Harvard president made $775k in first year on job
Harvard University paid its president, Drew Gilpin Faust, $775,043, including benefits, for the 2007-08 fiscal year, her first year on the job, according to the university's annual Internal Revenue Service filing released yesterday. It was the first time Faust's salary was made public.
The amount reflects $640,000 in cash compensation, $81,304 in moving and other expenses, and $53,739 in benefits. Harvard provides its president with a home on campus in addition to her compensation.
Faust's salary falls far below what several other private college presidents in the area earn. The Chronicle of Higher Education's annual survey, released last fall, showed Suffolk University's president, David Sargent, who received $2.8 million in compensation in 2006-07, as the highest-paid college president in the country.
Robert Brown, Boston University president, made $901,692 in 2006-07, and MIT's president, Susan Hockfield, was paid $808,698 that year. Pay for presidents at private research universities averaged $527,000 nationally.
Former Harvard president Lawrence Summers, who was forced to resign in 2006, was paid $611,226 during his final year as president in 2005-06. Yesterday's filing showed that Summers received $732,373 for the last fiscal year, 2007-08, during which he was a university professor, Harvard's highest-ranking professorship. He also has a $1 million mortgage loan from the university.
Summers's 2007-08 earnings reflect $580,000 in cash compensation, $120,452 in expenses and other allowances, and $31,921 in benefits. His expenses and other allowances include a $62,640 in "special agreement payment," $52,042 in loan interest subsidies, and $5,500 from the Harvard Kennedy School.
He left in January to serve as director of President Obama's National Economic Council.
Tracy Jan can be reached at firstname.lastname@example.org.