University President Thomas LeBlanc received roughly $1.45 million in compensation during fiscal year 2019, according to a new financial disclosure.
Five employees received more than $1 million in compensation as the University’s annual revenues and expenses remained steady, according to a tax document signed last month, which The Hatchet obtained late last month. Twenty-nine college executives’ compensation surpassed LeBlanc’s pay the year prior, according to data compiled by The Chronicle of Higher Education.
The Form 990 – an annual disclosure required of organizations claiming tax-exempt status – will mark the second public disclosure of LeBlanc’s salary once the Internal Revenue Service releases the document.
LeBlanc, then-Dean of the School of Medicine and Health Sciences Jeffrey Akman, former Athletics Director Patrick Nero, former Executive Vice President Lou Katz and Shahram Sarkani, the director of online programs in the School of Engineering and Applied Sciences, were compensated more than $1 million during the fiscal year from July 1, 2018 to June 30, 2019, according to the disclosure. Four employees made more than $1 million in compensation during the previous two fiscal years.
The Board of Trustees’ executive committee, excluding LeBlanc, determines LeBlanc’s compensation and “reviews and approves” his compensation recommendations for other top officials, according to the document. The committee also utilizes an independent compensation consulting firm to make its compensation decisions, which includes a review of executive pay at “comparable” universities, the document states.
University spokeswoman Crystal Nosal deferred explanation of how LeBlanc’s compensation is determined to information contained within the Form 990.
“In determining the president’s compensation, the committee considers the consultant’s report and market data in addition to the terms of his employment contract,” the disclosure states. “The committee also takes into consideration accomplishments for the current fiscal year as well as goals for the upcoming fiscal year.”
Nosal said LeBlanc’s compensation included $81,119 in housing value for his on-campus residence, which is treated as a nontaxable benefit, according to the disclosure.
She said Sarkani is compensated based on the gross revenues of the engineering management and systems engineering department’s off-campus educational program.
The document also marks the first public disclosure of Executive Vice President and Chief Financial Officer Mark Diaz’s compensation, which totaled $650,788 during his first 11 months at GW. Forrest Maltzman, who stepped down as provost last year, received $671,872 in compensation during his final full year in the role, the document states.
Students paid a total of roughly $1.11 billion in tuition and fees during the fiscal year, an increase of roughly $40 million from the prior year, according to the document.
Employee compensation totaled nearly $686 million during the fiscal year, the document states. Officials have warned that they may need to furlough or layoff some employees as GW faces a projected revenue shortfall of between roughly $100 million and $300 million next fiscal year.