Wednesday, October 1, 2008
According to various media reports, one of the demands for the $700 billion bailout is that the final product include limits on executive compensation. Frankly, we all got ourselves into this mess and we all need to pay our way out. Let's just bite the bullet and make it happen. Anyway, I wonder if enacting new provisions for the for profit world will affect the "reasonable" compensation paid to nonprofit CEO's. Meanwhile, a report described in the October 2, 2008 issue of the Chronicle of Philanthropy, nonprofit CEO's at the largest charitable organizations received pay raises greater than the inflation rate:
The median pay increase of leaders of the nation's largest nonprofit organizations outpaced inflation last year, according to The Chronicle's 16th annual survey of executive compensation and benefits. Chief executives at the nation's biggest charities and foundations received a median pay increase of 5 percent, while inflation rose by 4.1 percent. (A median increase means half of the raises were higher and half lower.) And yet that 5-percent increase marks the biggest one-year raise for nonprofit leaders since the 7.5-percent median increase reported in The Chronicle's 2002 survey.
Apparently, some of the best places to work are in the academic health centers and "amatuer" athletics" departments of some of the richest colleges and universities:
The five highest-paid people in The Chronicle's survey, based on total compensation, are doctors and coaches who work for universities. For the fourth straight year, David N. Silvers, a clinical professor of dermatology at Columbia University, earned the highest compensation among nonprofit employees who are not chief executives. Dr. Silvers earned $4,301,018 last year. He was followed by Peter Carroll, head football coach at the University of Southern California, with $3,953,648; Zev Rosenwaks, professor of medicine at Cornell University, with $3,101,231; James Grifo, a professor of obstetrics and gynecology at New York University, with $2,362,270; and Mike Krzyzewski, head men's basketball coach at Duke University, with $2,180,409.
I wish my university paid me like that. I would greedily take it without ever raising the issue of private inurement. Yep, ya dadgum skippy, I would. But since I am not gettin' that, I sure hope Grassley reads the report!