Millionaire College Presidents

Earning over $1 million dollars and having compensation packages at almost
$600,000 sounds as though we are talking about celebrity salaries.
However, The Chronicle of Higher Education revealed that our nation’s college presidents are receiving astronomical benefits in a time of economic turmoil. Although the Chronicle’s publication of the salaries often sparks debate on whether the president’s are overpaid, this year, the Department of Education needs to pay closer attention to where the distributed money actually goes. The true question that needs to be put in the limelight is what do the presidents of these colleges do to deserve
such lavish compensation? The survey also revealed that 23 private college presidents received over $1 million in total compensation, and 110 made more than $500,000(Lewin)this year. As recently as 2002, there were no reported million-dollar presidents, only four were earning more than $800,000, and 27 earning more than $500,000 (Lewin). In a time of near-Depression, what are the Presidents of these colleges doing to deserve such large paychecks and benefits? The Chronicle survey showed that the median pay for presidents of the 419 private colleges and universities surveyed was $358,746, a 6.5 percent increase over the previous year. At our own Mount Saint Mary College, President Mackin rakes in $170,000 a year- small by comparison to the paycheck Shirley Ann Jackson, president of Rensselaer Polytechnic Institute in Troy, N.Y., received, totaling of $1,598,247 in 2008(Lewin). These extravagant pay packages should lead to the review of the handling of the nation's college funds.

http://www.nytimes.com/2009/11/02/education/02college.html?_r=1&scp=1&sq=chronicle%20of%20higher%20education%20administration%20salaries&st=cse

By Sarah Fulton