Executive Compensation at Harvard
Harvard is a private teaching and research university with an acceptance rate at about 5% of applicants. Located in Boston, Massachusetts, Harvard has about 35,000 students including 6,000 undergraduates. The annual tuition, room, board, and fees is about $77,000.
There are 12 voting members (Fellows) of the governing body, 9 of whom are independent, 8 of the 12 (67%) are male while 4 of the 12 (33%) are female.
In 2020, Harvard’s total revenue was $7.4 billion (compared to $7.9 billion in 2019) with most of the income coming from 3 sources :investment income, gains, and royalties ($4 billion), contributions, gifts, and grants ($1.4 billion) and tuition, fees, and services ($1.9 billion). Expenses were $5.3 billion (not including $350 million in depreciation). At year-end, Harvard had $49 billion in net fund assets.
On the IRS Form 990 (2019 for the year beginning July 1, 2019 and ending June 30, 2020), Harvard reports $817 million in grants, of which $647 million was awarded to domestic individuals, $147 million to domestic organizations, and $23 million to foreign organizations, governments, and individuals. Most of the grants awarded to individuals were non-cash grants ($460 million). 8,444 individuals received $460 million or an average non-cash tuition grant of $55,000 each (compared to $68,000 at MIT and $25,000 at Boston University), which means those paying full tuition supplemented other student’s tuition.
Harvard reported having 38,263 employees in 2020 who received total compensation of $2.6 billion which equates to an average compensation of $68,000 (compared to $72,000 at MIT, $45,000 at Boston University, $45,000 at Boston College; $57,000 at Duke). 5,020 employees received more than $100,000 in compensation with the 26 most highly compensated individuals listed below:
- $2,012,294: Robert L Simmons, Faculty*
- $1,864,718: David E Bell, Faculty*
- $1,825,137: Richard S Ruback, Faculty
- $1,224,889: Lawrence S Bacow, Fellow/President
- $1,049,532: Francesca Gino, Faculty*
- $ 975,840: David J Malan, Faculty
- $ 955,759: Alan M Garber, Provost
- $ 918,972: Nitin Nohria, Dean, Faculty of Business
- $ 892,218: George Q Daley, Dean, Faculty of Medicine
- $ 874,077: Brian Lee, VP for Alumni Affairs and Development
- $ 812,012: Katherine N Lapp, EVP
- $ 783,399: Claudine Gay, Dean, Faculty of Arts and Sciences
- $ 761,270: Drew Gilpin Faust
- $ 632,725: Michael D Smith
- $ 629,613: Thomas J Hollister, VP for Finance and CFO
- $ 606,333: Anne H Margulies, VP and CIO
- $ 537,551: Diane Lopez, VP and General Counsel
- $ 528,331: Paul Andrew, VP, Public Affairs and Communication
- $ 491,772: Robert W Iuliano
- $ 486,384: Meredith Weenick, VP for Campus Services
- $ 480,881: Marilyn M Hausammann VP for HR
- $ 479,045: Marc L Goodheart, VP and Secretary of the University
- $ 478,051: Leah Rosovsky
- $ 471,511: Jeffrey S Flier
- $ 453,816: Barbara J McNeil
- $ 282,922: Martha Whitehead, VP for the Harvard Library (as of 6/1/19)
A “*” indicates a portion of compensation came from a related/affiliated organization.
The 26 most highly compensated employees received $22 million in compensation. 17 of the 26 (65%) most highly compensated employees are male while 9 of the 26 (35%) are female.
Harvard paid for first class or charter travel, travel for companions, personal services, health or social club dues or initiation fees, and provided housing or a housing allowance, gross up payments or tax indemnification. To read more detail about these expenses and the non-qualified supplemental retirement plan, see the Form 990, Schedule J, Part III, Supplemental Information.
Harvard provided a $1 million loan to Drew Gilpin Faust , the former President, for the construction of a home. The balance due is $917,000.
Harvard provided a $1 million loan to Michael Smith, a former key employee, for the purchase of a home. The balance due is $897,000.
Harvard provided a $350,000 loan to Claudine Gay, a key employee, to purchase a home. The balance due is $251,000.
Harvard provided a $67,000 loan to Nitin Nohria, a key employee, for education of a dependent. The balance due is $55,000.
Bharat Anand, a family member of Nitin Nohria, a key employee, received $558,906 as compensation for employment (note: Bharaat Anand is not listed on the above list as a highly compensated employee).
Amy Edmondson, a family member of George Daley, a key employee, received $524,738 as compensation for employment (note: Amy Edmondson is not listed in the above as one of the highly compensated employees).
Soheyla Gharib, a family member of William F Lee, a fellow, received $420,584 as compensation for employment (note: Soheyla Gharib is not listed above as one of the most highly compensated employees).
Richard T Lee, a family member of William F Lee, a fellow, received $342,913 as compensation for employment (note: Richard T Lee is not listed above as one of the most highly compensated employees).
Catherine Lee Smith, a family member of William F Lee, a fellow, received $267,616 as compensation for employment.