"Non-Profit" NYU Paid Its President $1,291,000 In 2007

The tax-exempt New York University [NYU] in Manhattan claims to be a “non-profit” institution. Yet according to its Form 990 financial filing for the year beginning September 1, 2006 and ending August 31, 2007, NYU earned over $31 million in dividends and interest from the over $998 million in stocks and bonds which NYU then owned. And the “non-profit” NYU board of trustees paid NYU’s current president—a former Federal Reserve Bank of New York board member named John Sexton--an annual salary of $1,291,525 in 2007. In addition, NYU’s board of trustees apparently also paid former NYU President L. Jay Oliva an annual salary of $375,000 and former NYU President John Brademas an annual salary of $250,000 in 2007.

In 2007, “non-profit” NYU also paid its then-Chair for Academic Priorities, Richard Foley, an annual salary of $553,587. In addition, NYU paid then-NYU Executive Vice-President Michael Alfano, then- NYU Provost David McLaughlin and then-NYU Senior Vice-President for Health Robert Berne each annual salaries of $499,550.

NYU’s then-Senior Vice President and General Counsel, Cheryl Mills, was also paid an annual salary of $478,866 by NYU in 2007, while NYU’s then-Senior Vice-President for Development, Debra Lamorte, was paid an annual salary of $450,000. In addition, NYU paid then-NYU Senior Vice-President for University International Strategies Jeanne Marie Smith an annual salary of $408,084 and then-NYU Senior Vice-President for Finance & Budget Martin Dorph an annual salary of $342,935 in 2007. And then-NYU Senior Vice-President for University Relations Lynne Brown was paid an annual salary of $316,975 in that same year by ‘non-profit’ NYU.

At least five NYU professors also apparently were paid annual salaries that exceeded $1.4 million in 2007 by the tax-exempt, “non-profit” university. NYU Professor James Grifo was paid an annual salary of $2,362,270, while NYU Professor Stephen Colvin was paid an annual salary of $2,200,090 in 2007. That same year, NYU Professor Alan Berkeley was paid an annual salary of $1,599,507, while NYU Professor Joseph Zuckerman was paid an annual salary of $1,528,477. And NYU Associate Professor Nichole Noye was also paid an annual salary of $1,448,515 by NYU in 2007.

Although tax-exempt NYU claims to be a “non-profit” institution, between September 1, 2007 and August 31, 2007 NYU’s annual revenues of $2,912,112,322 exceeded NYU’s annual expenses of $2,693,188,158 by over $218 million.