PROVIDENCE – Brown University’s Ruth Simmons may have been the highest-paid local college president in 2008, but she wasn’t the highest-paid school administrator, according to an analysis of federal tax returns by Providence Business News.
That distinction goes to Cynthia E. Frost, Brown’s chief investment officer, who received $899,121 in calendar year 2008, the university said in its annual tax filing. Her total compensation included a $412,882 base salary and $305,106 in bonuses and incentives.
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Frost oversees the school’s $2.18 billion endowment, which suffered through double-digit losses in 2009, but rebounded 10 percent last fiscal year.
Frost’s compensation was higher than the $844,771 paid to Simmons in 2008, which included a $611,139 base salary.
Still, Simmons remained the highest-compensated president among the 10 private colleges and universities in Rhode Island and Bristol County, Mass.
Comparisons with previous years’ numbers were difficult to make because the Internal Revenue Service changed the way it collections compensation figures in 2009. For the first time, colleges reported salaries by the calendar year, not the fiscal year. Also, schools added housing benefits into the calculation.
Under the new guidelines, Ronald Machtley, president of Bryant University, earned $817,869 for calendar 2008, significantly higher than the $546,553 reported a year earlier in fiscal 2008, from July 2007 to June 2008.
A Bryant spokeswoman said an initial review of the filings seems to indicate that the higher compensation is the result of the new IRS rules on reporting housing benefits.
Third on the list of top-paid presidents for 2008 was John J. Bowen, president of Johnson & Wales University, who received $805,643 in base salary, bonus and nontaxable benefits.
In fourth place was Richard Gouse of New England Institute of Technology in Warwick, who earned $722,216 in 2008.
Next came Roy J. Nirschel, the former president of Roger Williams University. He was compensated $537,201 in 2008. Nirschel resigned abruptly last July after nine years as president.
Ronald A. Crutcher, president at Wheaton College in Norton, Mass., received compensation of $422,783 in 2008.
Rhode Island School of Design President John Maeda followed Crutcher. Maeda, who was appointed in June 2008, received $335,434 that year.
The presidents of the three Catholic institutions in the area – Providence College, Salve Regina University in Newport and Stonehill College in Easton – are all members of religious orders and do not accept salaries, although they received benefits.
Sister M. Therese Antone, who was president of Salve Regina from 1994 until June 2009, received $217,571 for benefits and expenses in 2008. The Rev. Brian J. Shanley, president of PC since 2005, received $46,339 in benefits in 2008.
Stonehill College reported that its president since 2000, the Rev. Mark T. Cregan, received $33,771 in benefits in 2008.
