Executive Compensation at the Metropolitan Museum of Art

The Metropolitan Museum of Art (MMA) is the largest art museum in the US with two sites in New York City (the Met Fifith Avenue and the Met Cloisters).  Established in 1870, MMA is a tax-exempt, non-profit 501 (c) (3) based in New York City with 46 trustees (44 of whom are independent), although 48 are listed on the Form 990 (2018 for the year ending June 30, 2019) due to timing differences.  34 of the 48 (71%) listed are male while 14 (29%) are female.

For the year ending June 30, 2019, MMA reported the following information:

Total revenue was $515 million (compared to $573 million the year before) with most revenue primarily coming from contributions, gifts, and grants, net gain on the sale of assets, and non-cash contributions (publicly traded securities). Expenses totaled $443 million (not including $48 million in depreciation) with the largest expense being $198 million in compensation for the 2,564 employees, who received an average compensation of $77,000.

321 employees received more than $100,000 with the 20 most highly compensated employees reported to be:

• $1,593,646:  Lauren A Meserve, EVP, CIO
• $1,250,670:  Daniel H  Weiss, President/CEO, Ex-Off, Trustee
• $  764,093:  Max Hollein, Director/Ex-Off, Trustee from 8/18
• $  575,497:  Justin V Reed, Investment Officer
• $  568,941:  Clyde B Jones III, SVP Institutional Advancement
• $  513,686:  Sharon H Cott, SVP, Secretary and General Counsel
• $  494,421:  Rich Pedott, VP & General Manager Retail
• $  469,811:  Jameson Kelleher, VP, CFO & Treasurer
• $  438,171:  Tom A Javits, VP Construction & Facilities
• $  437,920:  Quincy Houghton, Deputy Director of Exhibitions
• $  424,603:  Allison Rutledge-Parisi, VP and Chief HR Officer
• $  417,794:  Jeffrey S Spar, P.Chief Tech Officer to 12/18
• $  393,136:  Kenneth N Weine, VP Ex Affairs, Chief Comm Off
• $  379,883:  Lisa Krassner, Chief Member & VS Off to 7/18
• $  365,440:  Carrie R Barratt, Deputy Director Collections to 6/18
• $  363,518:  Michael B Gallagher, Chairman,Paintings Conservation
• $  363,194:  Keith R Christiansen, Chairman, European Paintings
• $  359,324:  Stephen A Manzi, Chief Develop Officer Indiv
• $  315,298:  Laurel Britton, VP Revenue & Ops from 9/18
• $  302,917:  Andrea Bayer, Deputy Director Collections from 10/18

The 20 most highly compensated employees received $11 million.  13 of the 20 (65%) most highly compensated employees are male while 7 (35%) are female. 8 of the 10 most highly compensated employees are male while 2 are female (including the most highly compensated employee).

The MMA paid a housing allowance or provided a residence for personal use. Specifically, MMA provided a housing allowance to the President and CEO, Daniel Weiss and to the Director, Max Hollein for a portion of the calendar year.  These allowances were treated as taxable compensation.

Lisa Krassner received $170,000 in severance in 2018.

The following persons participate in or received payments from a supplemental non-qualified retirement plan:

• $105,000:  Daniel Weiss
• $ 22,200:  Max Hollein

The 5 most highly compensated independent contractors received:

• $15,229,135:  Skanska USA Building, of Parsippany, NJ for construction management
• $ 5,202,384:  H & L Electric, of Long Island City, NY for construction management
• $ 2,924,764:  Island Accoustics, of Bohemia, NY for construction management
• $ 2,696,766:  Atrium Staffing, of Pittsburgh, PA for professional services
• $ 2,332,542:  Masterpiece International, of NY, NY for customs brokerage

To read the IRS Form 990 (2018 for the year ending June 30, 2019), click here.