Kay Tatum
About Kay W. Tatum
Kay W. Tatum, Ph.D., CPA, is an Independent Director (Class I) of Herzfeld Credit Income Fund, Inc. (HERZ), serving on the Board since 2007; her current term expires in 2027 . She is an Associate Professor of Accounting at the University of Miami’s Miami Herbert School of Business (Associate Professor since 1992; at the school since 1986) and previously chaired the Accounting Department from 2004 to 2008 . She is designated the Audit Committee financial expert and is independent under both the 1940 Act and NASDAQ Capital Market standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Miami Herbert School of Business (Univ. of Miami) | Chair, Department of Accounting | 2004–2008 | Department leadership |
| Herzfeld Credit Income Fund, Inc. | Director (Class I) | 2007–present | Independent Director |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Miami Herbert School of Business (Univ. of Miami) | Associate Professor of Accounting | 1992–present | At the school since 1986 |
| Public company boards | — | — | None |
Board Governance
- Committee assignments and roles:
- Audit Committee: Chair; independent; designated “audit committee financial expert” under Item 3 of Form N-CSR .
- Nominating & Governance Committee: Member; committee fully independent; chaired by John A. Gelety .
- Independence: Listed as an Independent Director (Class I); Audit and Nominating committees comprised entirely of independent directors under 1940 Act and NASDAQ standards .
- Attendance and meetings: The Board held four regular meetings in FY ended June 30, 2025, and each director attended at least 75% of Board and committee meetings on which they served .
- Board leadership and structure: Independent Chairperson of the Board (Cecilia L. Gondor); committees chaired by independent directors; independent directors meet regularly outside management’s presence .
- Portfolios overseen: Oversees 1 portfolio in the complex .
Fixed Compensation
| Metric | FY 2025 |
|---|---|
| Aggregate compensation from the Fund | $35,950 |
| Pension/retirement benefits accrued | $0 |
| Estimated annual benefits upon retirement | $0 |
| Total compensation from Fund and Fund Complex | $35,950 |
Notes:
- Directors are reimbursed for business expenses; directors affiliated with the Adviser are not paid for Board service; no pension or retirement benefits are provided .
Performance Compensation
| Element | Details |
|---|---|
| Stock awards (RSUs/PSUs) | None reported in director compensation disclosure |
| Option awards | None reported in director compensation disclosure |
| Performance metrics tied to pay | Not applicable for non-employee directors; no performance-based elements disclosed |
| Clawback/COC/severance terms | Not disclosed for directors |
Other Directorships & Interlocks
| Company | Role | Committee Roles | Notes |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed |
- Related parties and interlocks: None disclosed for Dr. Tatum. Independent Directors and their immediate families do not own securities of the Adviser or its control persons (mitigates related-party conflicts) .
Expertise & Qualifications
- Credentials: Ph.D., CPA; designated Audit Committee financial expert .
- Academic and accounting expertise: Associate Professor of Accounting; prior department chair (2004–2008), indicating strong financial reporting and oversight background .
- Board tenure: Director since 2007, providing continuity and institutional knowledge .
- Risk oversight: As Audit Chair, engages with auditors on controls, independence, and financial reporting; Audit Committee met twice in FY 2025 .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Dollar Range (Fund Securities) | As of |
|---|---|---|---|---|
| Kay W. Tatum | 5,309 | 0.03% | $0–$10,000 | Sep 30, 2025 |
- Ownership of Adviser securities by Independent Directors (and immediate families): None (reduces conflict risk) .
- Ownership guidelines/pledging/hedging: Not disclosed in proxy .
Insider Trading & Section 16 Compliance
| Filer | Form | Filing date | Notes |
|---|---|---|---|
| Brigitta S. Herzfeld | Form 4 | July 2, 2025 | Ownership referenced in proxy footnote |
| Erik M. Herzfeld | Form 4 | July 2, 2025 | Ownership referenced in proxy footnote |
| Brigitta S. Herzfeld | Form 3 | Filed Feb 27, 2025 (late) | Late initial filing noted by the Fund |
- Compliance: Based on the Fund’s review, all Section 16(a) filing requirements were met in FY 2025 except for the late Form 3 for Ms. B. Herzfeld; no exceptions noted for Dr. Tatum .
Governance Assessment
- Strengths and positive signals:
- Independent director with deep accounting expertise; chairs the Audit Committee and is designated the financial expert (enhances financial oversight and investor confidence) .
- Fully independent Audit and Nominating committees; independent Board Chair; independent directors meet outside management (strong governance structure) .
- Attendance threshold met; Board held 4 meetings in FY 2025; Audit Committee met twice (engagement evidenced) .
- No related-party security holdings by Independent Directors or their families in the Adviser/control persons (conflict mitigation) .
- Considerations:
- Personal ownership is modest (5,309 shares; 0.03%); no ownership guidelines disclosed in the proxy (alignment data limited) .
- Director pay disclosure shows only aggregate cash compensation; no equity-linked elements for directors (limits direct performance linkage, which is common for registered funds) .
- RED FLAGS:
- None disclosed for Dr. Tatum regarding independence, attendance, related-party transactions, or Section 16(a) compliance; only late filing noted relates to another director .