Brown University is a private research university with about 11,000 students (7,000 undergrads and 4,000 graduate and medical students) in Providence, Rhode Island. Unbeknownst to some is that Brown has 34 Division 1 sports teams.
Approximately 50,000 undergraduate students apply annually; 5% or 2,500 are accepted. Annual tuition, room and board is $90,000 or about $360,000 for a 4-year degree.
When analyzing colleges and universities generally, there are 6 key numbers to look at:
- Revenue: In 2022, Brown reported total revenue of $1.8 billion;
- Tuition and Fees: In 2022, Brown reported $667 million in tuition and fees;
- Expenses: In 2022, Brown reported total expenses of $1.4 billion (including $86 million in depreciation);
- Grants: In 2022, Brown reported giving $357 million in grants to students;
- Net Income: Brown reported net income of $400 million in 2022; and
- Net Assets: In 2022 Brown reported net assets of $8 billion.
In other words, Brown took in sufficient income to cover all expenses and make $400 million in 2022. If you zero in on tuition and fees and grants, it is interesting to note Brown took in $667 million in tuition and fees and made cash grants of $357 million (54% of tuition and fees) to students unable to pay full tuition. With $8 billion in net assets, Brown could reduce tuition considerably so that full pay students are not subsidizing other student tuition and still be a profitable high education research university.
When analyzing compensation at colleges and universities, there are 8 key items to look at:
- Total Number of Employees: Brown reported having 11,804 employees in 2022;
- Total Number of Employees Receiving More Than $100,000: Brown reported 1,481 employees received more than $100,000 in compensation;
- Total Compensation: Brown reported $601 million was paid in compensation;
- Highly Compensated Employees: 17 employees were reported to be highly compensated (see below):
- Did the school pay for first class or charter travel, travel for companions, health or social club dues or initiation fees, personal services, a personal residence or a housing allowance, discretionary spending accounts gross up payments of tax indemnification, or payments for business use of personal residence: Brow reported paying for a personal residence or providing a housing allowance, personal services, and making gross up payments or tax indemnifications;
- Personal loans to employees: Brown reported making one loan to a key employee, Richard Locke for $300,000 for personal reasons the balance due is $100,000;
- Most highly compensated independent contractors and how much did they receive: 506 independent contractors received more than $100,000 in compensation (the 5 highest are listed below) and
- Supplemental Retirement Plans: Brown does participate in supplemental retirement plans (see the Form 990, Schedule J, Part III Supplemental Information for details).
11,804 employees received $601 million in compensation, or an average of $51,000. 1,481 employees received more than $100,000 in compensation with the 17 most highly compensated reported to be:
- $2,996,245: Jane Dietze, VP and Chief Investment Officer
- $2,046,296: Christina Paxson, President/Fellow
- $1,218,173: Joshua T Kennedy, Managing Director
- $1,012,199: Jack Elias, SVP, Health Affairs
- $ 983,172: Sergio Gonzalez, SVP, Advancement
- $ 969,173: Peter Levine, Managing Director
- $ 931,475: Barbara Chernow, EVP, Finance and Admin
- $ 917,975: Erica Nourjian, Head of Operations – Investments
- $ 917,204: Richard Locke, Provost
- $ 743,828: Louis Rice, Chair, Medicine
- $ 634,884: William Cioffi, Professor, Medical Science
- $ 571,833: Russell Carey, Interim EVP, Finance (as of 10/21)
- $ 506,492: Kevin McLaughlin, Dean of Faculty
- $ 470,027: Michael White, CFO and President, Finance
- $ 429,313: Jill Pipher, VP, Research
- $ 405,298: Michael Gugliemo, VP, Facilities Management
- $ 329,273: David Suavity, Professor, Epidemiology
12 of the 17 (71%) most highly compensated employees are male while 5 of the 17 (29%) are female. It is also important to point out 23 of the 52 (44%) Fellows are female while 29 of the 52 are male. The 17 most highly compensated employees received $16 million in compensation. The 10 most highly compensated employees received $51 million from 2017-2022:
Jane Dietze: Total Compensation 2017-2022: $10 million
- 2022: $2,996,245
- 2021: $2,646,261
- 2020: $1,343,353
- 2019: $1,229,337
- 2018: $ 958,965
- 2017: $ 862,001
Christina Paxson: Total Compensation 2017-2022: $9 million
- 2022: $2,046,296
- 2021: $1,311,802
- 2020: $1,437,755
- 2019: $1,369,990
- 2018: $1,540,707
- 2017: $1,529,249
Joshua Kennedy: Total Compensation 2020-2022: $3 million
- 2022: $1,218,173
- 2021: $ 974,236
- 2020: $ 643,712
Jack Elias: Total Compensation 2017-2022: $6 million
- 2022: $1,012,199
- 2021: $ 932,832
- 2020: $1,031,831
- 2019: $ 981,607
- 2018: $ 903,092
- 2017: $ 852,521
Sergio Gonzalez: Total Compensation 2019-2022: $3.5 million
- 2022: $983,172
- 2021: $763,379
- 2020: $834,992
- 2019: $813,685
Peter Levine: Total Compensation 2021-2022: $2 million
- 2022: $969,173
- 2021: $885,191
Barbara Chernow: Total Compensation 2017-2022: $5 million
- 2022: $ 931,475
- 2021: $1,307,564
- 2020: $ 783,981
- 2019: $ 728,992
- 2018: $ 687,933
- 2017: $ 585,851
Erica Nourjian: Total Compensation 2018-2022: $3.5 million
- 2022: $917,975
- 2021: $734,295
- 2020: $634,978
- 2019: $620,191
- 2018: $561,718
Richard Locke: Total Compensation 2017-2022: $5 million
- 2022: $917,204
- 2021: $945,122
- 2020: $832,458
- 2019: $801,535
- 2018: $709,900
- 2017: $668,147
Louis Rice: Total Compensation 2017-2022: $4 million
- 2022: $743,828
- 2021: $739,103
- 2020: $732,142
- 2019: $714,395
- 2018: $696,744
- 2017: $679,224
506 independent contractors received more than $100,000 in compensation with the five (5) most highly compensated reported to be:
- $71 million: Shawmut Design Construction, of Providence, Rhode Island for construction
- $29 million: Verily Life Sciences, of San Francisco, CA for health services
- $ 8 million: Compass Group USA Bon Appetit, of Armonk, NY for food services
- $ 7 million: Gilbane Building Company, of Providence, RI for construction
- $ 4 million: NextSource, of NY, NY for staffing
To read the IRS Form 990 (2021 for the year ending June 30, 2022), click here.
