$20,000 Bonus Compensation Budget Update from Evergreen Collective

2 views
Skip to first unread message

Jay's LIFE FQN CommUnity

unread,
May 4, 2022, 6:54:34 PM5/4/22
to wctc...@googlegroups.com, Jay's LIFE FQN CommUnity


Hi Health and Mel,


So this is a pretty complicated proposal involving various legal issues and also long term intentions etc…

I will do my best to simplify the decision that needs to be made as much as I can here, and then I can give more information in separate emails on my own perspective.

—

Proposal (From Evergreen Collective): To certify/verify the Updated Evergreen Collective $20,000 bonus employment compensation and revised budget for 2021-2022. 

—

Just to note: there is an on-going clarification about the current salary and new proposed salary. We are trying to clarify that the current salary was $80,000 (including benefits) and that the new salary is $80,000 + $20,000 bonus = $100,000.  There is also discussion that the current salary is $100,000 (including benefit) and the new salary is $114,148.17 (including benefits). When I figure out the exact figures, I will let you know, but it doesn’t really change the due diligence and review that we as a board can now start.

If we approve the proposal, then I will processionals the $20,000 employment bonus immediately. If we do NOT approve the proposal, then the bonus will NOT be processed, and we can take action to approve a board letter explaining our justification and any other decision we wish to make. 

The most important detail of the entire process is that in the original budget and resolution approved by Evergreen, they detailed possible future Bonuses and “automatic” salary increases. I made it clear at the time that it was not legal, nor within our corporate policies for any automatic increase in salary without agreement and review of a separate resolution detailing the change. Therefore the current salary has never changed from the original $80,000/yr, and this is the first proposal to change it. This was made very clear at the time, and obviously we would not automatically be issuing bonuses or salary increase outside of a corporate policy. So therefore we can ignore all mention of future changes in salary within the original resolution, and ONLY consider what was legally agreed upon an established, but it does seem that it is applicable to acknowledge that the original resolution does include a proposal for increased pay, that we are now seeing, so there is a long term president for this proposal and is NOT completely out of nowhere.

So to simplify, the original goal was always to get paid $100,000k salary for Joel, but then he only had $100,000 total to begin with, so he cut his salary to $80,000/yr at the beginning with the intention of increasing it eventually. He has not done that until now. 

It is also important to note, that the “projected” revenue from the change in admin fees is exactly if not about the same amount of the $20,000 bonus, and the reduced change in admin fees from 12% to 7.5% happened at the same time, or right before the proposal for the $20,000 bonus. This is just a fact, and does not have to be considered in each individuals legal decision making, but is good to note as a fact.

Supporting Documents: (Most of which are PRIVATE - CCC)



1st Employment Offer (was made before the final original employment agreement): https://drive.google.com/file/d/1exsM_KpZaQpWOTg-TaxX2ShydedGKc8h/view?usp=sharing 






-------


J


——————————————————————————



Reply all
Reply to author
Forward
0 new messages