KNOXVILLE (WATE) - Newly released documents provided to 6 News Wednesday night show that Knoxville Tourism and Sports Corp. President and CEO Gloria Ray is under contract through mid-2013.
She also negotiated a $150,000 consulting fee for the following year as a part time employee.
This year and next, the documents show that Ray's vacation time will increase from eight to 10 weeks.
Her employment contract starting in 2002 and ending in 2007, shows Ray's base pay was $150,000.
For the past five years, that number has increased from $191,442 in the 2007-2008 year to $221,668 in 2010. That's a more than $30,000 increase in five years, not including her bonuses.
Ray's bonuses are given based on benchmarks including economic impact, media coverage and hotel/motel tax collections along with a performance bonus.
The numbers required to hit those benchmarks were calculated by CPA Van Elkins, who explained the numbers and figures for these bonuses to the board.
The documents also show that Ray's bonuses were capped up to a percentage of her base salary. For example from July 1, 2010 through June 30, 2011, she earned $135,958 in bonuses. However, because she was capped at 50%, she received $110,834.
It's like that in each year of her contract. It was a 30% cap until June 2007, and starting in July 2007, it increased to a 50% cap. It remains that way for the final two years of the contract.
In the middle of Ray's salary controversy, KTSC board Chair David Duncan resigned. His resignation letter has not been released yet. Susan Brown, the vice chair of the board, is now the interim chair.