Thursday, August 18, 2022 Aug 18, 2022
80° F Dallas, TX
Business

Why Did Phillip Jones Receive a $35,000 Pay Advance from VisitDallas?

Maybe it was to pay for the Tumi backpack?
By Tim Rogers |
Image
Jonathan Zizzo

An alert FrontBurnervian points us to something interesting in the VisitDallas deal that I haven’t seen anywhere else yet. Scroll down to page 28 of this 990 form filed by VisitDallas in 2015, the most recent year available. See that $35,000 loan to CEO Phillip Jones? What the holy heck is that? It is characterized as a “pay advance.” Jones’ compensation that year was $670,000. Not all of that was cash. I don’t know what his FSA or withholding situations are. So for argument’s sake, let’s ignore all that. If he gets paid every two weeks, his paycheck would be $27,916. And he needed to borrow $35,000? Furthermore, the 990 form says that Jones has (or had) a balance due of $135,000. Is VisitDallas running a payday loan operation that charges $100,000 in interest on a $35,000 loan?

I’m sure there’s a good explanation for this. I’ve called and emailed Frank Librio, the VisitDallas marketing guy who handles media relations and whose compensation in 2015 was $174,000. If I hear back from him, I’ll update this post.

Related Articles

Image
Business

The Most Dubious Business Name in Dallas

Am I being too sensitive here?
By Tim Rogers
Image
Business

C-Suiters Share their Best Business Advice

Chris Crosby of Compass Data Centers, Sue Ansel of Gables Residential, and Shridhar Mittal of Zimperium share the words that have helped shape their careers.
Danyel Surrency Jones
Business

Conversation With: Danyel Surrency Jones

The entrepreneur behind POWERHANDZ shares lessons she has learned as a Black woman entrepreneur.