By Madeline Folsom on SwimSwam
USA Swimming’s current monetary launch revealed a staggering $400,000 severance cost to former CEO Tim Hinchey following his resignation final August, and there may be extra to come back.
Final week, SwimSwam printed the USA Swimming tax kind 990, which is the shape required for U.S. tax exempt organizations that provides an in depth overview of the group’s spending whereas concurrently serving as a public disclosure doc.
That kind revealed that the highest 4 earners from 2024 have been not with the group. Former CEO Hinchey was the best paid worker, bringing in an enormous $1,051,489 with solely $575,241 coming from his base wage.
Hinchey resigned on the finish of August in 2024, leaving about 16 months on his contract that was prolonged in 2021 to run by way of the tip of 2025.
Web page 54 of the 990 kind that’s obtainable on USA Swimming’s web site reveals that Hinchey obtained a $400,000 cost in 2024 as a part of the “severance settlement”, and that he might be “receiving a second installment cost in 2025.”
Former Nationwide Crew Director Lindsay Mintenko obtained a “one-time severance cost” of $139,500.
USA Swimming’s 2025 Funds doc reveals $415,800 permitted for “CEO Transition”, which is a bit more than $100,000 lower than the $517,800 the group “initiatives” they spent on the identical line merchandise in 2024.
A spokesperson for USA Swimming confirmed this cash was spent on a wide range of gadgets akin to “contractual severance, search agency charges, PR service, authorized providers, and Interim CEO momentary housing”, however they have been unable to offer a line-item of how these prices broke down.
Through the greater than one-year-long seek for CEO, that featured the hiring and fast resignation of Shana Ferguson, USA Swimming went by way of two totally different search corporations earlier than hiring Kevin Ring after 371 days with out formal management.
The group is predicting a $1.8 million income shortfall for 2025, partially attributable to falling membership and advert {dollars}, and so they have projected a -$414,752 working deficit for the yr.
Learn the total story on SwimSwam: USA Swimming Paid Former CEO Tim Hinchey $400,000 in Severance
