The study is from the Chronicle of Higher Education
PRINCETON — Compensating both its outgoing and new presidents cost Princeton University more than $1.5 million in 2013, new data shows.
With outgoing president Shirley Tilghman and new President Christopher Eisgruber, the university had two of the three highest paid private college presidents in New Jersey in 2013, according to a study released today by the Chronicle of Higher Education.
The data is part of the Chronicle's annual look at the pay of America's private college presidents. Nationally, the median compensation for private school presidents was $436,429 in 2013, up 5.6 percent from 2012, according to the report.
Columbia University's Lee Bollinger led the country in compensation, garnering $4.6 million. Overall, 32 private college presidents surpassed $1 million in total compensation, according to the report.
http://www.nj.com/education/2015/06/which_public_college_presidents_made_the_most_mone.html
The presidential pay is based on 2013 calendar year compensation data compiled from the Internal Revenue Service's 990 forms for the private nonprofit institutions with the 500 largest endowments.
Total compensation includes base pay, bonuses, nontaxable benefits and other pay, which often includes deferred compensation.
In New Jersey, Princeton's Tilghman topped the list with total compensation of $931,327 in 2013, including $788,944 in base salary. It was slightly less than the $948,412 she earned in 2012.
Eisgruber, hired to replace her, received $730,631 with a base salary of $644,516 in 2013.
Princeton declined to comment on the report because it does not discuss employees salaries, spokesman Martin Mbugua said. Paying more in a transition year between two presidents is common, said Sandhya Kambhampati, a data analyst for the Chronicle of Higher Education.
"Often that happens because they end up paying the person that is leaving their deferred compensation and the person that is coming in, they usually have money for moving and for house expenses that often shows up... or a starting bonus that sometimes they get," Kambhampati said.
In 2012, former Drew University President Robert Weisbuch made $1.1 million in his final year with the school, the most among New Jersey private college presidents, according to last year's study. In the prior year Weisbuch made only $461,927.
Deferred pay or other money paid to presidents in their final year at a school can make compensation of college presidents difficult to compare, Kambhampati said.
"Pay is complicated, and it is really dependent on individual institutions and when their deferred compensations plans payout," Kambhampati.
Nariman Farvardin, president of Stevens Institute of Technology made the second most among New Jersey's private college presidents at $761,926. Former Rider University President Mordechai Rozanski ($701,433) and former Monmouth University President Paul Gaffney II ($651,446) complete the top five.
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