Wuesthoff, not completely not-for-profit...sweet secret.

After a few curious citizens contacted the Florida Attorney General, and demanded the information which Wuesthoff’s attorneys were trying to hide from the public, someone decided that this information could not be hidden any longer.

"Trade secret" was the asinine excuse which delayed the release of the disbursement information was in fact a “sweet secret.”

Sandi Copes, communications director for the Attorney General  stated that “The records were released as a result of continued efforts by the Attorney General’s Office to be able to release the full version of the records requested.” which I read as follows: “We told Wuesthoff that by law, this information would have to be released eventually. The longer they try to hide their dirty little secret, the harder it is likely to bite them in the butt.”

Johnette Gindling, who, according to Florida Today, was the VP of MARKETING of the not-for-profit Wuesthoff prior to the sale and who is now the executive director of the Space Coast Health Foundation, the charity that replaced Rockledge-based Wuesthoff after the sale, said in a news release “rather than continue the legitimate but expensive legal effort to protect the personal privacy of former Wuesthoff leaders.” which should read as follows: “We were caught with our hands in the cookie jar and our pants down. We realized that it had been videotaped… so we had to stop the denial efforts.” Gindling continued, “The foundation board has objected to the disclosure on principle and based on solid legal arguments” which should read as follows: “Our lawyers came up with some laughably bogus concept of trade secret, as we were so ashamed to disclose that a non profit company can afford to distribute 10 million in golden parachutes, but the subterfuge failed as the public was not as stupid as we first thought it to be.” Finally, the marketer Gindling spoke of the future: “We’re still exploring what the foundation will be funding, but it ultimately will be to improve the health of all of Brevard County residents,” which should read as follows: “Looking forward to find some more folks profiting from this new not for profit foundation.”

So, now, let’s review Wuesthoff’s trade secrets:

1.     Miller, received $6.25 million. ($2.2 million of severance pay, and $3.2 million of retirement pay, $850,000 of employee benefits).

2.     George Fayer, a consultant received $973,000.

3.     Chantal LeConte, received $553,000.

4.     Gindling, Wuesthoff’s former vice president of marketing, received $370,000.

Fran Pickett, chair of the Space Coast Health Foundation, said the nine executives were rewarded because they were willing to stay on “through the sales process, keep the organization running at optimum level, and assist in the transition” to new ownership. Pickett said she expects it will have $30 million to $50 million, once all obligations are settled, including the trade secret payouts.

To conclude, let’s be optimistic, and assume they’ll be $30 million left once the obligations are settled. The executives will have received over 35% of the leftover amount… with Miller alone having received over 20%.

So that everyone understands better before they make their next donation to a non-profit organization; the fact that a corporation is not-for-profit definitely does not mean that its executives are.