Executive Compensation at the Metropolitan Museum of Art (2021)

The Metropolitan Museum of Art (Met) 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, the Met is a tax-exempt, non-profit 501 (c) (3) based in New York City with 50 trustees (48 of whom are independent), although 52 are listed on the Form 990 (2020 for the year ending June 30, 2021) due to timing differences.  34 of the 48 (65%) listed are male while 18 (35%) are female.

For the year ending June 30, 2021, the Met reported the following information:

Total revenue was $536 million (compared to $415 million in 2020 and $515 million in 2019) with most revenue primarily coming from investment income and gains, contributions, gifts, and grants.

Expenses totaled $321 million (not including $48 million in depreciation) with the largest expense being $195 million for 2,194 employees (compared to $224 million in compensation for the 2,458 employees in 2020), who received an average compensation of $90,000.

348 employees received more than $100,000 with the 18 most highly compensated employees reported to be:

• $1,708,506:  Lauren A Meserve, EVP, CIO
• $1,285,086:  Daniel H  Weiss, President/CEO, Ex-Off, Trustee
• $1,169,520:  Max Hollein, Director/Ex-Off, Trustee from 8/18
• $  567,157:  Clyde B Jones III, SVP Institutional Advancement
• $  516,652:  Sharon H Cott, SVP, Secretary and General Counsel
• $  509,845:  Jameson Kelleher, VP, CFO & Treasurer
• $  499,121:  Laurel Britton, SVP, Revenue and Ops
• $  456,749:  Tom A Javits, VP Construction & Facilities
• $  426,860:  Allison Rutledge-Parisi, VP and Chief HR Officer
• $  418,569:  Quincy Houghton, Deputy Director of Exhibitions
• $  397,565:  Kenneth N Weine, VP External Affairs
• $  379,607:  Keith R Christiansen, Chairman, European Paintings
• $  377,876:  Stephen A Manziz, Chief Development Officer Individuals
• $  373,802:  Michael B Gallagher, Chairman, Paintings Conservations
• $  368,274:  Andrea Bayer, Deputy Director of Collections
• $  359,851:  Stephen Martin Mannello, GMM and Head of Retail
• $  342,112:  Keith Prewitt, Chief Security Officer
• $  338,442:  Inka Drogemuller, Deputy Director, Digital/Edu/Libarary

The 18 most highly compensated employees received $11 million.  12 of the 18 (67%) are male while 6 of the 18 (33%) are female (note:  The Form 990 does not disclose gender identity. Conclusions were made based on names and google searches).

The Met paid for housing allowances. Specifically, the Met provided a housing allowance to Daniel H Weiss and Max Hollein.

Daniel Weiss and Max Hollein participated in or received payments from a non-qualified Supplemental Executive Retirement Plan (SERP) in the amounts of $107,000 and $50,000, respectively.

It is unclear how many independent contractors received more than $100,000 in compensation in 2021 (the line was left blank on the Form 990; last year 66 independent contractors received more than $100,000 in compensation).  In 2021, the five most highly compensated independent contractors

• $28.5 million:  SKANSKA USA Builidng, of Parsippany, NJ for construction management
• $ 2.3 million:  Shawmut Design and Construction, of Boston, MA for construction manager
• $ 2.2 million:  Beyer Blinder Belle Architects, of NY, NY for architectural services
• $ 2.1 million:  Knight Electrical Services Corp, of NY, NY for electrician
• $ 1.5 million:  Attrium Staffing, of Pittsburgh, PA for temporary staffing

To read the IRS Form 990 (2020 for the year ending June 30, 2021), click here.