on a number of factors.
Ratings & Metrics
|Program %||Cost to Raise $100|
Governance & Transparency
|1||Sarah Kate Ellis||President/CEO||$511,630|
|3||Richard Ferraro||Chief Communications Officer||$186,299|
Name: Sarah Kate Ellis
Name: Darra Gordon
Name: Richard Ferraro
Title: Chief Communications Officer
According to the GLAAD audit of September 30, 2020 (Note 9, Paycheck Protection Program):
"In April 2020, GLAAD received loan proceeds in the amount of $807,800 under the Paycheck Protection Program ('PPP'). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act ('CARES Act'), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after twenty-four weeks as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its full-time equivalency levels...
"The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. GLAAD intends to use the proceeds for purposes consistent with the PPP. GLAAD currently believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan."
According to the GLAAD audit of September 30, 2020 (Note 11, Commitments and Contingencies, Impact of COVID-19 Virus):
"Following the State 'Safer at Home' order to close all non-essential activities, GLAAD, has been conducting business activities under Safer at Home isolation protocols. The overall long-term financial impact of the COVID-19 virus on GLAAD cannot be foreseen at this time and is not reflected in these [audited] financial statements."
According to the GLAAD audit of September 30, 2020 (Note 16, Subsequent Events and Transactions):
"In February 2021, GLAAD received its second draw Paycheck Protection Program funding loan through the U.S. Small Business Administration in the amount of $811,000. This loan was offered to qualifying small businesses in order to provide financial assistance during the COVID-19 crisis and is to be used to cover payroll costs and other qualifying expenses. Under the terms of this loan, the loan may be forgiven in full or in part provided it is used to pay for qualifying expenses."
According to the GLAAD tax filing for the fiscal year ended September 30, 2020, GLAAD reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):
Regarding nonfixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 7):
"Non-fixed payments (bonus) are paid to officers and/or highest compensated employees based on overall performance and approved by the Board."
GLAAD reports "Bonus & incentive compensation" payments to three individuals in calendar year 2019, including $170,400 paid to Sarah Kate Ellis, President & CEO, whose reported total compensation in 2019 is $511,630. The other two individuals received $25,000 and $20,000, respectively, with reported total compensation in 2019 of $198,395 and $186,299, respectively (IRS Form 990, Schedule J, Part II).