Executive Compensation at Columbia (2017)
2017 was a great year for Columbia University (Columbia) and many of its employees. Total revenue reached $5.7 billion while expenses totaled $4.5 billion (not including depreciation) which contributed to the endowment increasing from $13.2 billion to $14.7 billion at year-end, of which only $3.4 billion is permanently restricted.
In terms of compensation, 34,811 employees were compensated $2.8 billion, which equates to an average compensation of $81,000. The 17 most highly compensated individuals (listed below) received $40 million which equates to an average compensation package of $2.4 million each:
- $6,709,425: Peter Holland, CEO and EVP Investment Management
- $4,691,626: David N Silvers, Clinical Professor
- $4,310,221: Nirmal Narvekar, President Investment Management (through 11/16/16: 5-1/2 months)
- $4,057,479: Lawrence Gerald Lenke, Professor of Surgery
- $3,955,161: Lee C Bollinger, President
- $3,502,024: Elizabeth A Wagner, Managing Director IMC
- $2,371,696: Jeffrey W Moses, Professor of Medicine
- $2,806,167: Kiehyun Daniel Riew, Professor of Surgery
- $2,127,254: Lee Goldman, EVP Health Sciences
- $ 814,321: John Coatsworth, Provost
- $ 771,037: Anne R Sullivan, EVP Finance and IT
- $ 751,420: Amelia Alverson, EVP University Development and Alumni Relations
- $ 682,961: Jane E Booth, General Counsel
- $ 679,540: David Madigan, EVP Arts and Sciences
- $ 547,905: David Greenberg, EVP Facilities
- $ 445,242: Jerome Davis, Secretary
- $ 404,077: Gerald M Rosberg, Sr EVP
Of the 17 most highly compensated individuals, 13 (or 76%) were men, while 4 (or 24%) were women, which is an improvement over 2016 when 80% of the most highly compensated individuals were men. Of the 10 most highly compensated individuals, 9 (or 90%) were men, while 1 was a woman, which is, again an improvement over the prior year when the top 10 most highly compensated individuals were men.
It is also important to point out Nirmal Narvekar received $4.3 million for 5-1/2 months. In 2016, Mr. Narvekar received $6 million, also for 5-1/2 months.
The IRS Form 990 reports Columbia pays for first class or charter travel, travel for companions, housing allowance or residence for personal use (which is traditionally provided for key staff on a college campus), personal services (i.e. maid, chauffeur, chef) – which is also traditionally provided for key staff on college campus), and tax indemnification and gross up payments. For comments provided by Columbia on these benefits, go to the IRS Form 990, Schedule J, Part III.
To read the IRS Form 990 for the year ending June 30, 2017, click here.