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Neighbor Fencepost.

Publication: Daily Herald (Arlington Heights, IL)
Publication Date: 31-DEC-07 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Neighbor Fencepost.(Neighbor)(Letter to the editor)

Article Excerpt
ECC board filling in for Santa Claus

To the editor: I read with interest the Daily Herald's recent article that Dr. David Sam, the president of Elgin Community College, was unanimously granted an increase in his monthly stipend to $1,000 a month.

The article stated Dr. Sam receives a car allowance for business and "personal" use. He already receives a generous salary of $175,000.

I hope the board of trustees understands these stipends are taxable income to Dr. Sam and that the college has the responsibility to include these stipends as taxable income.

He can report the income and, using the appropriate IRS forms, deduct his "actual" deductible expenses according to the guidelines in the Internal Revenue Code.

Dr. Sam's contract does not overrule Internal Revenue Code. Personal expenses are never deductible. I know because I have been a CPA for over 33 years, and I have a Master of Science in Taxation from DePaul University.

It appears the board of trustees is not only negligent and incompetent, but it has assumed the role of Santa Claus.

I will send a copy of the Daily Herald article along with this letter to the Chicago District Director of the IRS as well as the governing audit bureau...

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More articles from Daily Herald (Arlington Heights, IL)
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Fence Post.(News)(Letter to the editor), December 31, 2007
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Neighbor Fencepost.(Neighbor)(Letter to the editor), December 31, 2007
Catholic program helps people reconnect with faith, church.(Neighbor), December 31, 2007

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