Link: LSU accidentally overpays football coach Brian Kelly by $1M

[Bamabuzzard]

I still cannot believe Brian Kelly won the West in his first year. It’s mind-boggling honestly.

I'm sure he can't either...

 

[92tide]

I still cannot believe Brian Kelly won the West in his first year. It’s mind-boggling honestly.

we served it up on a platter for him

 

[Guido]

Part of his salary was to paid to him directly, part to an LLC. this is done for tax purposes. The mistake was LSu paid him and his LLC the same amount, resulting in the overpayment. Surely he has to give it back or have it deducted in the future. You can't keep it unless LSU agrees and then there are procedures to be follow. Not sure the board of regents would agree.

 

[crimsonaudio]

Part of his salary was to paid to him directly, part to an LLC. this is done for tax purposes. The mistake was LSu paid him and his LLC the same amount, resulting in the overpayment. Surely he has to give it back or have it deducted in the future. You can't keep it unless LSU agrees and then there are procedures to be follow. Not sure the board of regents would agree.

Actually, each major HC coach has a separate LLC for non-University income (camps, endorsement deals outside of the AD, etc). This was apparently what LSU was paying into in addition to his normal salary.

 

[deliveryman35]

Not surprised. He exceeded expectations and beat Saban in his first try once in the league.

 

[BamaFanInTally]

I'm sure he can't either...

Like a Haley’s comet event.

 

[TideMan09]

With what BK accomplished lat year vs what was expected, I'm betting they just let him keep it.

Yup..It was Kelly's bonus for beating Alabama..

 

[Bamabuzzard]

Actually, each major HC coach has a separate LLC for non-University income (camps, endorsement deals outside of the AD, etc). This was apparently what LSU was paying into in addition to his normal salary.

Yes, this is a common practice for a lot of business owners, especially in the real estate and insurance business. The eye opener, whether we think its funny or not, is that those in Kelly's camp not saying a word and I struggle to believe it "got overlooked in the flow of incoming money". Ive been a part of waaaay too many audits over my 25 years of accountancy to believe that.

 

[CB4]

Yes, this is a common practice for a lot of business owners, especially in the real estate and insurance business. The eye opener, whether we think its funny or not, is that those in Kelly's camp not saying a word and I struggle to believe it "got overlooked in the flow of incoming money". Ive been a part of waaaay too many audits over my 25 years of accountancy to believe that.

I recently got overpaid by a mere $450 on a bonus payment and I noticed. I contacted accounting, they reworked the numbers and agreed I was correct.
Some would say “Why? It’s only $450?” First, it is the right thing to do. But the real reason is I want to be trusted by my employer. What if during reconciliation process they find the error? Just like with Kelly, there could be questions of whether I knew and chose to remain quiet. Money is important. But your reputation is more important.

 

[Bamabuzzard]

I recently got overpaid by a mere $450 on a bonus payment and I noticed. I contacted accounting, they reworked the numbers and agreed I was correct.
Some would say “Why? It’s only $450?” First, it is the right thing to do. But the real reason is I want to be trusted by my employer. What if during reconciliation process they find the error? Just like with Kelly, there could be questions of whether I knew and chose to remain quiet. Money is important. But your reputation is more important.

It doesn't go unnoticed. The legislative auditors and the LSU regents may not say one word to Kelly about it, but it will be noted, especially in the audit papers of the Legislative Auditors. They have looooong memories.

 

[The Ols]

Part of his salary was to paid to him directly, part to an LLC. this is done for tax purposes. The mistake was LSu paid him and his LLC the same amount, resulting in the overpayment. Surely he has to give it back or have it deducted in the future. You can't keep it unless LSU agrees and then there are procedures to be follow. Not sure the board of regents would agree.

They've already worked out a plan...He's receiving less for the next 12 months to make up the mistake...
Must be nice to make up 1.1 mil in 12 months...whoops!