Stevens has released their 990 tax form for 2017, which indicates the amount of spending on high-ranking officials and directors during the fiscal year, beginning on July 1, 2017 and ending June 30, 2018.
Stevens President Nariman Farvardin earned a total of $1,063,004 in compensation from the university. This is a drastic decrease from the previous year, when President Farvardin earned $1,608,992.
The difference in compensation is a result of a one-time incentive offered to Farvardin as a result of reaching the end of his first five-year term as President in 2016. Without this bonus, his yearly base salary is $780,000, along with additional bonuses including an incentive of $234,000 for following certain metrics set by the Board of Trustees. As such, Farvardin’s salary for this year and following years is expected to remain relatively consistent at around $1 million. President Farvardin’s salary comprises 0.77% of all the money spent on salaries.
Compensation and other benefits for employees totaled $138.6 million, a slight increase from the previous fiscal year. Overall, Vice Provosts and Professors received pay increases of around $10,000. Total salaries made up 46.2% of the school’s total expenses of $300,018,436, while total revenue was $354,252,359.
Other highly-paid officials include Dean of the School of Business Gregory Prastacos, who earned $450,262, and Provost and Vice President for Academic Affairs Christophe Pierre, who earned $613,104.
For the 2017 fiscal year, former Provost George Korfiatis was the McLean Chair. The McLean Chair is one of the positions awarded to certain officials that comes with a monetary bonus in recognition of outstanding work as part of the faculty. As such, Korfiatis’ salary of $522,930 was far higher than the second highest-paid professor, William Rouse, who earned $356,433.
Besides the President himself, all salaries were based upon recommendations by President Farvardin. These recommendations were modified and approved by the Human Resources Committee of the Board of Trustees.
Revenue for the school was based primarily on tuition, resulting in $251.8 million of the school’s total revenue. This is in contrast to a total of $76.1 million in scholarships which were awarded to a total of 3,643 students. Expenses on educational instruction totalled $211.2 million, resulting in a $40.6 million surplus.
Stevens research resulted in an overall surplus of $3 million from a revenue of $30.5 million, a fraction of the school’s total revenue.
Surplus funds count towards the school’s net assets, which totalled $378,788,215 by the end of the fiscal year.
More details about salaries, revenues, and costs can be found on the Stevens Institute of Technology 990 Tax form, which can be obtained through the Stevens website at https://tinyurl.com/SIT-990-2017.
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