What’s the price for President Vincent Price? Duke’s recently released 2017 tax forms reveal the answer.
Price made slightly more than $1 million from Duke in 2017—when he took over the top job July 1—according to the University’s most current Form 990. Of the non-Athletics employees whose compensation was reported, Price's ranked as the 9th highest overall.
Other administrators who placed ahead of him were former President Richard Brodhead—who retired from the job June 30—and Chancellor of Health Affairs A. Eugene Washington. Ralph Snyderman, chancellor emeritus of health affairs, and Nancy Andrews, who served as dean and vice chancellor for academic affairs of the School of Medicine for the first half of 2017, also placed ahead of Price.
Price also pulled in nearly $750,000 from the University of Pennsylvania, where he served as provost for the first half of the year.
The investment managers overseeing the University's multibillion dollar endowment—as well as the separate Duke Endowment—at the Duke University Management Company (DUMAC) were also handsomely paid.
Neal Triplett, president and CEO of DUMAC, earned the most out of everyone not named Mike Krzyzewski, receiving nearly $4 million. Investment managers Evan Jones, Alice Gould and Justin Nixon also netted more than $1 million each.
Notably, a significant portion of investment managers’ compensation comes from bonuses and incentives, which comprise more than half of the total compensation for each DUMAC executive listed.
Price also earned a substantial bonus in 2017, as $350,000 of his Duke earnings fell in that category.
“In general, bonuses are part of the compensation package for a small number of executives at Duke, [Duke University Health System] and DUMAC,” wrote Michael Schoenfeld, vice president for public affairs and government relations, in an email. “The bonuses are based on measurable goals and performance, and the amount and final approval comes from the respective governing board (Duke Board of Trustees, DUMAC board of directors or DUHS board of directors).”
John Burness, who served as senior vice president for public affairs and government relations from 1991 to 2008, told The Chronicle last year that during his time at the University, the governing boards would approve officer compensation as a component of the annual budget.
The president would talk to independent firms, Burness explained, before making a pay recommendation to the Board, which could give a thumbs up or thumbs down to the proposal. Burness did not recall an instance of a president’s recommendation being turned down.
The tax returns do not list every Duke administrator's salary. A selection of top administrators from Duke, DUHS and DUMAC, as well as some former key employees, are shown.
Former Provost Peter Lange—who retired in 2014—earning more than $300,000 from Duke. Robert Califf, who was the founding director of the Duke Clinical Research Institute and left the University in 2015 to be the Food and Drug Administration commissioner under President Barack Obama, received around $450,000 in 2017.
The four Athletics-affiliated employees listed each made upward of $1 million in 2017. Krzyzewski—head coach of the men’s basketball team—earned more than $7 million, with nearly $3 million coming as bonus and incentive compensation.
Women’s basketball head coach Joanne McCallie and football head coach David Cutcliffe had comparatively more modest earnings—around $1.3 million and $2.7 million, respectively—with far less bonus and incentive income.
Interactive graphics made by Nathan Luzum.
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