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Following up our previous investigation, we open the books to the Foundation and scrutinise the most recent annual report. Having just accessed the Thomas Kelly Youth Foundation 2014/2015 annual report there is a lot to look through.

However a full report can wait as this information appears to be something that needs to be urgently addressed.

For reference you refer to the TKYF constitution here, the current annual report here and the previous year here.

UPDATE: As of around 10pm, Friday 19th February 2016 the Foundation website as well as a number of other affiliated sites and social media pages have been taken down or locked down. This is still the case at the time of this update – 11.30am, Saturday 20th February 2016. We await further updates.

Here is TKYF revenue vs expenses for the financial year ending June 30th 2015

 

Here are the details regarding Director Ralph Kellys remuneration, voted on by other directors in December 2013 (a month before LOLs were passed)

 

The Corporations Act 2001 – Sect 191 explains what material benefit is and how it relates to the vote above

According to this document, Ralph Kelly was paid $114,844 in employee benefits in the last financial year, with $10,910 going towards superannuation.

So if this has been read correctly, TKYF appears to have raised a total of $243,373 in the last financial year, and paid Director Ralph Kelly a total of $125,754 (more than half what was raised).

Tax free.

I’m not suggesting anything untoward at this stage, and it is not illegal or unusual for charity directors to be remunerated for their hard work. But given the circumstances it does seem that there is some clarification required.

There is no way more than half the revenue raised would be taken as a salary, right? Surely Not???

More to come…

 

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