2008 Top Salaries at MIT
Because of changes in IRS regulations, this data is for calendar year 2008, but the previously reported data were for fiscal years ending June 30.
As a result, this year’s CY08 12-month period overlaps by 6 months with the FY08 12-month period.
This data is for calendar year 2008, from Jan. 1, 2008 through Dec. 31, 2008, and comes from MIT’s IRS Form 990, the tax return for charities, which was filed May 13, 2010 for tax year 2008. “Paid compensation” is the sum of “base compensation,” “bonus & compensation,” and “other reportable compensation,” as reported on Schedule J-1 of the 990. “Total compensation” is the total reported on that form, which includes “deferred compensation” and “nontaxable benefits.”
As noted above the chart, CY08 data overlaps with previously reported FY08 data, so percentage (%) and difference (∆) between FY08 and CY08 may not be meaningful.
Form 990 includes compensation to current and former “officers, directors, trustees, and key employees” as well as the “five highest compensated employees” (§), of whom Prof. Richard M. Locke is the lowest-compensated. Therefore, the list beneath Locke is not comprehensive.
* President Hockfield’s CY08 paid compensation includes a $100,000 benefit paid into an account that is inaccessible to her. Because of a change in IRS rules, in prior years that $100,000 was reported as “deferred compensation.” The FY08 to CY08 % and ∆ columns have been adjusted to add $100,000 to the FY08 figure.
Hockfield’s reported total compensation in CY08 also includes $70,000 to account for her use of Gray House, the presidential residence. IRS rule changes require MIT to include that $70,000 where it had previously not been reported, but it does not represent a change in her compensation.
† Seth Alexander’s and Steven Marsh’s compensation do not include $118,750 and $59,280 of incentive compensation, respectively, which are based on the performance of MIT’s endowment, and whose value may change. Mr. Marsh also received an additional $62,500 from the MIT Private Equity Management Company III, LLC.
Professors Repenning, Lessard, and Locke appear here because of their participation in the Sloan School of Management’s Executive Education program, see http://mitsloan.mit.edu/execed/. $340,673 of Lessard’s compensation is from Executive Education, as is $534,100 of Repenning’s. Locke’s $284,407 includes not only Executive Education, but also summer session teaching and the Jamieson Prize for excellence in teaching.
** Paul Gray’s $301,724 compensation was previously reported in FY08, but it is the same payment reported in both years’ Form 990, according to the Office of the Vice President for Finance.
‡ R. Gregory Morgan and Jeffrey Newton took their positions during FY07, [during which they only received a fraction of their annual copmensation], so their increases in compensation from FY07 to FY08 appear comparatively large.
Schedules J, J-1, and J-2 of Form 990, from which this data are based, are available at http://tech.mit.edu/V130/N28/topsalaries/.