More million-dollar salaries at nonprofits. Less paid circulation for Register. More firearms at DSM airport.

11/6/2024

Nonprofit organizations are aplenty in Iowa, and the paychecks of the CEOs, presidents and other executives who manage them are often astounding. While there is little doubt about the good these varying organizations do through their services, it’s interesting to see how much those in charge are earning running a “nonprofit.” Last year, CITYVIEW initially excluded medical-related executives, much to the dismay of some of our readers. This time, those individuals will be included as we dig into the most recent 990 tax forms of the five highest gross receipts of central Iowa nonprofits according to guidestar.com.

First on the list is Prairie Meadows with gross receipts of $2,499,465,533. The Altoona casino made this list last year, as did its CEO and president, Gary Palmer. Palmer’s reported compensation from Prairie Meadows 2022 990 tax form states he was compensated $1,515,875. Not bad for someone who initially planned to retire at the end of 2023. The second highest salary is the senior vice president and COO, Ann Atkins, whose salary was $568,492.

Totaling $1,460,001,519 gross receipts, the Central Iowa Hospital Corporation is next on the list. According to its 2022 990 form, four executives and/or board members were paid upwards of seven figures. CEO David Stark’s total compensation was $1,646,674. The next highest is the former VP of medical affairs, Mark Purtle, who was compensated $1,605,456. Stephen Stephenson from Blank Children’s Hospital’s total compensation was $1,149,486. Last, but not least, is physician Robert Isak, who was compensated $1,051,261.

Grinnell College’s gross receipts were $1,295,249,115 with $3 billion-plus in assets. According to its 2023 990 form, the highest-paid executive was CIO Jainen Thayer, earning $1,083,369. The next closest was President Anne Harris, whose total compensation was $618,102.

The fourth-highest gross receipts is the Catholic Health Initiatives-Iowa Corporation, with $896,595,007. Director and CEO Robert Ritz’s $1,923,691 makes him the highest compensated among the nonprofits CITYVIEW is highlighting. Behind him in compensation is former officer Karl Keeler, who made $1,166,358.

The fifth-highest according to gross receipts is the Iowa Physicians Clinic Medical Foundation with $642,597,513. This is the only one of the five we found that employees are earning more than the executives or board members. According to its 2022 990 form, five physicians earned seven figures: Rajeev Fernando at $1,753,550, Tauseef Kahn at $1,746,638, Bhavik Patel at $1,706,823, Craig Stark at $1,470,253 and Ahmad Bader at $1,325,345. … 

In unrelated news, Iowa News Service recently reported that, according to a report from the American Federation of Labor, the pay gap between Iowa CEOs and their employees is the largest in the nation. Nine Iowa companies show up in the report, one of which is Casey’s General Stores Inc. The report says the median Casey’s employee pay is $17,266. Casey’s CEO, Darren Rebelez’ total compensation in 2023 was $10,607,379, 614 times the average employee, according to the American Federation of Labor’s report. In comparison, Apple CEO Tim Cook made 672 times the average Apple worker. …

The Des Moines Register touted paid Sunday circulation of more than 500,000 in the 1960s. Those numbers certainly don’t reflect the current status of the newspaper Iowa used to depend on. Not even close. The Register’s circulation numbers have continued to decline from 129,462 in 2018 to 39,773 in 2022, according to the Alliance for Audited Media. Its 2024 statement of ownership, management and circulation, which paid subscription newspapers are required to publish to receive massive postal discounts, shows the total number of copies is now down to 24,814, and the total paid distribution has fallen to 17,998. 

Also of note, the statement of ownership report names Kristin Roberts as the publisher and Michael Anistasi as the editor. Both are listed at the Gannett offices on the 23rd floor at 1675 Broadway, New York, New York. That’s Midtown Manhattan, not 400 Locust in Des Moines. On the Register’s website, Carol Hunter, one of the few remaining employees Des Moines readers may identify, is listed as its executive editor. …

A press release from the Transportation Security Administration (TSA) revealed that, so far in 2024, 13 firearms have been detected at TSA checkpoints at the Des Moines airport. In 2023, a total of seven firearms were detected. Across the country, TSA has detected 5,028 firearms, 93% of which were loaded. …

The Boys and Girls Clubs of Central Iowa recently announced the expansion of its Options Academy. The program is designed for those 17-21 and aims to support them in earning high school diplomas while also preparing them for future workplace opportunities. Des Moines Public Schools will provide teachers to help students through a personalized curriculum that helps them learn at their own pace. Program highlights include personalized learning plans, career coaching, free resources such as a DART passes and complimentary breakfasts and lunches, academic support and integration with the students’ home schools. …

The Des Moines industrial market made gains in the third quarter, reporting a total of 230,180 square feet of positive absorption, a metric used to indicate the pace at which space is “absorbed” in a specific geographic area. Absorption is calculated using data on newly leased or sold space and space vacated within the market. The vast majority of the gains came in the northeast submarket with 173,325 of the square feet. The south and central business district (CBD) both had zero. In the previous quarter, the market posted 197,995 square feet of negative absorption. This brings the year-to-date absorption to 235,636 square feet. 

Notable transactions that contributed to this are a 75,000-square-foot new lease from the Baker Group at 2770 21st St. N.W., Altoona; a renewal from Ignite at 200 S.E. 37th St. in Grimes for 62,500 square feet; a sale to Block Real Estate at 2220, 20th Ave. N.W., Altoona, for 314,940 square feet; and a sale from PAC West Diversified LP for 157,000 square feet at 6910 S.E. Four Mile Drive, Ankeny.

On the negative side, the Des Moines office figures for the third quarter showed a negative absorption of 1,161,804 square feet. Wells Fargo did more than not renew its naming rights at Wells Fargo Arena. The financial services company was the biggest contributing factor to this quarter’s negative absorption after it decided to move its downtown Des Moines office workers to West Des Moines. As a result, the CBD office vacancy rate increased from 14% to 22.3% in the year. The average asking lease rates decreased from $14.04 per square foot to $13.84 per square foot. …

And, finally, you should rest assured knowing Iowa ranks seventh in KURU footwear’s trick-or-treating report. Illinois ranked just above Iowa in sixth, and Utah took the top spot. The rankings are based on pedestrian fatality rate; child population within the state; Google search data for “Halloween,” “Trick-or-Treating” and “Halloween candy” (to measure demand); walkability score; and predicted temperature for Halloween 2024. n