Executive Salaries at Tulane
Tulane University (Tulane) is located in New Orleans, Louisiana. With nearly 14,000 students (8,600 undergraduate and 5,400 graduate), Tulane is a nonsectarian private university that commands about $75,000 annually for tuition and board, or about $300,000 for an undergraduate degree. Why so much?
The answer: tuition dollars are supporting a huge education machine where, in the case of Tulane, more than half of the total expenses ($528 million out of $1 billion in expenses, not including depreciation) are compensation-related costs for the 10,909 employees in 2017 (an average of $48,000 per employee – compare this to $75,000 at Yale, $68,000 at Penn, $64,000 at Princeton, and $46,000 at Georgetown).
The next largest expense categories were grants ($198 million – mostly for student financial assistance) followed by $136 million on office-related, supplies, and laboratory expenses (occupancy, IT, insurance, etc) and $58 million for fees for services (i.e. legal, accounting, investment, other).
In 2017, Tulane reported $1.1 billion in total revenue, $828 million of which came from program service revenue (i.e. tuition, room and board, hospital and medical group, etc) and $226 million from contributions (including $125 million from government grants), and $75 million from investments and the gains on the sale of assets.
Tulane reported spending about $43 million less than the total revenue received in 2017. With an additional $110 million of unrealized gains on investments and an $11 million change in assets (not detailed in Schedule O), Tulane’s net fund assets (which some may refer to as the endowment) increased from $1.420 billion at the beginning of the year to $1.583 billion at year-end.
The Form 990 (2016 for the year beginning July 1, 2016 and ending June 30, 2017) reported 830 employees received more than $100,000 in compensation, with the 22 most highly compensated individuals listed below:
- $1,674,000: Jeremy Crigler, Chief Investment Officer
- $1,629,000: William Fritz, Head Football Coach
- $1,155,000: John W Thompson, Jr., Professor Psych Neuro
- $1,153,000: Michael A Fitts, President
- $1,079,000: Dr. Aaron Dumont, Professor and Chairman, Neurosurgery
- $1,057,000: Dr. Steven Dibiase, Professor and Med Dir, Radiation and Oncology
- $ 938,000: Dr. Felix H Savoie, Vice Chairman Sports Medicine
- $ 937,000: Scott Cowen, Former President
- $ 681,000: Dr. Lee Hamm, SVP, Health Services
- $ 578,000: Anthony Lonno, Former SVP and CFO
- $ 551,000: Yvette Jones, Former SVP, External Affairs
- $ 506,000: Richard Matasar, SVP, Strategic Initiatives and Inst Effectiveness
- $ 487,000: Michael Bernstein, SVP, Academic Affairs and Provost
- $ 424,000: Victoria Johnson, General Counsel
- $ 335,000: Charles McMahon, Chief Technology Officer
- $ 317,000: Anne Banos, Former Chief Administrative Officer
- $ 315,000: Virginia Wise, SVP for Advancement
- $ 304,000: Tania Tetlow, SVP and Chief of Staff
- $ 282,000: Patrick Norton, COO and Treasurer
- $ 262,000: Douglas Harrell, VP of Finance and Controller
- $ 230,000: Satyajit Dattagupta, VP Enrollment Management
- $ 194,000: Robin Forman, SVP for Academic Affairs and Provost
As illustrated above, 16 of the 22 (or 73%) most highly compensated employees are male while 6 are female (27%).
The Form 990 also reports that Tulane paid for health or social club dues or initiation fees and provided housing allowance or a personal residence for use. See the 990 (link below) for more information.
To read the IRS Form 990 (2016) for the year ending June 30, 2017, click here.