And in the eyes of the IRS, at least, Summers and Hyman stayed at the office later in fiscal year 2004. In 2003, the two administrators were listed as devoting 50-60 hours per week to their positions; the 2004 return says they spent “75+” hours per week on the job.
Outside of administration, all five of Harvard’s highest paid employees were from Harvard Medical School. Dean Joseph B. Martin pulled in $480,946 in total compensation, including $416,318 in salary.
As in years past, all of these salaries were eclipsed by the wages earned by the Harvard Management Company fund managers who invest the University’s $22.6 billion endowment.
According to a filing with the Massachusetts Office of the Attorney General, Senior Vice President for Fixed Income David R. Mittelman earned $25.4 million in salary and benefits. Senior Vice President for International Fixed Income Maurice Samuels earned $25.3 million in salary and benefits. Both are scheduled to leave with management company president Jack R. Meyer at the end of the fiscal year to start a new investment firm.
Jeffrey B. Larson, senior vice president for international equity, received just over $8 million in fiscal 2004. Larson left the management company in July to form his own firm, Sowood Capital Management.
Shawn Martin, portfolio manager for fixed income, earned $6.6 million in fiscal 2004.
FOLLOW THE MONEY
As a non-profit organization, Harvard pays no income tax. But its filings with the IRS reveal some of the other recipients of University funds.
Several firms were paid for investment management services. Grantham, Mayo & Van Otterloo received $25.8 million, while Charlesbank Capital Partners LLC was paid $18.1 million.
The University also spent $510,000 to lobby for “matters of concern” on the local, state, and federal level (see glance box).
And in a year where Harvard led higher education in attracting $540.3 million in charitable gifts, the University said it incurred $62.3 million in expenses related to fundraising.
—Staff writer Nicholas M. Ciarelli can be reached at ciarelli@fas.harvard.edu.