Executive Compensation at University of Southern California (2021)

The University of Southern California (USC) is a research university located in Los Angeles, CA with about 50,000 students (21,000 undergraduates and 29,000 graduate students including 13,000 international students).  With an annual tuition and board of $85,000, the cost of a 4-year degree is approximately $340,000 for the 12% of applicants admitted.

There are 45 voting members (trustees) of the governing body, 40 of whom are independent.  The Form 990 lists 47 trustees (due to timing differences.  31 of the 47 (66%) of the trustees listed are male while 16 of the 47 (34%) are female (note:  The Form 990 does not disclose gender; determinations were made based on name and google searches).

In 2021, total revenue was $5.4 billion (compared to $6.4 billion in 2020) with the primary sources of revenue reported to be tuition and fees ($2.3 billion), net patient revenue ($908 million), other program service revenue ($649 million), Investment income and gains ($532 million), contributions, gifts, and grants ($524 million), and government grants ($506 million).

Expenses totaled $5.4 billion (including $260 million in depreciation) with the largest expenses reported to be compensation ($3.2 billion), grants – primarily to 27,009 students  who received an average of $25,000 each ($675 million), office-related expenses ($490 million), and settlement expense ($450 million).

40,550 employees received $3.2 billion in compensation, which equates to an average of $79,000.  7,898 employees received more than $100,000 in compensation with the 33 most highly compensated reported to be:

• $4,789,082:  Charles Helton, Head Football Coach
• $3,511,285:  Andy Enfield, Men’s Head Basketball Coach
• $3,047,634:  Vaughn Starnes, Chair and Distinguished Professor of Surgery
• $2,857,196:  George Semeniuk, Professor of Medical Oncology
• $2,677,939:  Louis A Vandermolen, Professor of Clinical Medicine
• $2,376,361:  Carol L Folt, President/Trustee
• $2,092,099:  James M Staten, SVP, Finance and CFO
• $1,768,765:  Lisa Mazzocco
• $1,654,049:  Chrysostomos L Nikias
• $1,410,593:  Rod Hanners, Interim CEO KECK Med of USC
• $1,335,563:  Thomas E Jackiewicz
• $1,176,696:  Charles F Zukowski
• $1,149,350:  Felicia A Washington, SVP, HR
• $1,092,223:  Laura Mosqueda
• $  995,001:  Michael Quick
• $  888,230:  Steve A Kay
• $  814,657:  Glen Osaki
• $  758,301:  David W Wright, SVP, Admin
• $  753,544:  Tracey Vranich
• $  706,267:  Gareth James
• $  686,614:  Amber Miller
• $  679,658:  Geoffrey Garrett
• $  647,048:  Narsing Rao
• $  579,769:  Yannis C Yortos, Dean, Viterbi School of Engineering
• $  514,472:  Elizabeth Graddy
• $  482,260:  Todd R Dickey
• $  469,002:  Beong-Soo Kim
• $  436,395:  Samuel Garrison
• $  417,478:  Carolyn Domen-Broshears, Secretary of the University
• $  416,038:  Albert R Checcio
• $  376,339:  David Brown
• $  350,129:  Dani Byrd
• $  258,757:  James Ellis

The 33 most highly compensated employees received more than $42 million in compensation.  25 of the 33 (76%) most highly compensated employees are male while 8 of the 33 (24%) are female (note:  gender is not disclosed on the Form 990; determinations made based on name and google searches).

USC paid for first class or charter travel, health or social club dues or initiation fees, personal services (i.e.maid, chauffeur, chef), a housing allowance or a residence for personal use, and made gross up payments and provided tax indemnification.  See Schedule J, Part III, Supplemental Information for more detail on these items and retention programs.

USC made the following loans to employees:

• Amber Miller received two housing loans of $500,000 for a total of $1 million.  The total balance due is $731,448.
• C L Nikias received a housing loan of $3 million.  The balance due is $2 million.
• James Staten received two housing loans of $1 million for a total of $2 million.  The total balance due is $1.6 million.
• Steven A Kay received two housing loans of $500,000 for a total of $1 million. The total balance due is $736,022.
• Tracey Vranich received two housing loans of $250,000 for a total of $500,000.  The total balance due is $423,017.
• Felicia Washington received a housing loan of $700,000. The balance due is $560,000.
• Charles Zukoski received a housing loan of $1,000,000.  The balance due is $900,000.
• Geoffrey Garrett received a housing loan of $750,000.  The balance due is $750,000.
• Kyle Henley received two housing loans of $500,000 for a total of $1 million.  The balance due is $992,861.
• Steve Shapiro received two housing loans of $1.5 million for a total of $3 million.  The balance due is $2,984,728.

In summary, USC made 16 loans to 10 employees for housing totaling $14 million.

593 independent contractors received more than $100,000 in compensation with the five (5) most highly compensated reported to be:

• $79 million:  2U Inc, of Los Angeles, CA for on-line education services
• $31 million:  Sierra Pacific Constructors, of Woodland Hills, CA for construction services
• $26 million:  Willis Towers Watson Insurance Services, of Los Angeles, CA for consulting services
• $25 million:  Hathaway Dinwiddie Aecom Hunt, of Los Angeles, CA for construction services
• $21 million:  Deloitte Consulting, of Hermitage, TN for consulting services

USC started the year with $8.9 million in net assets.  After adjustments (primarily unrealized gains on investments), year-end assets were $10.4 billion.

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