New Edition: Pedro Espada's Guide to Non-Profit Profiteering
-For starters there's creative Amex card use: Espada's own lousy credit rating made him ineligible for the Don't-Leave-Home-Without-It club. No problem: Have your publicly funded health clinic's financial officer agree to serve as personal guarantor.
-Reimbursement of personal expenses is always a tricky issue in the not-for-profit sector. Again, not a problem when you are Pedro Espada and bring creative thinking to the table: Since his personal employment contract allowed him eight weeks vacation and six weeks paid sick days, the CEO simply deducted unused leave time from his overflowing personal expenses.
-There is a marvelously thin line between business and personal, so be sure to interpret monthly statements as liberally as possible, checking off only those inescapably private costs.
- Tickets to Jersey Boys? Vital for any clinic operator to find out why "Big Girls Don't Cry."
- Mamma Mia? Successful executives all study "Money, Money, Money."
- Mary Poppins? Domestic workers make up a major part of clinic clientele.
- Kenny G concert tickets? This is an indictable offense, even if you're paying for it yourself.
- Ghost writer for memoir? Check.
- Suburban Westchester home air conditioning? Check.
- Catering for family birthday party? Check.
- Videotaping said birthday party? Check.
- Pony from Bronx Equestrian Center for said party? Check.
- Petting zoo for party? Check.
- Bentley down-payment? Check.
- Bad credit rating fix-up? Check.
- Senate campaign materials? Check.
- Rent for campaign HQ? Check.
The charges stem from a joint probe by Attorney General Andrew Cuomo and U.S. Attorney Loretta Lynch. But despite this high prosecutorial fire-power, Espada should not be counted out. The ex-boxer is represented by one of the city's megawatt defense firms, Hafetz Necheles & Rocco, part of the same team that beat an state indictment in the Bronx a decade ago.