Boston College released its annual 990 tax filings last week, with football head coach Steve Addazio and men’s basketball head coach Jim Christian remaining the University’s highest-paid employees. The University’s net assets increased by $112,842,019 in fiscal year 2018 (FY18). In total, BC’s total assets were worth $3,290,712,940 at the close of FY18.
The highest-paid employees at BC during FY18 were Addazio; Christian; John Zona, the University’s chief investment officer and associate treasurer; Jerry York, BC’s men’s hockey coach; and Provost and Dean of Faculties David Quigley.
Addazio earned $2,586,249 in 2017, and Christian earned $1,319,710.
The IRS requires all tax-exempt organizations to submit a Form 990 explaining expenditures made over the course of the previous fiscal year.
BC paid out $5,094,191 to the Jesuit community on campus, a total which includes what otherwise would comprise the compensation for major Jesuit administration figures such as University President Rev. William P. Leahy, S.J.; Vice President and University Secretary Rev. Casey Beaumier, S.J.; Vice President for University Mission and Ministry Rev. Jack Butler, S.J.; and Dean of the Morrissey College of Arts and Sciences Rev. Greg Kalscheur, S.J.
Zona runs BC’s investment portfolio and manages the University’s endowment. He earned $987,260 in FY18, which includes deferred bonus payments available as a part of the University’s “performance compensation plan,” which established “certain awards” when BC’s investments perform well, according to an attachment included in the 990. The form notes that, in total, $389,298 of Zona’s salary was paid as a bonus—some elements of that total are paid to retirement plans and are converted to deferred compensation.
At the end of the fiscal year—May 31, 2018—BC’s endowment sat at $2,567,405,000, which was an increase of $166,932,000 from the previous year. The 990 noted the endowment’s investment returns were $245,287,000—or around 10.7 percent—down from the fiscal year 2017 mark of $279 million and about 11.5 percent.
Over the last five fiscal years, BC’s endowment has grown by $369,123,000—a down year in 2016 slowed progress, but FY17 made up all of the losses and more, and FY18 saw the endowment return to its more typical, upward trajectory. BC’s Executive Vice President Michael Lochhead said the endowment sat at $2.6 billion last September.
York earned $594,556 in FY18, down from the $660,141 he earned in FY17. He did not appear on the 2016 990, but was paid $1,249,617 in FY15, which likely included a signing bonus. York signed a contract extension in February.
Quigley earned $581,238 in FY18, followed closely by James Husson, BC’s senior vice president for University Advancement, and Dean of the Carroll School of Management Andy Boynton. Husson earned $578,574 and Boynton $564,560 in FY18. Brad Bates, the University’s former director of athletics, made $542,475 in FY18. He resigned in February 2017, but salary numbers posted in the 990 take into account earnings from calendar year 2017, according to Financial Vice President and Treasurer John Burke. BC’s current AD, Martin Jarmond, does not appear in the 990 since he did not make more than $100,000 in 2017.
Addazio earned $85,000 in bonuses in FY18 while Bates made $25,000 in bonuses.
BC’s trustees are not paid and volunteer their time to the University, according to the 990. “Current officers, directors … and key employees” were paid $6,690,654 in FY18.
BC’s scholarship numbers continued to rise as they have in previous years. The University gave out $32,394,000 in scholarships in FY18—in FY14, BC gave out $21,871,000. The largest increase in scholarship awards took place in FY15, when the University increased its scholarship output by $4,596,000. The FY18 increase from FY17 was $1,144,000, the smallest increase of the past five years.
The “Auxiliary Services” category—which includes revenues and expenditures for dining halls, residence halls, the BC bookstores, health services, and the University’s 31 NCAA Division I athletics programs—operated at a $12,266,643 deficit. The category saw $172,728,478 in revenues during FY18. BC spent $148,579,008 on student services expenses.
As usual, BC paid $200,000—according to publicly disclosed lobbying reports—to Cassidy and Associates, a lobbying agency, to “assist in management in the identification, development, and presentation of institutional initiatives for consideration by committees of congress, federal regulatory agencies, and others,” according to the 990. Only slightly more than $75,000 of those payments show up on the 990 as taxable expenditures.
BC received $131,641,150 in donations during calendar year 2017, according to the 990, which is down from the 2016 mark of $171,722,628—2016 was the final year of the University’s Light The World capital campaign, which raised about $1.6 billion in funds. The 2017 level is slightly lower than the amount of donations made during the heart of the Light The World campaign: In 2013, BC took in $139,307,553 in gifts.
The University donated to the Glorious Orphanage Corporation, the city of Newton, and the Allston Brighton Community fund in FY18. In addition, BC donated $35,000 to the Jesuits USA Northeast Province, $94,000 to the Jesuits USA Central and Southern Province, and $94,000 to Caritas de Puerto Rico. During 2017, Puerto Rico suffered greatly from the effects of Category 5 Hurricane Maria.
Featured Image by Jonathan Ye / Heights Editor
