Executive Compensation at Duke University (2023)

Duke University is a private research university with about 17,000 students (11,000 undergrads and 6,000 graduate and medical students) in Durham, NC.

Approximately 50,000 undergraduate students apply annually; about 1,700 (3%) enroll.  Annual tuition, room and board is $90,000 or about $360,000 for a 4-year degree.

When analyzing colleges and universities generally, there are 8 key numbers to look at:

• Revenue:  In 2023, Duke reported total revenue of $3.7 billion;
• Contributions/Gifts/Grants:  In 2023 Duke reported $2 billion;
• Tuition and Fees:  In 2023, Duke reported $977 million;
• Investment Income/Gains/Royalties:  In 2023, Duke reported $423 million;
• Expenses:  In 2023, Duke reported total expenses of $3.8 billion (including $274 million in depreciation);
• Grants:  In 2023, Duke reported giving $392 million in grants to students;
• Net Income:  Duke reported net income of -$93 million in 2023 (compared to making $980 million in 2022); and
• Net Assets:  In 2023, Duke reported net assets of nearly $16 billion.

In other words, Duke reported a $93 million loss in 2023, which along with nearly $378 million in net unrealizable losses on investments contributed to a deterioration in net assets from $16.2 billion at the beginning of the year to $15.8 billion at year-end.  It is important to note that 2023 was not a great year for Duke financially compared to 2022, when the university reported $980 million in net income.  Yes, Duke made nearly $1 billion in 2022, after all expenses.

When analyzing compensation at colleges and universities, there are 8 key items to look at:

• Total Number of Employees:  Duke reported having 30,976 employees in 2023;
• Total Number of Employees Receiving More Than $100,000:  Duke reported 4,894 employees received more than $100,000 in compensation;
• Total Compensation:  Duke reported $2.1 billion was paid in compensation;
• Highly Compensated Employees:  25 employees were reported to be highly compensated (see below):
• Did the school pay for first class or charter travel, travel for companions, health or social club dues or initiation fees, personal services, a personal residence or a housing allowance, discretionary spending accounts gross up payments of tax indemnification, or payments for business use of personal residence:  Duke reported paying for first class or charter travel, travel for companions, health or social club dues or initiation fees, a personal residence or providing a housing allowance, and personal services.
• Personal loans to employees:  Duke reported no personal loans to employees;
• Most highly compensated independent contractors and how much did they receive: 837 independent contractors received more than $100,000 in compensation (the 5 highest are listed below) and
• Supplemental Retirement Plans:  Duke does participate in supplemental retirement plans (see the Form 990, Schedule J, Part III Supplemental Information for details).

30,976 employees received $2.1 billion in compensation, or an average of $68,000.  4,894 employees received more than $100,000 in compensation with the 25 most highly compensated reported to be:

• $8,990,914:  Michael W Krzyzewski, Coach
• $4,368,849:  David N Cutcliffe, Coach
• $4,295,188:  Neal F Triplett, Chief Investment Officer
• $3,923,497:  Michael Elko, Coach
• $3,198,754:  A Eugene Washington, Chancellor, Health Affairs
• $1,812,047:  Vincent Price, President, Trustee
• $1,810,062:  William Fulkerson, Professor
• $1,773,701:  Evan Jones, Investment Manager
• $1,762,020:  Justin B Nixon, Investment Manager
• $1,711,114:  Jonathan Scheyer, Coach
• $1,465,175:  Mark Corigliano, Investment Manager
• $1,360,356:  Daniel G Ennis, EVP
• $1,290,073:  Mary B Klotman, V Chan Health Affairs and Dean of SOM
• $1,213,594:  Kavita Nayar, Investment Manager
• $1,028,751:  Sally Kornbluth, Provost
• $  998,285:  Jennifer Francis, Interim Provost
• $  919,592:  James Scott Gibson, Executive Vice Dean of Administration
• $  828,030:  Pamela J Bernard, VP and University Counsel
• $  563,030:  Rachel Satterfield, Treasurer
• $  516,529:  John J Noonan, Associate VP of Facilities
• $  475,551:  Gary Bennett, Part Year Dean, College of Arts and Sciences
• $  463,836:  Margaret Epps, University Secretary
• $  446,523:  Mohamed Noor, Interim Dean, College of Arts and Sciences
• $  408,107:  Victoria Nevois, Interim Treasurer
• $  400,934:  Valerie Ashby, Dean, College of Arts and Sciences

Of the 25 individuals listed above, 16 (or 64%) are men while 9 (or 36%) are women.  Collectively, the 25 individuals received total compensation of $46 million. Of the top 10 most highly compensated individuals who all received more than $1.7 million in compensation, all are men. It is also important to note 4 out of the top 10 individuals above were related to sports, 3 are related to investment management, 1 is a chancellor, 1 is a president, and 1 is a professor.

The most highly compensated employee was Michael Krzyzewski, the basketball coach who received nearly $9 million in 2023; and $59 million from 2017-2023:

Michael W Krzyzewski:  Total Compensation 2017-2023:  $59 million

• 2023:  $ 8,990,914
• 2022:  $ 7,429,324
• 2021:  $13,672,554
• 2020:  $ 7,353,496
• 2019:  $ 7,044,221
• 2018:  $ 7,256,924
• 2017:  $ 7,048,206

Duke pays for first class and charter travel, travel for companions, health or social club dues including initiation fees, personal services and provides residences for certain staff. See the Form 990, Schedule J, Part III for supplemental information on the above information.

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

• $19 million:  Lechase Construction Services, of Durham, NC for construction
• $16 million:  BE & K Building Group, of Greenville, SC for construction
• $16 million:  UNC – CH Office of Sponsored Research, of Chapel Hill, NC for research
• $15 million:  Fortrea, of Atlanta, GA for research
• $14 million:  Allegis Group Holding, of Chicago, IL for temporary services

To read the IRS Form 990, click here.