Executive Compensation at the University of Miami (2024)

The University of Miami (UM) is a private research university with about 20,000 students (13,000 undergrads and 7,000 graduate and medical students) in .

Approximately 58,000 undergraduate students apply annually; 18% or about 10,000 are accepted, and about 2,500 choose to attend.  Annual tuition, room and board is about $96,000 or about $384,000 for a 4-year degree.

When analyzing colleges and universities generally, there are 6 key numbers to look at:

• Revenue:  In 2024,  UM reported total revenue of $6.5 billion;
• Tuition and Fees:  In 2024,  UM reported $1.1 billion in tuition and fees;
• Expenses:  In 2024,  UM reported total expenses of $6 billion (including $207 million in depreciation);
• Grants:  In 2024,  UM reported giving $623 million in grants to students;
• Net Income:  UM reported net income of $501 million in 2024; and
• Net Assets:  In 2024, UM  reported net assets of $4.8 billion.

In other words,  UM took in sufficient income to cover all expenses and make  $501 million in 2024. If you zero in on tuition and fees and grants, it is interesting to note UM took in $1.1 billion in tuition and fees and made cash grants of $623 million (57% of tuition and fees) to students unable to pay full tuition.  In other words, the full pay students subsidized and paid for the grants to other students.

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

• Total Number of Employees:   UM reported having  30,149 employees in 2024;
• Total Number of Employees Receiving More Than $100,000:  UM reported 5,769 employees received more than $100,000 in compensation;
• Total Compensation:   UM reported $2.9 billion was paid in compensation with an average compensation of $96,000;
• Highly Compensated Employees:   12 employees were reported to have received $700,000 – $8 million in compensation;
• 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:   UM reported paying for first class or charter travel, a personal residence or providing a housing allowance, and personal services, and making gross up payments or tax indemnifications;
• Personal loans to employees:   UM reported no loans to employees.
• Most highly compensated independent contractors and how much did they receive: 938 independent contractors received more than $100,000 in compensation (the 5 highest are listed below); and
• Supplemental Retirement Plans: UM does participate in supplemental retirement plans (see the Form 990, Schedule J, Part III Supplemental Information for details).

The 12 most highly compensated employees reported to be:

• $8,302,883:  Mario Cristobal, Head Coach, Football
• $4,284,984:  Joseph Echevarria, CEO UM, CEO of UHealth
• $4,053,487:  Dippen Parekh, COO UHealth, Chair Urology, Physician
• $3,623,764:  James J Larranaga, Head Coach, Mens Basketball
• $3,058,269:  Joseph Lamelas, Chief Cardiac Surgery and Physician
• $2,447,764:  Dan Radakovich, VP and Director of Athletics
• $2,073,424:  Julio Frenk, President
• $2,049,832:  Lee Kaplan, Director, Sports Medicine, and Physician
• $1,081,050:  Jeffrey Duerk, Former EVP of Academic Affairs and Provost
• $1,040,718:  Rudy Fernandez, EVP UM Operations and External Affairs
• $  794,435:  Willy Prado, EVP and Provost (interim)
• $  681,790:  Jacqueline A Travisano, Former EVP and COO

11 of the 12 (92%) most highly compensated employees are male while 1 of the 12 (8%) is female.

There are 64 members of the governing party, 56 of whom are independent. 41  of the 64 (64%) are male while 23 of the 64 (36%) are female.

UM paid for first class travel. Specifically, first class travel was provided to Julio Frenk.

UM paid for a housing allowance or a residence for personal use, and for personal services. Specifically, Julio Frenk was provided a residence and household assistance.

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

• $112 million:  Robbins and Morton Group, of Trussville, AL for construction
• $ 44 million:  Coastal Construction of Miami Dade County, of Miami, FL for construction
• $ 31 million:  Management Health Systems, of Sunrise, FL for staffing services
• $ 29 million:  Whiting-Turner Contracting Company, of Baltimore, MD for construction
• $ 28 million:  ABM Industries Incorporated, of Atlanta, GA for maintenance and repair services

To read the IRS Form 990 (for the year ending May 31, 2024), click here.