Executive Compensation at Columbia University (2024)

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, which was topped in 2024 when Columbia reported total revenue of $7.3 billion and $6.8 billion in expenses (including $327 million in depreciation).  As a result and because of unrealized gains on investments, Columbia reported an increase of net assets from $18.4 billion in 2022 to $19.8 billion in 2024.

In terms of compensation, 41,227 employees (up by 4,000 since 2022) were compensated $4.2 billion, which equates to an average compensation of $102,000. The 24 most highly compensated individuals (listed below) received $45 million in 2024 which equates to an average compensation package of $1.9 million:

• $7,473,044:  Lawrence Gerald Lenke, Professor of Surgery
• $3,987,829:  Ronald Arthur Lehman, Jr, Professor of Surgery
• $3,873,112:  Kim Lew, CEO of IMC
• $3,504,647:  Lee C Bollinger, Former President (thru 6/23)
• $3,367,856:  Emile Bacha, Professor of Surgery
• $3,257,281:  David N Silvers, Clinical Professor
• $3,237,842:  Craig Smith, Professor of Surgery
• $1,660,637:  Katrina Armstrong, EVP, Health Services
• $1,259,338:  Anil Rustgi, Former Int EVP Sci (thru 2/28/22)
• $1,158,166:  Nemat Minouche T Shafik, President (as of 7/1/23)
• $1,106,742:  Lee Goldman, Former EVP Health Sciences
• $1,074,265:  Mary Boyce, Former Provost (thru 6/30/23)
• $1,068,093:  Anne R Sullivan, EVP Finance
• $1,019,950:  Gerald M Rosberg, Former Sr EVP (thru 6/21/24)
• $   951,128:  Felice Rosan, General Counsel
• $   916,735:  Amelia Alverson, EVP University Development and Alumni Relations
• $   869,441:  Dennis Mitchell, Interim Provost (7/1/23-3/21/24)
• $   867,003:  Amy Hungerford, EVP, A&S
• $   834,856:  Ira Katznelson, Former Int Provost (thru 6/30/21)
• $   768,599:  John Coatsworth, Former Provost
• $   748,410:  Susan Glancy, Secretary (as of 1/1/24)
• $   714,618:  David Greenberg, EVP Facilities
• $   667,323:  Jane E Booth, Former Chief Legal Officer
• $   569,335:  Jerome Davis, Former Secretary (thru 12/31/23)

Of the 24 most highly compensated individuals, 15 (or 63%) are men, while 9 (or 37%) are women. The most highly compensated employee in 2024 was Lawrence Lenke who received $7.5 million in compensation.  From 2017-2024, Mr. Lenke received $47 million in compensation:

Lawrence Gerald Lenke:  Total Compensation 2017-2024:  $47 million

• 2024:  $7,473,044
• 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 paid 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.

Columbia made the following loans to employees or the spouse of an employee:

• Lee Bollinger, a former officer was provided with two (2) housing loans:  a $6 million loan ($6 million is due) and a $500,000 loan ($300,000 is due).
• John Coatsworth, a former officer was provided with two (2) housing loans:  a $1,475,000 loan ($2,241,820 is due) and a $525,000 loan ($641,822 is due).
• Amy Hungerford, a key employee was provided with a housing loan in the amount of $171,710 (the balance due is $34,342).
• Troy Eggers, the spouse of an officer was provided with a housing loan in the amount of $150,000 (the balance due is $90,000).

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

• $40 million:  Pavarini McGovern, of NY, NY for construction services
• $15 million:  Universal Protection Service, of Conshohocken PA for security services
• $ 9 million:  SPK Lewis Construction, of NY, NY for construction
• $ 6 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, 2024, click here.