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2009 Top Salaries at MIT

Because of changes in IRS regulations last year, the reporting basis for this data switched from fiscal-year to calendar-year. As a result, calendar year 2008’s 12-month period overlaps by 6 months with fiscal year 2008’s data.

CY09 Paid

CY09 Total

CY08 to CY09

FY08 to CY08

FY07 to FY08

Name

Title

Compensation

Compensation

%

%

%

Seth Alexander

MITIMCO President

$1,047,302

$1,101,669 †

+18%

+$158,807

+12%

+$92,535

+65%

+$313,141

Susan J. Hockfield

President

$791,259

$931,603

+1%

+$4,536

-1% *

-$8,712 *

+9%

+$60,141

David C. Schmittlein

Dean of Sloan School

$718,773

$763,902

-6%

-$47,628

did not meet FY08 reporting threshold

Nelson Repenning

Professor, Sloan School

$727,959 §

$753,195

+3%

+$22,686

did not meet FY08 reporting threshold

Steven C. Marsh

MITIMCO, Real Estate

$675,927

$732,408 †

+23%

+$124,393

-3%

-$19,618

+28%

+$125,658

Daniel Steele

MITIMCO, Private Equity

$669,271

$730,913 †

+21%

+$117,737

+0%

$601

+28%

+$121,508

Philip Rotner

MITIMCO, Private Equity

$670,527

$724,396 †

did not meet CY08 reporting threshold-

L. Rafael Reif

Provost

$529,565

$614,797

+3%

+$16,457

+1%

+$5,659

+11%

+$49,071

R. Gregory Morgan

General Counsel

$523,941

$590,531

+4%

+$20,096

+9%

+$39,742

Theresa M. Stone

Executive Vice President

$506,280

$570,732

-3%

-$13,363

+3%

+$17,147

Jeffrey Newton

VP, Resource Dev.

$375,903

$441,372

+3%

+$10,702

+2%

+$8,071

Eric D. Evans

Director, Lincoln Lab

$363,800

$416,035

+4%

+$14,158

did not meet FY08 reporting threshold

Claude R. Canizares

VP for Research

$318,514

$401,115

+3%

+$8,397

did not meet FY08 reporting threshold

Phillip L. Clay

Chancellor

$306,828

$387,679

-6%

-$18,285

+4%

+$13,035

+9%

+$25,968

Dana G. Mead

Corp. Chairman

$247,664

$302,570

-2%

-$4,586

+2%

+$4,346

+5%

+$12,269

Kirk D. Kolenbrander

Corp. Secretary

$228,270

$285,451

+12%

+$24,705

-2%

-$4,435

+14%

+$26,000

This data is for calendar year 2009, from Jan. 1, 2009 through Dec. 31, 2009, and comes from MIT’s IRS Form 990, the tax return for non-profits, which was filed May 9, 2011 for tax year 2009. “Paid compensation” is the “reportable compensation from the organization (W-2/1099-MISC)” column from Part VII Section A of the 990. “Total compensation” includes that as well as “retirement and other deferred compensation” and “nontaxable benefits” from column E of Schedule J Part II of the form.

As noted above the chart, CY08 data overlaps with previously reported FY08 data, so percentage (%) and difference (∆) may not be meaningful.

Form 990 includes compensation to current and former “officers, directors, trustees, and key employees” as well as “the five current highest compensated employees,” of which Philip Rotner is the lowest-compensated. Therefore, the list beneath Rotner is not comprehensive.

* President Hockfield’s CY08 paid compensation included 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 included $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 did not represent a change in her compensation.

† MIT Investment Management Company (MITIMCo) employees compensations do not include incentive compensation which “could have increased or decreased depending on the performance of the endowment” and are contingent on continued employment by MIT. For Seth Alexander, that is $285,020; for Steven Marsh, $138,039; for Daniel Steel, $131,966. Philip Rotner left MIT and is now chief investment officer for Children’s Hospital of Boston; with his departure he forfeited $135,000 of potential incentive compensation.

§ Professors Repenning appears because he is faculty director of the BP Operations Academy, part of the Sloan School of Management’s Executive Education program (see http://mitsloan.mit.edu/execed/). Repenning was “on a 10 percent appointment” during that time, he said. His base compensation was only $15.567 for CY2009.

‡ R. Gregory Morgan, Theresa Stone, and Jeffrey Newton took their positions during FY07, during which they only received a fraction of their annual compensation, so no comparison with FY07 is included.

Form 990 is open to public inspection. Readers may request a copy of the form from Anshu N. Tiku, the MIT Tax Manager, via email to her at atiku@mit.edu.