Posted on November 3, 2009

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Twenty-Three College Presidents Earned More Than $1 Million in 2008, Survey Finds

According to a new survey from the Chronicle of Higher Education, the median compensation in 2007-08 for the presidents of the country's major private research universities was $627,750, or 5.5 percent higher than the year before, the New York Times reports.

The annual Chronicle survey found that twenty-three college and university presidents earned compensation totaling more than $1 million, while 110 earned more than $500,000. As recently as 2002, there were no million-dollar college or university presidents and only twenty-seven who received more than $500,000 in compensation. Overall, the median pay for presidents at the 419 private colleges and universities surveyed was $358,746, a 6.5 percent increase year-over-year. Since 2003, the median pay for college presidents, adjusted for inflation, is up some 14 percent.

The highest-paid private university president, with a pay package totaling almost $1.6 million in fiscal 2008, was Rensselaer Polytechnic Institute's Shirley Ann Jackson. She was followed by David J. Sargent of Suffolk University in Boston, the top earner in last year's survey, who received $1,496,593 in fiscal 2008, and Steadman Upham of the University of Tulsa, whose pay package was $1,485,275.

Based on federal tax documents, the survey reflects salaries and compensation that were negotiated before the economic downturn accelerated in the fall of 2008; most colleges have since cut or frozen salaries for their executives. But if presidential pay at colleges and universities has moderated, tuition increases have not. Indeed, fifty-eight private colleges are charging more than $50,000 for tuition, fees, room, and board this year, compared with only five last year.

"Since [the economic crisis struck last fall], many presidents have taken pay cuts, donated part of their pay in scholarships, or had their pay frozen," said Chronicle of Higher Education editor Jeffrey Selingo. "Next year, it's likely that we won't see many presidents getting big raises."

Lewin, Tamar. “23 Private College Presidents Made More Than $1 Million.” New York Times 11/02/09.

Primary Subject: Education
Secondary Subject(s): Higher Education
Location(s): National

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