Analysis Of Reasonable Comp For Unique Cos Or Unique .

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Analysis of ReasonableCompensation for Unique Companiesor Unique EmployeesIllinois CPA SocietyBusiness Valuation SymposiumWednesday, May 22, 2013Chicago, IllinoisRobert F. Reilly, CPAManaging DirectorWillamette Management AssociatesChicago, Illinoisrfreilly@willamette.comPortland, Oregon Chicago, Illinois Atlanta, Georgia

Discussion Outline Reasons to conduct a reasonableness of compensationanalysis Alternative standards by which to determinereasonableness of compensation Two categories of reasonableness of compensation analysis Multiple factor test analyses Independent investor test analyses Considerations in a reasonableness of compensationanalysis Multiple factor test illustrative example Independent investor test illustrative example Reasonableness of compensation analysis caveats Summary and conclusion, questions and discussionWillamette Management Associates1

Reasons to Conduct the Reasonablenessof Compensation Analysis More obvious reasons1. Income normalization adjustment—when valuing acontrolling ownership interest in a business orprofessional practice2. C corporation – shareholder/employee compensationtoo highS corporation – shareholder/employee compensationtoo low3. Family law – too high compensation causes understatedbusiness value– too low compensation causes understatedalimonyWillamette Management Associates2

Reasons to Conduct the Reasonablenessof Compensation Analysis (cont.) Less obvious reasons1. Shareholder litigation shareholder oppression – too high compensation results inunderstated dividends and capital gains dissenting shareholder appraisal rights – too highcompensation results in understated fair value of stock2. Tort litigation breach of fiduciary duty claims dissipation of corporate assets claims3. Breach of contract ligation breach of joint venture agreement breach of partnership agreementWillamette Management Associates3

Reasons to Conduct the Reasonablenessof Compensation Analysis (cont.) Less obvious reasons (cont.)4. Not-for-profit entity concerns private inurement and excess benefits related toexcess physician/executive compensation Medicare fraud and abuse5. ESOP/ERISA litigation claims against trustee for allowing excesscompensation6. Private equity fund (or other investor) negotiation of theterms of the private company investmentWillamette Management Associates4

Tax Deduction for Employee/ShareholderCompensation IRC Section 162(a)(1) allows a deduction for compensationthat is “a reasonable allowance for salaries or othercompensation for personal sources actually rendered” The four requirements for an employee compensationdeduction described in Regulation 1.162-7 ordinary and necessary expense,reasonable in amount,based on services actually rendered, andactually paid or incurred by the taxpayer corporation.Willamette Management Associates5

Tax Deduction for Employee/ShareholderCompensation (cont.) According to Regulations 1.162-7 and 1.1032-1, a taxpayercorporation may deduct a shareholder/executivecompensation payment that is based on a percentageformula. The percentage formula may be:– a percent of corporation revenue,– a percent of corporation earnings, or– a percent of some of corporation income measure. However, the formula-based compensation paymentsshould be:– reasonable in amount,– based on services actually performed, and– paid or incurred in the year in which the deduction is claimed.Willamette Management Associates6

Considerations in the ReasonableCompensation Analysis What is meant by reasonable compensation?––––maximum supportable level of compensation?greater than mean or median?greater than 75th percentile?greater than 90th, 95th, 98th percentile? Tie the quantitative analysis into the “story” of theemployee’s performance Describe why superior company performance is due to theemployee and not due to:––––favorable market conditionscompetitors’ failuresintangible assets and intellectual propertybeing in the right place at the right timeWillamette Management Associates7

Considerations in the ReasonableCompensation Analysis (cont.) What are comparable companies?––––samesamesamesameSIC codesize – revenue, profits, assets, equityincome tax statuscriteria as used to select BV comparable companies When analyzing comparable companies, consider all formsof executive compensation––––salary and bonusstock and stock optionsuse of company assetsother employee benefits What are “comparable employees” at “comparablecompanies”?Willamette Management Associates8

Considerations in the ReasonableCompensation Analysis (cont.) When analyzing comparable executives at comparablecompanies, remember that private company executive titlesmay not be comparable to public company executive titles Touch all the bases (consider all the factors) in whatevermultiple factor test you select For tax-related compensation disputes, consider whatalternative judicial jurisdictions are available to thetaxpayerWillamette Management Associates9

Additional Factors to Consider in Analysisof Shareholder/Employee Compensation Personal guarantee for company debt Personal guarantee for company leases Personal guarantee for company contracts Also serves on board of directors Also serves as trustee for the company retirement plan Often, shareholder/executive is the last person to be paidsalary and/or bonusWillamette Management Associates10

Reasonable Compensation versusOwnership Control Adjustments Don’t confuse (or double count) excess compensationadjustments with other ownership control ompany paid vacationscompany paid club duesuse of company assets (car, plane, homes)lease of related party assetsphantom employeesdebt to/from the companycompany-paid personal expensesotherWillamette Management Associates11

Illustrative Multi-Factor TestJudicial Precedent Mayson Manufacturing Co.178 F.2d 115 (6th Cir. 1949)(factors also included in the Internal Revenue Manual) Elliotts, Inc.716 F.2d 1241 (9th Cir. 1983) Trucks, Inc. v. U.S.588 F. Supp. 638 (D.C. Neb. 1984) Pulsar Components International, Inc.TCM 1996-129Willamette Management Associates12

Illustrative Independent Investor TestJudicial Precedent Exacto Spring Corp. v. Commissioner196 F.3d 833 (7th Cir. 1999) Menard Inc.560 F.3d 620 (7th Cir. 2009)Willamette Management Associates13

Excess Benefit and Private InurementJudicial Precedent People ex rel. Spitzer v. Grasso2006 WL 3016952 (NY sup)NYSE CEO Vacco v. Diamandopoulos185 Misc 2d 7294 (NY sup 1998)Adelphi University president non-litigated AG investigation of Harvard Universityendowment fund manager non-litigated AG investigation of American University president non-litigated AG investigation of J. Paul Getty Trust president non-litigated IRS investigation of The Nature Conservatorypresident audits by IRS, state attorneys general, Office of InspectorGeneral (for healthcare entities), and other regulatoryauthoritiesWillamette Management Associates14

Mayson Manufacturing Co.Multi-Factor Test The eight Mayson multi-factor tests follow:1. the employee’s particular qualifications for the job,2. the nature, scope, and extent of the work actually performedby the employee,3. the size and complexity of the subject business enterprise,4. the economic conditions and background of the industryinvolved,5. the subject company’s dividend history6. comparable salaries paid in the industry,7. the compensation paid to the subject company's otheremployees, and8. the subject employee prior years’ compensation (especiallyfor years in which the employee was clearlyundercompensated).Mayson Manufacturing Co., 178 F.2d 115 (6th Cir. 1949)Willamette Management Associates15

Elliotts and Multi-Pak Multi-Factor Test The Elliotts, Inc. (and the Multi-Pak Corp.) fivereasonableness of compensation factors follow: employee’s role in the subject corporation,an external comparison with other comparable companies,the character and the condition of the subject corporation,any potential conflicts of interest, andthe internal consistency of executive compensation practiceswithin the subject corporation.Elliotts, Inc., 716 F.2d 1241 (9th Cir. 1983)Willamette Management Associates16

The Trucks, Inc. Multi-Factor Test The Trucks, Inc. v. U.S. multi-factor tests follow: qualifications and trainingnature, extent, and scope of employee dutiesresponsibilities and number of hours involvedsize and complexity of the subject businessresults of the employee’s effortsprevailing rates for comparable employees in comparablebusinessesratio of compensation to company growth and net income(measured before salaries and tax)absence of usual fringe benefits (pension or profit-sharingplan, stock options, etc.), which are available to executivesof other companies of comparable sizeemployee’s responsibility for the company’s inception and/orsuccesstime of year the compensation was determined and by whomWillamette Management Associates17

The Trucks, Inc. Multi-Factor Test(cont.) The Trucks, Inc. v. U.S. multi-factor tests follow: (cont.)11. correlation between the shareholder/executive compensationand his/her ownership interest12. the corporation’s dividend history13. prevailing economic conditions14. examination of the financial condition of the subject companyafter paying the compensation15. whether an independent investor would be willing tocompensate the shareholder/executive at the amount thathe/she was compensatedTrucks, Inc. v. U.S. 588 F.Supp. 638 (D.C. Neb. 1984)Willamette Management Associates18

Pulsar Components International, Inc.Multi-Factor Tests The Pulsar Components International, Inc. multi-factor testsfollow:1. the employee’s qualifications2. the nature, extent, and scope of the employee’s work3. the size and complexities of the employer’s business4. a comparison of salaries paid with the employer’s gross and netincome5. the prevailing general economic conditions6. a comparison of salaries with distributions to officers and retainedearnings7. the prevailing rates of compensation for comparable positions incomparable concerns8. the salary policy of the employer as to all employees9. the compensation paid to the particular employee in previous yearsthe employer’s financial condition10.whether the employer and the employee dealt at arm’s-lengthWillamette Management Associates19

Pulsar Components International, Inc.Multi-Factor Tests (cont.) The Pulsar Components International, Inc. multi-factor testsfollow: (cont.)11.whether the employee guaranteed the employer’s debt12.whether the employer offered a pension plan or profit sharing plan toits employees13.whether the employee was reimbursed by the employer for businessexpenses that the employee paid personallyPulsar Components International, Inc., TCM 1996-129Willamette Management Associates20

General Sources ofExecutive Compensation Subscription-Based Sources– Compdata Surveys, Dolan Technologies, Corp.,–, Business & Legal Resources,– CompQuest Online, Towers Watson Data Sources,– EquilarInsight, Equilar, Inc.,– Executive Compensation Assessor, Economic ResearchInstitute,– Kenexa CompAnalyst Executive, Kenexa, Inc.,www.kenexa.comWillamette Management Associates21

General Sources ofExecutive Compensation(cont.) Free or Inexpensive Sources– America’s Career InfoNet, Career One Stop (sponsored by theUS Department of Labor),– eStatement Studies, RMA, Inc., tudies– Occupational Employment Statistics—Wages by Area andOccupation, Bureau of Labor Statistics, U.S. Department ofLabor,– Officer Compensation Data, Integra -data.aspx– for Business,, www.salary.comWillamette Management Associates22

Selected Healthcare CompensationSources AAMC Data Book: Medical Schools and Teaching Hospitalsby the Numbers, Association of American Medical Colleges,annual. Contains a section on total compensationattributable to teaching, patient care, and research for fulltime faculty at accredited medical schools. Academic Practice Compensation and Production Survey forFaculty and Management, Medical Group ManagementAssociation, annual. Provides compensation andproductivity information for full-time equivalent facultyphysicians and nonphysician providers and compensationfor executives and middle managers employed at academicmedical centers and teaching hospitals. Hospital Salary & Benefits Report, Hospital & HealthcareCompensation Service, annual. Provides salaries andbonuses for 179 hospital positions including management,nursing, therapy, laboratory, radiological, rehabilitation,dietary, pharmacy, technical, and clerical.Willamette Management Associates23

Selected Healthcare CompensationSources (cont.) Management Compensation Survey, Medical GroupManagement Association, annual. Provides annualcompensation and benefit information for physicianexecutives, executive management, senior management,general management, specialists, and supervisors within amedical group practice environment. Medical Group Compensation and Financial Survey,American Medical Group Association, annual. Providescompensation and productivity data for various medicalspecialties for physicians, nonphysician providers, andadministrative staff. MGMA Physician Compensation and Production Survey,Medical Group Management Association, annual. Providesranges of compensation and productivity for both full-timeequivalent physicians and nonphysician providers.Willamette Management Associates24

Selected Healthcare CompensationSources (cont.) Physician Salary & Benefits Report, Hospital & HealthcareCompensation Service, annual. Provides total compensationfor staff physicians in medical practices and at hospitals.Willamette Management Associates25

Illustrative Example of ERIExecutive Compensation Assessor Illustrative fact set: Pharmaceutical company CEO Industry SIC or NAICS code: SIC code 2830 Area: Chicago, Illinois Organization size (revenue): 4,000,000,000 Planning date (can be historical): September 30, 2012 Position: CEO It is possible to select the mean or median. The percentilescan also be changed. The lowest percentile is 10% and thehighest percentile is 90%.Willamette Management Associates26

ERI DataExampleWillamette Management Associates27

ERI DataExample (cont.)Willamette Management Associates28

ERI DataExample (cont.)Willamette Management Associates29

Illustrative Presentation to theAlpha Institute of Medical ResearchCompensation CommitteeOctober 1, 2012Reasonableness of CompensationPaid to Certain Senior ExecutivesWillamette Management Associates30

Reasonableness of Executive CompensationAnalysis – Objective of the Analysis We performed an analysis to conclude the reasonableness ofexecutive compensation paid to certain executives by theAlpha Institute of Medical Research (“Alpha”). We analyzed the compensation paid to the followingexecutives:– Benjamin Beta (“Mr. Beta”) is the Alpha chief executive officerand chairman of the board.– Gary Gamma, M.D. (“Dr. Gamma”) is the Alpha president andchief operating officer. He is also responsible for, and has fullauthority and control of, the Alpha discovery and developmentoperations.– David Delta (“Mr. Delta”) is the Alpha executive vice presidentand chief financial officer.– Edward Epsilon, Esq. (“Mr. Epsilon”) is the Alpha chief legalofficer.– Zachariah Zeta, Ph.D. (“Dr. Zeta) is the Alpha scientific director.Willamette Management Associates31

Reasonableness of Executive CompensationAnalysis – Purpose of the Analysis Tax-exempt organizations, as defined in Section 501(c)(3),are prohibited from providing private inurement (that is,giving excess benefits to private individuals). Section 4958defines an excess benefit transaction as “any transaction inwhich an economic benefit is provided by an applicable taxexempt organization directly or indirectly to or for the useof any disqualified person if the value of the economicbenefit provided exceeds the value of the consideration(including the performance of services) received forproviding such benefit.” Prohibited transactions for tax-exempt organizations, asdefined in Section 503, include payment of compensation“in excess of a reasonable allowance for salaries or othercompensation for personal services actually rendered.”Willamette Management Associates32

Reasonableness of Executive CompensationAnalysis – Purpose of the Analysis (cont.) For for-profit organizations, Regulation 1.162-7(b)(3)defines reasonable compensation as “such amount as wouldordinarily be paid for like services by like enterprises underlike circumstances.” For purposes of this analysis, reasonable compensation isthe amount that would ordinarily be paid for like servicesby like enterprises under like circumstances, not exceedingthe value of the personal services rendered.Willamette Management Associates33

Reasonableness of Executive CompensationAnalysis – Framework and Relevant Factors The Internal Revenue Manual lists the factors that theService considers in its determination of the reasonablenessof executive compensation, for both for-profit entities andnot-for-profit entities. The Internal Revenue Manual factors are often referred toas the Mayson factors, because they were first listed inMayson Mfg. Co. v. Commissioner, 178 F.2d 115, 119 (6thCir. 1949).Willamette Management Associates34

Reasonableness of Executive CompensationAnalysis – Three Benchmark Analyses Analysts typically use the following three benchmarkanalyses to estimate reasonable compensation for not-forprofit entity executives:– a salary survey analysis,– a proxy statement analysis, and– a financial ratio analysis. Salary Survey Analysis– First, we estimated a range of reasonable compensation byreference to published executive compensation survey data. Werelied on the following two executive compensation surveys: Economic Research Institute (ERI) Towers Watson Data Services– However, these two surveys do not include any non-cashcompensation, such as awards of stock or stock options.– In order to provide a compensation package that is competitivewith what executives could earn at for-profit organizations, Alphawill have to offer higher levels of cash compensation.Willamette Management Associates35

Reasonableness of Executive CompensationAnalysis – Three Benchmark Analyses (cont.) Proxy Statement Analysis– Second, we performed an analysis of compensation, includingthe value of stock awards and stock options granted, paid bypublic companies in health-related industries. Thesecompensation amounts are reported on proxy statements orother SEC documents.Willamette Management Associates36

Reasonableness of Executive CompensationAnalysis – Three Benchmark Analyses (cont.) Financial Ratio Analysis– Third, we calculated the ratios of (1) total officer/directorcompensation to year end fund balance and (2) totalofficer/director compensation to beginning of year total assetsfor not-for-profit health-related and medical organizations. Weapplied these ratios to the Alpha fund balance and the Alphatotal assets.– Next, we subtracted the compensation paid to the Alphaofficers/directors (other than each subject executive) in orderto estimate the reasonableness of compensation paid to eachexecutive.– This analysis estimates the amount of compensation“available” to pay to each executive while keeping the totalamount of officer/director compensation within a reasonablerange.Willamette Management Associates37

Reasonableness of Executive CompensationAnalysis – Three Benchmark Analyses (cont.) We did not assign specific weight to the third analysis in ourfinal conclusion. The financial ratio analysis confirmed that the amount ofcompensation concluded from (1) the salary surveys and(2) the public company proxy statements fell within areasonable range.Willamette Management Associates38

Salary Survey Analysis – Benjamin BetaERI Executive Compensation Assessor for Chairman of the Board and Chief Executive OfficerIndustry DescriptionTowers Watson Compensation Regression Analysis for Chief Executive mpensationCompensationCompensation Industry CompensationCompensationCompensation 9,542All Organizations (excluding financial eneral Medical and Surgical igh Medical 42Health ch, Development, and ineering 516General Medical and Surgical ll Organizations (excluding financial edical 70High Research, Development, and lth ering 9001,561,682General Medical and Surgical Hospitals1,000,000,000955,8881,352,021Medical All Organizations (excluding financial esearch, Development, and h Health ineering neral Medical and Surgical al search, Development, and Testing500,000,000897,3821,225,8831,399,748All Organizations (excluding financial services)500,000,000923,0291,355,2431,630,531High th ing cated Range of Reasonable Annual Compensation LevelsRange of AnnualCompensation [a]Salary Survey AnalysisERI Executive Compensation AssessorTowers Watson Regression AnalysisWillamette Management AssociatesLowHighAverage 6139

Proxy Statement Analysis – Benjamin BetaNumber ofGuidelineCompaniesMedianCompensation Total Compensation Excluding Stock ompenCompenCompensationsationsation AverageCompensation Companies with 3.5 Billion in Assets - 10 Billion in 96850.0%1,893,767Companies with 800 Million in Assets - 3.5 Billion in 74082.6%3,107,879Companies with 500 Million in Assets - 800 Million in 645.5%813,173Guideline Company SizeExecutivesReceivingOptionAwards%AverageValue ofOptionAwards Indicated Range of Reasonable Annual Compensation [a]Type of CompensationCompensation Excluding Stock Options, Median - 84th PercentileLow 2,911,174High 5,934,264Average 4,422,719Zero to Average Option AwardsTotal Annual 976,658Footnote:[a] Using guideline companies with 800 million in assets to 3.5 billion in assets. This range of asset size represents approximately 50 percent to 200 percent of the 9/30/2012 total asset size of Alpha.Willamette Management Associates40

Supplemental Financial Ratio Analysis:Benjamin BetaASSET BALANCE FROM 800,000,000 TO 3,500,000,000NATIONAL CENTER FOR CHARITABLE STATISTICS - FORM 990 CORE FILESANNUAL COMPENSATION AS A PERCENT OF TOTAL ASSETSTotal AssetsCompensationCompensationat Beginningof Officers/as a % ofof YearDirectors Total AssetsName of Organization3,224,691,848200,247NORTHWESTERN MEMORIAL HOSPITAL0.006%3,023,233,1409,433,421TRINITY HEALTH-MICHIGAN0.312%2,958,848,1118,230,168SISTERS OF ST FRANCIS HEALTH SERVICES INC0.278%2,950,889,94810,426,468PARTNERS HEALTHCARE SYSTEM INC0.353%2,930,050,2974,879,958DUKE UNIVERSITY HEALTH SYSTEM INC0.167%2,775,777,1684,297,831TEXAS CHILDRENS HOSPITAL0.155%2,736,974,95312,844,548CATHOLIC HEALTHCARE PARTNERS0.469%2,727,541,03311,420,955ALLINA HEALTH SYSTEM0.419%2,694,067,00012,251,000UNIVERSITY HOSPITALS HEALTH SYSTEM INC0.455%2,578,396,03012,950,331CEDARS-SINAI MEDICAL CENTER0.502%.800,504,6834,337,604RADY CHILDRENS HOSPITAL-SAN DIEGOWillamette Management Associates0.542%Median Total Compensation as a % of Total Assets0.465%25th Percentile Total Compensation as a % of Total Assets0.248%75th Percentile Total Compensation as a % of Total Assets0.668%84th Percentile Total Compensation as a % of Total Assets0.841%41

Supplemental Financial Ratio Analysis:Benjamin Beta (cont.)FUND BALANCE FROM 600,000,000 TO 2,500,000,000NATIONAL CENTER FOR CHARITABLE STATISTICS - FORM 990 CORE FILESANNUAL COMPENSATION AS A PERCENT OF FUND BALANCEFundCompensationCompensationBalance atof Officers/as a % ofEnd of YearDirectorsFund Balance 2,038,637,976Name of Organization%4,297,831TEXAS CHILDRENS HOSPITAL0.211%1,907,013,4132,608,082ST JUDE CHILDRENS RESEARCH HOSPITAL INC0.137%1,849,945,55125,167,194ADVOCATE HEALTH AND HOSPITALS CORPORATION1.360%1,831,220,4009,433,421TRINITY 020,1438,230,168MEMORIAL SLOAN-KETTERING CANCER CENTER0.643%SISTERS OF ST FRANCIS HEALTH SERVICES INC0.477%1,722,056,0006,586,000UNIVERSITY HOSPITALS HEALTH SYSTEM INC0.382%1,715,855,8182,687,081AMERICAN LEBANESE SYRIAN ASSOC CHAR INC0.157%1,687,332,40217,827,571SUTTER HEALTH1.057%1,674,141,10018,239,413BANNER HEALTH1.089%.600,660,854458,146TOLEDO HOSPITALWillamette Management Associates0.076%Median Total Compensation as a % of Fund Balance0.588%25th Percentile Total Compensation as a % of Fund Balance0.351%75th Percentile Total Compensation as a % of Fund Balance0.994%84th Percentile Total Compensation as a % of Fund Balance1.325%42

Reasonable Compensation Conclusion –Benjamin BetaIndicated Range of Reasonable CompensationBenjamin Beta Compensation AnalysisLowHighAverage 190Salary Survey AnalysisERI Executive Compensation AssessorTowers Watson Regression AnalysisProxy Statement AnalysisTotal Compensation Excluding Stock OptionsZero to Average Value of Option AwardsTotal Annual CompensationFinancial Ratio AnalysisTotal Officer Compensation as a Percent of Fund Balance/Total AssetsConclusion (range of midpoints, excluding the financial ratio analysis)Indicated Total Compensation for Alpha Chairman and CEOBenjamin Beta Range of Reasonable CompensationWillamette Management AssociatesLowHigh 1,631,7025,976,65843

Supplemental Comparable EmployeeAnalysis: Benjamin ameHoward Hughes Medical Inst it ut eMemorial Sloan-Ket t ering Cancer Cent er [a]Memorial Sloan-Ket t ering Cancer Cent er [a]T he Cleveland Clinic Foundat ionMayo ClinicP art ners Healt hCare Systems Inc.P art ners Healt hCare Systems Inc.Children's Hospit al Corporat ion (Bost on)Cedars-Sinai Medical Cent erSt . Jude Children's Research Hospit al Inc.Johns Hopkins Hospit alBaylor Healt h Care Syst emT he Scripps Research Inst it ut eBeckman Research Inst itut e of t he Cit y of HopFred Hut chinson Cancer Research Cent erNumber 10,26611,8204,02510,7262,3432,8619723,074Fund BalanceT ot al Asset 9853,349,460,5522,440,966,5472,375,941,191Robert T ijan, P hDHarold Varmus, MDCraig T hompson, MDDelos M. CosgroveJohn M. Nosewort hyJames J Mongan, MD, MBAGary Got t lieb, MD, MBAJames Mandell, MDT homas M. P riselacW illiam E. EvansRonald R. P et ersonP residentP resident & CEO, Board Member MSK, MEM, SKIP resident & CEO, Board Member MSK, MEM, SKIP resident & CEOCEO & P residentP resident & CEO/T rust eeP resident & CEO/T rust eeCEO/Noncomp T rust eeP resident /CEODirect or and CEOP 090Joel AllisonRichard A. Lerner, MDMichael A Friedman, MDLeland H. Hart wellP resident /CEO/T rust eeP resident , CEOP resident and CEOP resident & Direct 3,649555,798,313T it leCompensationfrom Organizat ionCompensat ion fromRelat edOrganizat ions-Ot herCompensat ionT ot alCompensat ianLow3,918,2071,756,1541,877,796626,436Footn ote s:[a] Harold Varmus, MD served as CEO for approxima

8. the salary policy of the employer as to all employees . – Kenexa CompAnalyst Executive, Kenexa, Inc., Willamette Management Associates 22 . Academic Practice Compensation and Production Survey for Faculty and Management, Medical Group

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