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36 Colleges Presidents Make More Than $1M

From CNN’s Money.Com:

Colleges pay presidents millions while raising tuition

By Blake Ellis
December 20, 2011

NEW YORK (CNNMoney) — Some private colleges are paying their top executives millions of dollars, at the same time they’re hiking tuition prices for students.

Vanderbilt University paid its chancellor, Nicholas Zeppos, $1.9 million in 2009, according to the school’s most recent tax filings — enough for up to 43 students to attend Vanderbilt at current prices. His total pay includes a base salary of $673,002, as well as bonus and other compensation.

That same year, Vanderbilt’s tuition jumped 4.3%. Since then, the college has hiked tuition more than 3% annually, and now totals $41,332, according to the university.

His overall pay was actually 21.5% lower than it was the previous year, according to the school. Even so, Zeppos’ 2009 base was almost four times the average professor’s salary of $179,600, the college confirmed

So the average college professor makes $180,000 a year? And that does not even include pension and healthcare benefits.

Quinnipiac University, located in Hamden, Conn., is in the same boat. Its president, John Lahey, made $1.2 million in 2009, including base pay of $760,706, according to tax documents. Meanwhile, the college raised tuition and fees nearly 5% that year, and more than 5% each year after. Students now pay $36,130 a year to attend.

Emory University, in Atlanta, and Houston-based Rice University also paid their presidents more than $1 million in 2009 while raising tuition nearly 5%. Both schools have also hiked tuition during the past two years.

As student loan debt continues to grow and students storm campuses across the country to protest the surging cost of tuition, college presidents’ big paychecks are adding fuel to the fire, said Sara Hebel, a senior editor at the Chronicle of Higher Education, which recently published its annual survey of CEO compensation among private colleges.

"At a time when the national conversation is focused on widening income gaps between the wealthiest individuals and everyone else, it is not a surprise that college presidents who earn some of the highest salaries have been targeted by students who face rising tuition," said Hebel…

Really? What students are targeting college presidents? Certainly not the ‘students’ we have seen among the Occupy Wall Street protesters.

Of the 519 private colleges with budgets over $50 million that the Chronicle surveyed, 36 presidents earned more than $1 million in 2009. That’s up slightly from the 33 presidents who topped $1 million in earnings during the previous year. The Chronicle report, which is based on the most recent tax documents available, looks at compensation including base salary, bonuses and the value of benefits…

Tuition has been increasing at an even faster rate. Private colleges raised tuition by an average of 4.3% for the 2009 school year, according to the National Association of Independent Colleges and Universities. And the hikes have been continuing. Private colleges increased tuition and fees by 4.5% for 2010, and 4.6% for the current school year

Where is the outrage that CEOs face in other industries? Or are colleges exempt because they are in the business of manufacturing liberals?

By the way, what exactly do college presidents do for their million dollar salaries? Ask their alumni for money?

How much do fundraisers usually get in the real world?

This article was posted by Steve on Tuesday, December 20th, 2011. Comments are currently closed.

2 Responses to “36 Colleges Presidents Make More Than $1M”

  1. P. Aaron says:

    Higher Education bubble…toil…then trouble.

  2. Mithrandir says:

    Why do Republican controlled state legislatures continue to fund public universities like this?

    1. Entire university staff is salary capped.
    2. We are not funding ridiculous and worthless degrees such as ANY sexist, feminist, or racist studies programs. The students can pay for 100% of the professor fees, and room rental fees out of their own pockets.
    3. No tuition fees increase without state approval, this includes “one time” student fees, involuntary student gov’t fees, late fees etc.
    4. Each year, universities have to CUT 2-3% of their budget.
    5. No student final tuition can exceed 80% of a first year salary for the profession in which they achieved a degree.
    6. No new textbooks can be ordered and used unless their is a compelling reason why last year’s books cannot be used.
    7. No more tuition amnesty for minority students, all student must pay their own tuition.
    8. No more state funded scholarships—period. None for athletes, minorities, or those with any educational talent. You have talent, you will be talented enough to find a way to pay for your own ride.
    9. No more free parking for staff. I have to pay to be on campus, you also have to pay a monthly fee to park your car in a lot the taxpayers paid for.
    10. Close down the chancellor’s mansion, you get paid plenty and can find your own housing like everyone else does.

    Tons more, too bad Republican let liberals run wild in their own fiefdoms without even the slightest requirement to act like they are actually part of America.

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