CHRIS SEGAL
Perspectives Editor
The Chronicle of Higher Education released its annual survey of private universities Monday.
The report tracks not only the president’s salaries, but also analyzes the financial health and trends of private higher education instructions.
In 2004, the trend was increasing salaries. Five private university presidents each took home earnings of more than $1 million.
In contrast, five Pepperdine officicers’ combined salaries were $1.1 million, according to a 2003 IRS 990 form, the most recent available.
University officials compensations, according to the form, were President Andrew K. Benton ($313,954), Vice President Charles Pippin ($291,734), Treasurer Clariza Mullins ($173,516), Director of Real Estate Operations Dennis Torres ($168,332) and Associate Vice President for Finance Paul B. Lasiter ($167,282).
These numbers include salaries and money spent on employee benefit plans.
The form makes the university’s financial information public, including the top five salaries and net profits and losses.
Pepperdine first filed the IRS 990 form, which is the tax form for nonprofit organizations, in June 2002. In the past, Pepperdine claimed exemption because the university is an internally supported, church-controlled organization.
According to the Sept. 25, 2003, issue of the Graphic, some of the salaries in the 990 form are ambiguous because some administrators receive a ministerial housing allowance.
The Chronicle’s report focuses on the salaries of university presidents and helps set the scale for the universities other employee salaries.
Pepperdine was ranked on the lower end of the scale. The report shows that 50 presidents earned more than $500,000 in the previous financial year.
The highest paid president is Donald E. Ross of Lynn University, located in Boca Raton, Fla. Ross was given a $5 million compensation package, $4.5 million of which went to his retirement plan, which will be paid out when he retires in 2006.
The report noted that some may argue that compensation packages are too high, but these packages need to attract and keep highly qualified employees.
The report also looked at the salaries of 139 public universities and found that 23 presidents will have packages of more than $500,000 this year, which is up 35 percent from the previous year.
Another 30 will get packages between $400,000 and $499,999. The median compensation package for a public university president came out to $360,000.
11-17-2005