefits, again especially if the board is one in name only. If it came time for a "sale" (which I don't see MK doing anytime soon because it is a big ego play for him) they could dissolve the non profit and MK could set it up anyway he wants.



*If you want to see Beachside's go to www.guidestar.org. A quick registration process and you can access any US non-profit's 990 filings.

CFC and FSA guys making way more money than the Greek.

[Unregistered]

So you are implying that MK is taking a salary of $511k, or half of total revenue? I would bet not.

So I would say the Board is made up of volunteers taking no salaries. The Greek isn't an officer

Who else would the management fee be going too

The answer. A company controlled by the Greek is receiving the management fee

[Unregistered]

CFC and FSA guys making way more money than the Greek.

They are larger, private organizations (and CFC is also franchised), but I bet they all do well. Non-profit means nothing in terms of an individual(s) getting rich off of a business. They just can't preserve large profit reserves for the company itself ..... it can, however, overpay anyone it sees fit to diminish said company profits. See Oakwood as another example.

[Unregistered]

So I would say the Board is made up of volunteers taking no salaries. The Greek isn't an officer

Who else would the management fee be going too

The answer. A company controlled by the Greek is receiving the management fee

I bet all of the coaches are paid from the management fee. Not all goes into the Greeks bank account.

[Unregistered]

I bet all of the coaches are paid from the management fee. Not all goes into the Greeks bank account.

No It's going to a management company controlled by The Greek.

It's a shell game .. Non profit doesn't equal no money

[Unregistered]

No It's going to a management company controlled by The Greek.

It's a shell game .. Non profit doesn't equal no money

Nobody is claiming that the Greek is not getting paid as DOC of BS. A previous poster was implying that MK was paying himself a salary of $511k. And I say false.