Tax forms reveal key admin salaries
Brandeis’ fiscal year 2012 Form 990, a tax form that nonprofit organizations must fill out and release to those who request to view it, showed growth in the University’s investment income and endowment, as well as an increase in University President Frederick Lawrence’s salary by almost $200,000.
Lawrence’s total salary during fiscal year 2013, which ran from July 1, 2012 to June 30, 2013, was $952,133, according to the Form 990. His salary during fiscal year 2012 was $758,735.
This was the first fiscal year and Form 990 to display Senior Vice President for Students and Enrollment Andrew Flagel’s salary, which was $251,567.
Of all key administrators, Senior Vice President of Institutional Advancement Nancy Winship’s total reported salary was the highest at $1,264,876—as compared to her earnings in fiscal year 2011, at $473,540. At a March faculty meeting, it was revealed that Winship would receive a $428,485 base salary, $383,552 severance payment to be paid after one year of service as senior adviser and $383,552 in senior adviser compensation to be paid for one year of service post-retirement. This amount totals to $1,195,589, Winship’s total reported compensation on the 2012 Form 990. Executive Director for Integrated Media Bill Schaller confirmed in an email to the Justice that Winship does not yet plan to retire and did not receive all of the compensation that was reported in fiscal year 2012.
However, U.S. tax laws required Brandeis to report the compensation outlined in her contract even though it was not realized in fiscal year 2012.
Provost Steve Goldstein’s ’78 total salary was $729,249 during the 2012 fiscal year, over a $450,000 increase from fiscal year 2011, during which he made $261,416.
Senior Vice President and Chief of Staff and Chief Legal Officer David Bunis ’83 yearly salary increased less than $100,000, with a salary of $471,087 during fiscal year 2011 and $539,900 during fiscal year 2012.
President Emeritus Jehuda Reinharz, who served as president from 1994 until Lawrence took over on Jan. 1, 2011, made $420,505, compared to $625,388 during fiscal year 2011. Reinharz’s salary sparked controversy and was investigated by the Boston Globe after the fiscal year 2011 Form 990 was released.
According to a Nov. 19, 2013 Justice article, Reinharz’s total compensation is approximately $300,000 each year from 2012 through 2014. Administrators told the Justice that in 2014, Reinharz will be compensated until June at the same rate as 2012 and 2013, with a total compensation that year of about $160,000.
This compensation would be as president emeritus. However, after June 2014, Reinharz’s annual salary would be $180,000 and based on his job as a part-time professor, the article states.
Investment income increased by nearly $30,000,000 from fiscal year 2011 to 2012. The University’s investment income in 2011 was $14,337,030; investment income increased to $42,716,679 in 2012. Schaller attributed the increase is investment income to “Brandeis’ investment strategies and to the financial market’s turnaround”
Although endowment dropped during fiscal year 2011, it grew by about $90,000,000 during fiscal year 2012. The endowment dropped from $703,665,944 to $674,521,865 in 2012 but increased to $766,204,932 by the end of fiscal year 2012.
A Nov. 12, 2013 Justice article revealed that the endowment had increased by 17.6 percent over the 2011 to 2012 fiscal year, and a seven percent increase is projected for the 2013 fiscal year.
According to the data provided to the Justice by Chief Investment Officer Nicholas Warren, the projection for the 2013 fiscal year is at $785.4 million, and $10 million in donations are anticipated. The five-year forecast projects that the endowment will be at $881.9 million, including expected donations of $35 million.
The tax form revealed that there were 1,910 recipients of undergraduate financial aid during fiscal year 2012, which totaled at $54,350,995. This was a decrease from fiscal year 2011, during which there were 1,979 recipients of undergraduate financial aid, totaling $57,035,139.