Executive Compensation at University of Southern California (2022)

The University of Southern California (USC) is a private research university with about 47,000 students (undergraduate and graduate) based in Los Angeles, California.  The annual tuition is about $70,000 but with room, board, and fees the total estimated cost is $83,000 – $95,000 per year.

Key information about USC is summarized as follows:

• There are 34 voting members (trustees) of the governing body (board of trustees), 33 of whom are independent.  42 are reported on the Form 990 due to timing differences.  28 of the 42 (67%) are male while 14 of the 42 (33%) are female.
• Total revenue in 2022 was $5.5 billion (compared to $5.4 billion in 2021), most of which came from tuition and fees ($2.5 billion), contributions, gifts, and grants ($1 billion), net gains on investments ($1 billion), and net patient service revenue and auxiliary enterprises ($637 million).
• Total expenses in 2022 were $5 billion (including $200 million in depreciation), with the largest expenses reported to be compensation ($2.4 billion), office-related expenses ($1.2 billion), and grants and scholarships ($737 million).
• In 2022, expenses were about $500 million less than revenue so the excess revenue was applied to the general fund.  USC reported $1.6 billion in net unrealizable losses on investments.
• At year-end, USC had net assets of $9.2 billion compared t0 $10.4 billion the prior year.

42,205 employees received $2.4 billion in compensation which equates to an average of $100,000.  8,332 employees received more than $100,000 in compensation with the 30 most highly compensated reported to be:

• $4,686,865:  Charles Helton, Head Football Coach
• $3,895,165:  Carol L Folt, President/Trustee
• $3,806,389:  Andy Endfield, Men’s Head Basketball Coach
• $3,436,981:  Vaughn Starnes, Chair and Dist Professor, Surgery
• $3,048,591:  Louis A Vandermolen, Professor of Clinical Medicine
• $2,894,232:  Inderbir Singh Gill, Professor of Urology
• $2,517,247:  James M Staten, SVP, Finance and CFO
• $2,099,985:  Amy Diamond, Chief Investment Officer
• $1,881,400:  Steven D Shapiro
• $1,661,243:  Rod Hanners, CEO, Keck Medicine of USC
• $1,301,870:  Chrysostomos L Nikias
• $1,241,563:  Geoffrey Garrett, Dean, Marshall School of Business
• $1,231,832:  Felicia A Washington, SVP, HR
• $1,214,028:  Beong-S00 Kim, SVP, General Counsel
• $1,165,409:  Charles F Zukoski
• $1,088,299:  Laura Mosqueda
• $  960,978:  Glenn Osaki
• $  784,336:  Tracey Vranch
• $  721,645:  David W Wright, SVP, Administration
• $  684,059:  Amber Miller
• $  664,827:  Samuel Garrison, SVP, University Relations
• $  650,462:  Gareth James
• $  648,897:  Michael Quick
• $  641,289:  Narsing Rao, Interim Dean, Keck Medicine of USC
• $  576,892:  Yannis C Yortsos, Dean, Viterbi School of Engineering
• $  524,981:  Kyle Henley, SVP, Chief Communications Officer
• $  500,805:  Elizabeth Graddy
• $  430,304:  Carolyn Domen-Broshears, Secretary
• $  400,000:  Lisa Mazzocco
• $  360.652:  David Brown
• $  321,546:  Dani Byrd

21 0f the 30 (70%) most highly compensated employees are male while 9 of the 30 (30%) are female.

The 30 most highly compensated employees received $46 million in 2022.  The 14 most highly compensated employees in 2022 received $145 million from 2017-2022 (note:  this list does not include the 14 most highly compensated employees from 2017-2021 that were not employed in 2022 or not one of the 14 most highly compensated employees in 2022.  In other words, there are many former employees who received millions in compensation annually but are not listed below).

Charles Helton:  Total Compensation 2017-2022:  $25 million

• 2022: $4,686,865
• 2021:  $4,789,082
• 2020:  $4,813,832
• 2019:  $4,569,507
• 2018:  $3,218,935
• 2017:  $2,625,965

Carol L Folt:  Total Compensation 2020-2022:  $8 million

• 2022: $3,895,165
• 2021:  $2,376,361
• 2020:  $1,314,129

Andy Endfield:  Total Compensation 2018-2022:  $18 million

• 2022: $3,806,389
• 2021:  $3,511,285
• 2020:  $3,354,315
• 2019:  $3,126,772
• 2018:  $2,789,148

Vaughn Starnes:  Total Compensation 2017-2022:  $18 million

• 2022: $3,436,981
• 2021:  $3,047,634
• 2020:  $3,156,691
• 2019:  $2,951,076
• 2018:  $2,832,168
• 2017:  $2,896,328

Louis A Vandermolen:  Total Compensation 2017-2022:  $15 million

• 2022: $3,048,591
• 2021:  $2,677,939
• 2020:  $2,714,873
• 2019:  $2,351,253
• 2018:  $2,214,130
• 2017:  $2,471,856

Inderbir Singh Gill:  Total Compensation 2017-2022:  $14 million

• 2022: $2,894,232
• 2021:  Not Listed
• 2020:  $2,722,626
• 2019:  $2,785,900
• 2018:  $2,707,964
• 2017:  $2,,663,304

James Staten:  Total Compensation 2017-2022:  $12 million

• 2022: $2,517,247
• 2021:  $2,092,229
• 2020:  $2,130,233
• 2019:  $1,939,239
• 2018:  $1,957,637
• 2017:  $1,578,803

Amy Diamond:  Total Compensation 2022:  $2 million

• 2022: $2,099,985

Steven D Shapiro:  Total Compensation 2022:  $2 million

• 2022: $1,881,400

Rod Hanners:  Total Compensation 2021-2022:  $3 million

• 2022: $1,661,243
• 2021:  $1,410,593

Chrysostomos L Nikias:  Total Compensation 2017-2022:  $21 million

• 2022: $1,301,870
• 2021:  $1,654,049
• 2020:  $5,276,566
• 2019:  $7,654,938
• 2018:  $2,963,958
• 2017:  $2,408,747

Geoffrey Garrett:  Total Compensation 2021-2022:  $2 million

• 2022: $1,241,563
• 2021:  $  659,658

Felicia Washington:  Total Compensation 2020-2022:  $3 million

• 2022: $1,231,832
• 2021:  $1,149,350
• 2020:  $  356,253

Beong-S00 Kim:  Total Compensation 2021-2022:  $2 million

• 2022: $1,214,028
• 2021:  $  469,002

USC paid for first class or charter travel, personal services (i.e maid, chauffeur, chef), health or social club dues or initiation fees, housing allowances or residence for personal use, gross up payments or tax indemnificaitions.  For detail on these expenses, see the Form 990, Schedule J, Part III, Supplemental Information.

USC has made 14 housing loans to 9 employees totaling $14 million with the balance due at $11 million.  See the Form 990, Schedule L, Part II, Loans to and From Interested Persons for more details.

775 independent contractors received more than $100,000 in 2022. The 5 most highly compensated were reported to be:

• $78 million:  2U Inc, of LA, CA for on-line education service
• $25 million:  Deloitte Consulting, of Hermitage, TN for consulting
• $22 million:  Del Amo Construction, of Torrance , CA for construction
• $18 million:  Ernst Young, of Los Angeles, CA for consulting
• $14 million:  Aramar Corp, of Philadelphia, PA for maintenance services

To read the Form 990 (2021 for the year ending June 30, 2022), click here.