Columbia, SC (WLTX) - News19 has gotten some clarification about a bonus given to South Carolina State President Thomas Elzey.
We were originally told that upon receiving a satisfactory rating from the board of trustees, Elzey would receive $50,000 bonus from the SC State Foundation.
We've learned that money will not be paid out immediately; Instead, it is a qualified annuity, meaning It goes into a differed compensation account like a 401K.
The new information comes a day after an inspector general report concluded the university improperly diverted public money to its foundation. it is still not clear if the $50,000 owed to Elzey comes from that diverted cash. Previous Coverage:Report Finds SC State Diverted Money