The College's fiscal year 2009 revenue totaled $864,555,839, marking an increase of over $200 million since the prior fiscal year, according to the College's May 16 federal tax filing the first IRS filing since College President Jim Yong Kim arrived at the College. Out of the College's $870,326,318 in 2009 expenses, employee compensation and benefits totaled $435,615,604, the tax filing said.
The College submitted the tax filing, known as Form 990, to the Internal Revenue Service on Monday. The document is available for public inspection through the controller's office, Justin Anderson, director of media relations for the College, said in an interview with The Dartmouth.
The IRS requires non-profit organizations whose annual receipts total more than $25,000 per year to prepare a financial summary by filing a Form 990 each year, Anderson said. The College's May 16 Form 990 details information about the College's finances for fiscal year 2009, which began July 1, 2009 and ended June 30, 2010. All salary figures included in the form are calculated according to the 2009 calendar year, which ran from Jan. 1, 2009 to Dec. 31, 2009, Anderson said.
The $864,555,839 of total revenue represented a $234,738,915 increase from fiscal year 2008, according to the Form 990. The College's total revenue is composed of tuition, investment income and other sources including "contributions and grants," the filing said.
The College's total expenses which include employee benefits and salaries, grants, fundraising fees and expenses as well as other areas increased by $18,431,032 since the previous fiscal year to $870,326,318, according to the filing.
The College's net losses for 2009 were lower than in previous fiscal years. While the College experienced a net loss of $5,770,479 in fiscal year 2009, the prior year brought a net loss of $222,078,362.
The Form 990 also includes detailed summaries of the salaries of "officers," "key employees" and "highest compensated employees" as defined by the IRS.
Kim received a total compensation of $612,768 for the 2009 calendar year. This figure, however, only represents Kim's first five months of employment at the College because he began his presidency on July 1, 2009, Anderson said. Kim's base salary during this period was $419,754, a figure which included payments made for consulting services beginning in March 2009 to facilitate his presidential transition, according to Form 990. Kim also received a "bonus and incentive compensation" of $100,000, a taxable supplemental payment "to provide support for his transition to Dartmouth," according to supplemental information provided in the tax form.
Kim received $17,964 under the "other reportable compensation" section indicated on the filing, which includes the value of housekeeping and other personal services provided by the College for cleaning and maintaining the President's House, a property owned by the College, according to Anderson. Kim received $27,500 in retirement compensation and $47,550 for "nontaxable benefits," which includes College-provided housing, the filing said.
The College increased the president's salary in 2009 to decrease the gap between the president's yearly salary and the Ivy League average, according to a Tuesday statement by College Trustee Ed Haldeman '70.
Kim's annual base salary "was and still is $743,650, including a 7 percent special benefit that employees may elect to take in case or invest in a tax-deferred retirement account," Haldeman said.
Former College President James Wright who served as president for the first half of calendar year 2009 earned $721,385 in total for the 2009 calendar year. This figure includes his final months as president of the College as well as his time as a faculty member on sabbatical after Kim assumed the presidency, according to Anderson.
Former Vice President of Finance and Administration Adam Keller, who left the College on Dec. 1, 2009, netted $855,636 while former Provost Barry Scherr earned $447,466, the form stated. Provost Carol Folt, who transitioned from dean of the faculty to provost during the 2009 calendar year, earned $450,050 in total.
Dartmouth Medical School Dean William Green earned $388,952 while Tuck School of Business Dean Paul Danos received $592,224.
Norris Cotton Cancer Center Director and DMS professor Mark Israel earned $564,360. Chair of the DMS department of medicine Murray Korc earned $543,494.
Associate Dean of Tuck's MBA program Matthew Slaughter earned $560,428 and Tuck Senior Associate Dean Robert Hansen earned $511,401.
The Board of Trustees decided to increase the median faculty members' compensation to levels similar to the College's peer institutions approximately 10 years ago, Haldeman said.
"Since that time, we have aggressively increased faculty compensation and within the last several years realized our goal of moving salaries at all ranks up to the median," he said. "We are committed to keeping faculty salaries at Dartmouth competitive."
The tax filing also included a breakdown of the College's assets and liabilities.
The College's total assets stood at $4,848,728,011 at the beginning of fiscal year 2009 and grew to $5,130,554,144 by the end of the year, according to Form 990. Categories such as cash, savings, land and buildings and other investments make up the total figure.
The College's total liabilities including secured mortgages, tax-exempt bond liabilities and other categories were $1,467,368,484 for the beginning of fiscal year 2009. The liabilities totaled $1,624,293,861 at the end of the year.
The College's endowment at the beginning of fiscal year 2009 was $2,824,894,018, a decrease of $835,265,019 from the beginning of fiscal year 2008. At the end of fiscal year 2009, the endowment stood at $2,998,302,307, according to Form 990. Of the $2.8-billion endowment, over $82 million was collected from contributions while $298 million came from net investment earnings in fiscal year 2009, the form said.
The financial information contained in the College's Form 990 will not be identical to information reported in the College's audited financial statements due to "the nature" of tax return reports, Anderson said.
