February 20,2009

Grassley: Study Shows Some Colleges Have Significant Resources for Compensation

*****EMBARGOED UNTIL 12:01 A.M. EASTERN, FEB. 23, 2009*****

M E M O R A N D U M

To: Reporters and Editors
Fr: Jill Gerber for Sen. Grassley, 202/224-6522
Re: College compensation study
Da: Friday, Feb. 20, 2009

Sen. Chuck Grassley, ranking member of the Committee on Finance, which writes tax policy, works to help make sure tax-exempt entities are accountable for their special tax status. He made the following comment on a new study from the Chronicle of Higher Education on private college compensation of non-presidents.

“It’s good to see that the IRS’ reporting requirements are providing transparency of tax-exempt entities’ spending. The revision to the 990, which I encouraged, should provide even more information. There’s more money at some colleges than people might think. Colleges get big tax breaks to help them achieve their missions. The trustees need to make sure assets are used in the best possible way to fulfill the charitable mission of educating students. Is $4 million for a single professor or football coach the best use of resources? Students and families struggling to pay for college would probably say no.”

EMBARGOED until 12:01 a.m. Eastern Time on Monday, Feb. 23, 2009

CONTACT
Cynthia Powell, The Chronicle of Higher Education
cynthia.powell@chronicle.com / 202-306-6313

The Chronicle of Higher Education Releases List of Total Compensation for More Than 4,000 Individual Private College Employees
A football coach, a dermatologist, and med-school administrators make the most

WASHINGTON, DC – Feb. 23, 2009 – Congress and other watchdogs have grilled colleges in
recent years for what critics regard as excessive pay to their chief executives. However,
presidents and chancellors are a minority of the highest-compensated employees at private
colleges, according to an analysis by The Chronicle of Higher Education released today. A
football coach and a dermatologist – who each received more than $4-million a year – took
the top two slots among the more than 4,000 compensation packages analyzed.

Chief executives accounted for only 11 of the 88 private-college employees who made $1-
million or more in the 2006-7 fiscal year, according to a list The Chronicle researchers
compiled that shows total compensation – pay plus benefits – received by each of 4,110
employees at 600 private colleges. Among almost 300 employees who earned $500,000 or
more each year, fewer than half were college presidents; many were medical school
administrators and professors with specialized, technical skills, like neurosurgery and infertility
treatment.

“College presidents get all the attention for how much they make, but this list shows there are
plenty of other people on college campuses who may be less well known but still highly
compensated,” said Jeffrey J. Selingo, editor, The Chronicle of Higher Education.

The data were drawn from the financial reports that colleges and other nonprofit must file
annually to the Internal Revenue Service. The 2006-7 fiscal year was the most recent for
which complete data are available. The list identifies employees and their institutions by
name, including chief financial and academic officers, as well as additional job titles, including
development officials and athletic coaches.

For example, the highest-paid college employee was Pete Carroll, head football coach at the
University of Southern California, with $4.4-million in total compensation (pay plus benefits.)
That sum was four times that of the total compensation of Southern California’s president,
Steven B. Sample.

Below are three “top 10” lists from The Chronicle’s analysis: The most highly compensated
among all private college employees; the most highly compensated chief financial officers, and
the most highly compensated chief academic officers:

Top 10 most highly compensated of all employees (other than chief executives)

1. Pete Carroll, U. of Southern California head football coach: $4,415,714
2. David N. Silvers, Columbia U. clinical professor, dermatology: $4,332,759
3. Michael M.E. Johns, Emory U. executive vice president, health affairs:
$3,753,067 *
4. Arthur H. Rubenstein, U. of Pennsylvania executive vice president and dean,
school of medicine: $3,335,767
5. Zev Rosenwaks, Cornell U. professor, Center for Reproductive Medicine and
Infertility: $3,149,376
6. David F. Swensen, Yale U. chief investment officer: $3,075,703 *
7. Harry R. Jacobson, Vanderbilt U. vice chancellor for health affairs: $2,562,612
8. Jeffrey W. Moses, Columbia U. professor of medicine: $2,532,713
9. Norman B. Urmy, Vanderbilt U. former executive vice president for clinical
affairs: $2,416,780 *
10. James A. Grifo, New York U. professor, obstetrics and gynecology: $2,393,646

Top 10 most highly compensated private college chief financial officers

1. Eugene S. Sunshine, Northwestern U.: $1,210,612 *
2. Lauren J. Brisky, Vanderbilt U.: $1,159,197 *
3. James Watters, Rochester Institute of Technology: $680,100
4. Michael J. Mandl, Emory U.: $666,300 *
5. James T. McGill, Johns Hopkins U.: $610,340
6. Kenneth G. Condon, Boston U.: $608,867
7. Dean W. Currie, California Institute of Technology: $602,185
8. Louis H. Katz, George Washington U.: $581,642
9. Randall S. Livingston, Stanford U.: $577,061 *
10. David S. Clay, Grinnell College: $540,649

Top 10 most highly compensated private college chief academic officers

1. Nicholas S. Zeppos, Vanderbilt U.: $1,046,751
2. Ronald J. Daniels, U. of Pennsylvania: $604,637
3. Thomas J. LeBlanc, U. of Miami: $601,283
4. Carol Simpson, Worcester Polytechnic Institute: $577,754 *
5. David K. Campbell, Boston U.: $573,061
6. Steven Knapp, Johns Hopkins U.: $571,777 *
7. Stephen W. Director, Drexel U.: $571,460 *
8. Steven E. Hyman, Harvard U.: $549,683 *
9. Earl Lewis, Emory U.: $536,540 *
10. David W. McLaughlin, New York U.: $531,815

The asterisk (*) indicates that The Chronicle will publish in a footnote details about the
components of this person’s compensation, which are available upon request.

The full list of 4,000-plus employee compensation figures at 600 private colleges is part of The
Chronicle of Higher Education’s premium content, and is available for purchase at:
http://chronicle.com/indepth/employeecompensation

To schedule a broadcast interview with an editor from The Chronicle, contact Cynthia Powell,
The Chronicle of Higher Education, 202-306-6313, cynthia.powell@chronicle.com

###