Executive Compensation at Tufts
Tufts University was founded nearly 170 years ago in 1852 after Charles Tufts granted 20 acres of land on Walnut Hill (in the Boston area) to establish a college. Since that time, Tufts has grown from a small liberal arts college to a medium sized research university with about 11,500 students (undergraduate and graduate) on four campuses (three in Massachusetts and one in France). With an annual tuition of $76,000, a four-year undergraduate degree costs about $300,000.
Key financial information about Tufts taken from the IRS Form 990 (2017 for the year ending June 30, 2018) include:
- Total revenue was $1.1 billion, most of which came from tuition and programs ($715 million), contributions, gifts, and grants ($267 million), and investment income/gains ($163 million).
- Total expenses were $1 billion, with the three highest expenses being compensation ($549 million), grants ($171 million), and office-related expenses ($110 million).
- At the beginning of the year, Tufts had $2.4 billion in net fund assets (which is often referred to as the endowment). After adding unspent revenue ($110 million), unrealized gains on investments ($41 million) and changes in asset ($24 million), Tufts had nearly $2.6 billion at year end.
Tufts highest expense – compensation – was $549 million (about 50% of revenue) for 12,647 employees, which equates to an average compensation of $44,000 (compared to $46,000 at Georgetown, $42,000 at Boston College, $74,000 at University of Chicago, and $64,000 at Princeton).
1,171 employees received more than $100,000 in compensation with the 29 most highly compensated employees listed below:
- $1,141,011: Anthony P Monaco, Trustee and University President
- $ 888,132: Sally Dungan, Chief Investment Officer
- $ 667,084: David R Harris, Provost and SVP (end 4/15/2018)
- $ 624,322: Maria Papageorge, Professor and Chair
- $ 602,080: Patricia L Campbell, EVP
- $ 536,815: Harris A Berman, Dean Medical School
- $ 528,514: Eric C Johnson, VP University Advancement
- $ 524,362: Tryfan D Evans, Director of Investments
- $ 478,671: Thomas S McGurty, VP Finance and Treasurer
- $ 470,774: Dariusch Mozzafarian, Dean Friedman School
- $ 468,436: Mary R Jeka, VP University Relations
- $ 467,993: Huw Thomas, Dean Dental School
- $ 446,863: James M Glaser, Dean Arts and Science
- $ 442,986: Constantinos Laskarides, Associate Professor
- $ 439,204: Jianmin Qu, Dean of Engineering
- $ 435,661: David J Kahle, VP IT, CIO (end 5/11/2018)
- $ 411,510: Linda M Abriola, Professor of Engineering
- $ 371,779: Julien C Carter, VP Human Resources
- $ 339,005: Deborah T Kochevar, Dean Cummings School (end 4/16/2018); Interim Provost and SVP (start 4/16/2018)
- $ 327,755: Christine C Sanni, VP Communications and Marketing (end 4/30/2018)
- $ 317,371: Barbara Stern, VP Operations
- $ 275,819: Daniel Jay, Dean Sackler School (start 7/1/2017)
- $ 258,593: Naomi Rosenberg, Dean Sackler School (end 6/30/2017)*
- $ 226,723: Michael Baenen
- $ 211,899: Jean E Ayers, Interim VP Communications and Marketing (start 4/16/2018)
- $ 207,911: Paul J Tringale, Secretary of Corporation
- $ 202,859: Joyce S Knoll, Interim Dean Cummings School (start 4/16/2018)
- $ 196,613: Linda Snyder, VP – Operations (end 6/30/2017)*
- $ 130,338: George A Hubbard, Associate Treasurer (end 6/12/17)*
The above 29 employees received $12.6 million in compensation, which equates to an average compensation of $435,000. 16 of the 29 (55%) of the most highly compensated employees are male while 13 of the 29 (45%) are female. The * denotes former employees who left Tufts before the beginning of the year (July 1, 2017) and appear to be severance payments.
The Form 990 also reports:
Tufts paid for first class or charter travel for one officer, one key employee and two of the top five highly compensated employees flew first class.
Tufts paid for companion travel. Specifically, the President travels for University business with his spouse on a limited basis.
Tufts indemnified and provided tax gross up payments to reimburse three officers and senior management employees where additional personal income taxes are incurred from an inclusion of a taxable fringe benefit.
- Morton P Rosenberg, the spouse of a former key employee received compensation of $52,522 for employment.
- Adage Capital Management, the partner is the spouse of a current trustee received $605,127 for investment management services.
- Zoia Monaco, the spouse of the President, received $12,155 for employment.
- Marisa Dougherty, the sister-in-law of the current trustee chair, received $67,334 for employment.
298 independent contractors received more than $100,000 in compensation. The five highest compensated independent contractors include:
- $27,075,239: Turner Construction Company of Boston, MA for construction
- $13,643,230: Consigli Construction, Inc of Milford, MA for construction
- $11,433,589: C & W Facility Services, Inc. of Chicago, IL for cleaning
- $10,250,800: O’Connor Construction Inc of Canton, MA for construction
- $ 6,528,247: Elaine Construction Co, Inc. of Newton Upper Falls, MA for construction
To read the IRS Form 990 (2017 for the year ending June 30, 2018), click here.