Executive Compensation at the Nature Conservancy (2023)

The Nature Conservancy – a 501 (c) (3) based in Arlington, Virginia – whose mission is “to conserve land and waters on which all life depends” has been around since 1951 and is one of the most popular and wealthy non-profits in the country.

There are 21 voting members (directors) of the governing body, 19 of whom are independent, although the Form 990 lists 25 directors (due to timing differences) – 13 (52%) of whom are male and 12 (48%).of whom are female.

The most recent financial information (the 2022 IRS Form 990 for the year ending June 30, 2023) reports the organization raised $1.2 billion and spent $1.1 billion. The difference between revenue raised and revenue spent was $46 million which along with nearly $240 million in net unrealized losses on investments and other changes in assets helped increase  net fund assets from $7.5 billion at the beginning of the year to $7.8 billion at the end of the year. Many people see the Nature Conservancy as an organization that raises more than a billion dollars a year and therefore has high staff costs and they do (compensation is the organization’s largest expense). 4,459  persons were employed in 2023 (about 400 more than the previous year) with total staff compensation reported to be $510 million which equates to an average compensation package of $115,000 per employee.

1,251 employees received more than $100,000 in compensation (about 400 more than the previous year).  The 15 staff listed below received $8 million in compensation in 2023:

• $903,171:  Bola Olusanya, Chief Investment Officer
• $884,417:  Jennifer Morris, Director, CEO
• $535,529:  Jan Mittan, Global Market Development Director
• $512,040:  William Ulfelder, NY Executive Director
• $502,349:  David Banks, Interim Chief Conservation Officer
• $495,315:  Michael Sweeney, State Director
• $486,749:  Thomas Neises, VP and Associate Chief Development Officer
• $478,753:  Leonard Williams, CFO
• $472,765:  Nathalie Augustin, General Counsel
• $444,302:  Scott Morrison, CONS Program and Science Director
• $431,723:  Jan Glendening, Regional Managing Director, NA
• $430,427:  Matthew Brown, Managing Director
• $429,992:  Matthew Arnold, Global Head, Impact
• $424,660:  Margaret Goldthwaite, Chief Marketing and Communications Director
• $269,670:  Hans Birle, Interim General Counsel

As listed above, 10 of the 15 (67%) of the most highly compensated employees are male while 5 – or 33% – are female.  Of the ten most highly compensated employees, 7 – or 70% – are men – and 3 are women.  The 10 most highly compensated employees in 2023 received $20 million in compensation between 2017-2023 (note:  highly compensated employees in any of the years 2017-2022 but not in 2023 are not listed, including Brian McPeek who received more than $4 million from 2017-2022 of which $2 million was after his departure in 2019):

Bola Olusanya:  Total Compensation 2022-2023:  $1 million

• 2023:  $903,171
• 2022:  $444,985

Jennifer Morris:  Total Compensation 2021-2023:  $2 million

• 2023:  $884,417
• 2022:  $758,013
• 2021:  $549,812

Jan Mittan:  Total Compensation 2017-2023:  $3 million

• 2023:  $535,529
• 2022:  $443,932
• 2021:  Not Listed
• 2020:  $404,687
• 2019:  $384,433
• 2018:  $358,308
• 2017:  $344,744

William Ulfelder:  Total Compensation 2022-2023:  $1 million

• 2023:  $512,040
• 2022:  $474,700

David Banks:  Total Compensation 2017-2023:  $3 million

• 2023:  $502,349
• 2022:  $505,724
• 2021:  $470,138
• 2020:  $469,036
• 2019:  $389,439
• 2018:  $322,903
• 2017:  $325,826

Michael Sweeney:  Total Compensation 2017-2023:  $3 million

• 2023:  $495,315
• 2022:  $473,975
• 2021:  $446,198
• 2020:  $437,465
• 2019:  $409,202
• 2018:  $339,415
• 2017:  $361,877

Thomas Neises:  Total Compensation 2017-2023:  $3 million

• 2023:  $486,749
• 2022:  $458,219
• 2021:  $412,973
• 2020:  $407,301
• 2019:  $391,987
• 2018:  $393,683
• 2017:  $408,566

Leonard Williams:  Total Compensation 2019-2023:  $2 million

• 2023:  $478,753
• 2022:  $463,231
• 2021:  $402,889
• 2020:  $401,835
• 2019:  $334,779

Nathalie Augustin:  Total Compensation 2022-2023:  $1 million

• 2023:  $472,765
• 2022:  $224,327

Scott Morrison:  Total Compensation 2022-2023:  $1 million

• 2023:  $444,302
• 2022:  $431,745

The most highly compensated employee was Bola Olusanya, the Chief Investment Officer who received $903,971 in 2023.

The IRS Form 990 also reports the organization paid for first class or charter travel. With regards to first class travel, “persons listed on the 990 may receive first class travel in limited circumstances, which include (1) when no economy fare was available, or (2) when there was no price difference.”

The Nature Conservancy made a $10 million loan at 0% interest to Shirley Harry Hagey Community Property Trust, a trust related to Mr. Hagey, also a Board member to fund conservation loan in Idaho. The outstanding balance due is $10 million.

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

• $10  million:  DM Group, of Prince Frederick, MD for direct mail services
• $ 9 million:  Crowdergulf, of Mobile, AL for disaster recovery and debris managemen
• $ 7   million:  RR Donnelly and Sons Company, of Warrenville, IL for marketing services
• $ 7  million:  Personal  Fundraising Services, of Chicago, IL for fundraising services
• $ 3  million:  Tallwave, of Scottsdale, AZ for fundraising services

To read the IRS Form 990 (2022 for the year ending June 30, 2023), click here.