Harvard paid President Drew G. Faust $822,011 in salary and benefits in 2008, according to an IRS filing released Monday.
Faust’s earnings included a base salary of $671,388, over $100,000 for a home in Cambridge, and other benefits. That represents a 6 percent raise from 2007, the year when Faust assumed the presidency. Her reported compensation that year did not include the cost of a house, but did account for an $80,000 moving allowance.
Faust’s salary comes in well below those of some of her Ivy League peers. In 2007, Columbia President Lee C. Bollinger made $1.38 million, while University of Pennsylvania President Amy Gutmann '71 made $1.23 million, according to a study conducted by the Chronicle of Higher Education.
Faust’s compensation is also dwarfed by that of several Harvard Management Company employees, of whom the highest paid took home more than $6.3 million in 2008. HMC reported pay data for 2008 yesterday that it had already released, citing a change in IRS rules that required reporting by calendar rather than fiscal year.
Former University President Lawrence H. Summers earned $648,825 in 2008, when he served as an economics professor. That sum included a $62,640 severance payment, the filing indicates.
Among Harvard's most highly paid faculty members were professors who accepted the University's retirement incentive package. Harvard Business School professor William E. Fruhan received $1,182,420, including $720,000 of retirement incentives.
—Staff writer William N. White can be reached at firstname.lastname@example.org.