While SBA calls Resource Capital insolvent, management of the non-profit CDC did okay pay wise.
President Frank Dinsmore compensation package in 2011 exceeded $1.1 million.
EVP Ronald Vallado took $440k, while COO Kim Ionidis pocketed $231k.
Sales Manager John Osborn topped $300k.
Revenues for 2011 were just under $9 million. With expenses of $9.9 million, Resource Capital posted a $900k “loss.” The company reported “net worth” of $3.2 million.
The Inspector General criticized the company’s executive pay back in 2010 when SBA agreed to study the issue further.
Our takeaway is this issue will definitely be revisited and those who make a living off of SBA’s lending programs will see the agency taking a keener interest in their future compensation.
Here is the company’s 2011, open to public inspection, IRS form 990.