Common use of Compensation Report Clause in Contracts

Compensation Report. If this Contract is a sole-source, public-private agreement or if the Contractor, through this agreement with the State, annually receive 50% or more of their budget from the State or from a combination of State and Federal funds, the Contractor shall provide an annual report, including the most recent IRS Form 990, detailing the total compensation for the entities' executive leadership teams. Total compensation shall include salary, bonuses, cashed-in leave, cash equivalents, severance pay, retirement benefits, deferred compensation, real-property gifts, and any other payout. The Contractor must also inform the Department of any changes in total executive compensation between the annual reports. All compensation reports must indicate what percent of compensation comes directly from the State or Federal allocations to the Contractor.