Saturday, October 21, 2006

A “Mostly Volunteer” Position with Benefits For Thomas W. Smith

A “Mostly Volunteer” Position with Benefits

Thomas Smith, an aide to Tom Dempsey, told a local paper that his job as treasurer of more than a dozen political committees used to avoid campaign finance laws was mostly a “volunteer position” but he occasionally charged a fee if a large amount of time was spent on a matter. Besides earning $53,000 from the State, Smith also earned around $80,000 more from committee work and other payments related to various committees and unlicensed businesses run from his home at 320 Monroe Street.

Smith may have used some of his volunteer earnings to make the June 2, 2004, purchase of a 2,430 square foot home at 330 Monroe Street. Smith paid $79,417 in 2004 and thirteen months later on July 7, 2005 Smith sold the same home for $309,000.
When housing prices were hitting their peaks, Smith was very fortunate to locate a St. Charles home selling for just over $79,000, but perhaps more fortunate to sell a year later making a profit of about $230,000 according to records in the office of the St. Charles County Assessor.