Executive Compensation at the University of Chicago (2023)

The University of Chicago (U of Chicago) is a private research university with about 18,000 students (7,500 undergrads and 10,500 graduate and medical students) in Chicago, Illinois.

Approximately 39,000 undergraduate students apply annually; 5% or 1,900 are accepted.  Annual tuition, room and board is about $95,000 or about $380,000 for a 4-year degree.

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

• Revenue:  In 2023,  U of Chicago reported total revenue of $4.7 billion;
• Contributions, Gifts, and Grants:  In 2023, U of Chicago reported $2.4 billion;
• Tuition and Fees:  In 2023,  U of Chicago reported $1.2 billion (or 26% of revenue) in tuition and fees;
• Investment Income/Gains/Royalties:  In 2023, U of Chicago reported $215 million
• Expenses:  In 2023,  U of Chicago reported total expenses of $4.8 billion (including $212 million in depreciation);
• Grants:  In 2023,  U of Chicago reported giving $574 million in grants to students;
• Net Income:  U of Chicago reported net income of -$169 million in 2023; and
• Net Assets:  In 2023  U of Chicago reported net assets of $8.5 billion.

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

• Total Number of Employees:   U of Chicago reported having 28,318 employees in 2023;
• Total Number of Employees Receiving More Than $100,000:  U of Chicago reported 6,243 employees received more than $100,000 in compensation;
• Total Compensation:   U of Chicago reported $2.7 billion was paid in compensation;
• Highly Compensated Employees:   28 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: U of Chicago 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, personal services, and making gross up payments or tax indemnifications;
• Personal loans to employees:   U of Chicago reported making two personal loans to a key employee and an officer.  A $1,250,000 loan to Madjav Rajan was made; the balance due is $1,000,000. A $500,000 loan was made to Katherine Baiker; the balance due is $250,000.
• Most highly compensated independent contractors and how much did they receive: 1,168 independent contractors received more than $100,000 in compensation (the 5 highest are listed below) and
• Supplemental Retirement Plans:   U of Chicago does participate in retirement and deferred compensation plans (see the Form 990, Schedule J, Part III Supplemental Information for details).

28,318 employees received $2.7 billion in compensation, or an average of $95,000. 6,243 employees received more than $100,000 in compensation with the 28 most highly compensated reported to be:

• $3,422,939:  Robert J Zimmer, Former President
• $2,799,083:   Kenneth S Polonsky, EVP Med Affairs*
• $2,389,576:  Andrew Ward, VP and Chief Investment Officer
• $2,325,034:  David Barclay, COO, CRSP
• $2,125,787:  A Paul Alivisatos, President
• $1,981,323:  David Strauss, Professor of Law
• $1,874,281:  Matthew Stone, Managing Director of Public Markets
• $1,843,268:  Valluvan Jeevanandam, Chief Cardiac and Thoracic Surgery
• $1,805,594:  Luca Vricella, Professor of Surgery
• $1,433,113:  James G Nondorf, VP Enrollment and Student Adv
• $1,408,277:  Patrick O’Hara, Interim Chief Investment Officer
• $1,404,762:  Ivan Samstein, VP and CFO
• $1,380,335:  Madhav Rajan, Dean, Booth School of Business
• $1,339,819:  Sharon Marine, VP Alumni Relations and Development
• $1,071,139:  Mary Francis McCourt, CFO
• $  942,553:  Derek Douglas, VP Civic Engagement
• $  930,514:  Kimberly Taylor, VP and General Counsel
• $  921,499:  Ka Yee Lee, Provost
• $  891,781:  Juan DePablo, VP, National Laboratories
• $  801,043:  Katherine Baicker, Provost
• $  778,643:  Catherine Callow-Wright, VP, Secretary of UC
• $  749,251:  Laila Rashid, VP & A Associate Dean
• $  702,282:  Mark Anderson, EVP, Medical Affairs
• $  599,359:  Paul Rand, VP, Communications
• $  568,394:  Lori Berko, Secretary
• $  489,553:  Michele Rasmussen, Dean of Students
• $  463,145:  Brett Padgett, Interim VP and CFO
• $  247,490:  Joel Hamernick, Interim VP, Civic Engagement

A “*” indicates a portion of compensation was from a related/affiliate organization.

As illustrated above, the 28 most highly compensated employees received $37 million in compensation.  20 of the 28, or 71% of the most highly compensated individuals are male while 8, or 29% are female.  Of the 10 most highly compensated individuals at U of Chicago, all 10 are male.

The most highly compensated employee was Robert Zimmer who received $3.4 million in 2023; $24 million from 2017-2023:

Robert Zimmer:  Total Compensation 2017-2023:  $24 million

• 2023:  $3,422,939
• 2022:  $3,813,941
• 2021:  $2,449,016
• 2020:  $2,457,634
• 2019:  $6,865,835
• 2018:  $2,371,617
• 2017:  $3,062,736

U of Chicago paid for first class or charter travel, travel for companions, health or social club dues or initiation fees, and personal services and provided gross up payments or tax indemnification and a housing allowance or residence for personal use.  To read about details of these expenses, refer to the Form 990, Schedule J, Part III, Supplemental Information.

U of Chicago made two personal loans:  $1,250,000 to Madjav Rajan with a balance due of $1,000,000; a $500,000 loan to Katherine Baicker with a balance due of $250,000.

To read the Form 990 (2022 for the year ending 6/30/23), click here.