The College’s Fiscal Year 2015 Form 990 is now available (pdf). Day 1 of a 5 day discussion.

Form 990 is an IRS requirement filed by all US non-profits. It is a confusing document that has changed significantly over the years. See here for background reading. Williams only provides versions going back to 2009. Future historians will thank us for archiving older versions: 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007 and 2008. In fact, because Williams occasionally hides things that it once made public, let’s go ahead and save the more recent filings: 2009, 2010, 2011, 2012, 2013, 2014 and 2015. Wow! We have been doing this a long time . . .

Is the past another country? From 1998:


Cumulative inflation between 1998 and 2015 has only been 45% so we would expect the total compensation for Adam Falk and Fred Puddester, Payne and Healy’s successors, to be about $397,000 and $244,000 respectively, right? The actual numbers are $768,000 and $442,000. Williams has raised administrator salaries around 90% more than the rate of inflation over the last 17 years.

It has not, however, raised faculty salaries nearly as much. From 1998:


Note that is hard to make an apples-to-apples comparison with today because the highest paid professors in 1998 may be different — in terms of things like years of service or administrative duties — from the highest paid professors in 2015. Indeed, I am not even sure if items like health care and retirement benefits are included (or excluded) in 1998 versus 2015. However, a compensation of $175,000 for, say, Stewart Crampton ’58 is not out-of-line to the 2015 compensation of $231,000 for Bill Lenhart. In fact, that 32% increase is less than the rate of inflation!

The real change that jumps out is the huge increase in highly paid administrators. In 1998, only two non-faculty (Healy and Birrell) made the top 7 in compensation. In 2015, six of the top seven highest paid employees (Wakeman, Crosby, Klass, Puddester, Chilton, Sousa) were non-faculty.

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