Posted by: Obbop
Posting time: 4 months ago on
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Archived on: 12/5/2020 10:00:00 AM
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[–] Obbop [S] ago
"Note 10.Deferred CompensationIn 2005, after 22 years of employment, The Fellowship’s Board of Directors established a retirement plan (non-qualified deferred-compensation plan) for its president, with a benefit to his beneficiary in the case of his death. Originally, this retirement plan was set up to vest in January 2017. However, during 2015, the President exercised his option to defer the vesting date of the pension to 2022. The Fellowship has been fully funding the future liability. The President passed away in February 2019. Under the agreement, in the case of death, the President’s beneficiary is to receive fixed monthly payments for 10 years. As of December 31, 2019 and 2018, $3,531,824 and $4,294,387, respectively, has been accrued as a liability on the consolidated statements of financial position. In 2019, the Fellowship added an additional accrual for the estimated future tax reimbursements they expect to pay to the President’s beneficiary over the course of the scheduled future payments.The Fellowship funds the expected liability on a monthly basis into a Rabbi Trust for the benefit of the President. As of December 31, 2019, the Rabbi Trust held investments of $5,186,339"
Scrolling through the revelations SCAM shouts out for all to hear. Fucking scamming filth.