Executive Compensation at Columbia (2023)

Columbia University (Columbia) reported a very different year in 2023:  after coming off a record year in 2022 when revenue reached an all time high ($7.1 billion) with expenses of  $5.9 billion (including $300 million of depreciation), Columbia reported total revenue of $6.7 billion and expenses of $6.4 billion (including $300 million in depreciation) in 2023.  However, Columbia increased net assets from $18.4 billion to $18.7 billion in 2023 by adding unspent revenue and nearly $150 million in unrealized gains on investments (offset by a negative $80 million adjustment to net assets for “other non-operating adjustments”) to the general fund.

In terms of compensation, 40,081 employees (up by 3,000 since 2022) were compensated $3.9 billion, which equates to an average compensation of $97,000. The 22 most highly compensated individuals (listed below) received $42 million which equates to an average compensation package of nearly $2 million:

• $5,555,734:  Lawrence Gerald Lenke, Professor of Surgery
• $4,994,815:  Lee C Bollinger, President (thru 6/23)
• $3,561,642:  Ronald Arthur Lehman, Jr, Professor of Surgery
• $3,364,639:  David N Silvers, Clinical Professor
• $3,293,052:  Emile Bacha, Professor of Surgery
• $3,204,119:  Craig Smith, Professor of Surgery
• $2,983,339:  Kim Lew, CEO of IMC
• $1,715,414:  Amelia Alverson, EVP University Development and Alumni Relations
• $1,712,502:  Anil Rustgi, Int EVP Sci (thru 2/28/22)
• $1,331,361:  Katrina Armstrong, EVP, Health Services
• $1,093,769:  Lee Goldman, Former EVP Health Sciences
• $1,083,372:  Gerald M Rosberg, Sr EVP
• $1,018,361:  Mary Boyce, Provost (thru 6/30/23))
• $1,013,981:  Jane E Booth, Chief Legal Officer (as of 1/1/23)
• $  978,554:  Anne R Sullivan, EVP Finance and IT
• $  964,041:  Amy Hungerford, EVP, A&S
• $  824,667:  Ira Katznelson, Int Provost (thru 6/30/21)
• $  787,508:  Peter Holland, Former CEO and EVP Investment Management
• $  744,760:  John Coatsworth, Former Provost
• $  693,708:  David Greenberg, EVP Facilities
• $  615,250:  Felice Rosan, General Counsel (as of 1/1/23)
• $  547,514:  Jerome Davis, Secretary

Of the 22 most highly compensated individuals, 14 (or 64%) are men, while 8 (or 34%) are women. The most highly compensated employee in 2023 was Lawrence Lenke who received $5.5 million in compensation.  From 2017-2023, Mr. Lenke received $39 million in compensation:

Lawrence Gerald Lenke:  Total Compensation 2017-2023:  $39 million

• 2023:  $5,555,734
• 2022: $6,534,183
• 2021:  $7,093,838
• 2020:  $6,914,607
• 2019:  $4,798,221
• 2018:  $4,119,478
• 2017:  $4,057,479

The IRS Form 990 reports Columbia pays for first class or charter travel, travel for companions, and housing allowance or residence for personal use (which is traditionally provided for key staff on a college campus).  For comments provided by Columbia on these benefits, go to the IRS Form 990, Schedule J, Part III.

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

• $36 million:  $Pavarini McGovern, of NY, NY for construction services
• $35 million:  Turner Construction Co, of NY, NY for construction services
• $17 million:  Universal Protection Service, of Conshohocken PA for security services
• $14 million:  Debevoise Plimpton of NY, NY for legal services
• $ 7 million:  Hudson Heart Management, of Suffern, NY for medical services

To read the IRS Form 990 for the year ending June 30, 2023, click here.