Executive Compensation at Seton Hall University
Seton Hall University (Seton Hall) – one of the countries leading Catholic universities – is located in South Orange, NJ (main campus), Newark, NJ (law school), Clifton and Nutley, NJ (College of Nursing and School of Health and Medical Sciences), and Hackensack (School of Medicine). 10,000 students (6,000 undergraduate and 4,000 graduate) attend Seton Hall. Undergraduate tuition, room, board, and fees total about $60,000 annually or $240,000 for four years.
In 2017, Seton Hall reported total revenue of $415 million, of which $343 million (83% of revenue) came from program services (tuition, room and board, fees, and medical residency program). The remaining revenue primarily came from contributions, gains on the sale of assets, athletics, parking, and government grants.
Expenses totaled $399 million (including $17 million in depreciation) including $133 million in grants. The $16 million in unspent revenue along with $14 million in net unrealized gains on investments allowed net assets (often referred to as the endowment) to increase from $420 million at the beginning of the year to $450 million at year-end.
Seton Hall employed 4,198 individuals (in 2017) who were compensated $170 million, which equates to an average compensation of $40,500 (compared to $40,100 at Villanova, $41,700 at Boston College, $28,800 at Marquette, $37,900 at DePaul, $45,800 at Georgetown, and $28,800 at Saint Leo). 262 individuals received more than $100,000 in compensation with the 18 most highly compensated individuals listed below:
- $1,810,948: Kevin Willard, Head Coach Men’s Basketball
- $ 889,779: Gabriel Esteban, President, Regent, Trustee
- $ 572,009: Larry A Robinson, Provost and EVP
- $ 526,505: Patrick G Lyons, VP for Athletics and Rec Services
- $ 490,530: Anthony J Bozzella, Head Coach Women’s Basketball
- $ 484,540: John B Weifing, Law School Professor
- $ 444,904: John Coverdale, Law School Professor
- $ 419,178: David J Bohan, VP, University Advancement
- $ 374,781: Joyce A Strawser, Dean, School of Business
- $ 366,136: Catherine A Kiernan, VP, General Counsel
- $ 364,610: Kathleen Boozang, Dean, School of Law
- $ 358,691: Alyssa McCloud, VP Enrollment Management
- $ 336,802: Dennis J Garbini, VP Administration
- $ 302,107: Brian B Shulman, Dean, School of Health and Medicine
- $ 295,036: Mathew Borowick, Interim VP, University Advancement
- $ 272,864: Tracy H Gottlieb, VP Student Services
- $ 297,437: Stephen A Graham, VP Finance and CFO
- $ 192,971: Karen E Boroff, Interim Provost
12 of the 18 (67%) most highly compensated individuals are male while 6 of the 18 (33%) are female. 8 of the 10 most highly compensated individuals are male while 2 are female. At the bottom of the list, 5 of the 10 are male while 5 are female.
It is interesting to note the men’s head basketball coach (male) was compensated $1.8 million while the women’s head basketball coach (male) was paid $490,000 – 27% of what the men’s coach was compensated. In trying to understand the compensation disparity, I looked to the NCAA rankings in 2016-2017 which showed the men’s team ranked 6th while the women’s team was ranked 9th.
The IRS Form 990 for the year ending June 30, 2017 reports Seton Hall paid for companion travel, housing allowance or residence for personal use (typical for colleges and universities for the President and/or Provost), and personal services. In addition, health or social club dues or initiation fees were also paid. To read the detail of these expenses, go to Schedule J, Part III, Supplemental information on the Form 990 (link below).
Noteworthy Information Summary
Seton Hall collected $415 million in revenue in 2017, of which $343 million (83%) came from program services (i.e. tuition, room and board, fees, etc). Expenses were $399 million but if depreciation (a non-cash expense) is deducted, total expenses were $386 million. What is interesting is that $133 million in cash grants are part of expenses which means those paying the tuition helped supplement those that received cash grants. In other words, if the school did not give out cash grants, then total expenses (less depreciation) would have been $253 million, leaving Seton Hall with $172 million in excess revenue. So, if you’re looking for an answer of why tuition is so high, one of the reasons is that those paying the tuition are supplementing those receiving cash grants.
It is also important to point out that Seton Hall is a significantly higher proportion of males in the most highly compensated list.
To read the IRS Form 990 for the year ending June 30, 2017, click here.