3mo ago

Harvard president claims he is taking 25% pay cut following federal funding cuts

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I will still be making an obscene amount of money but please pat me on the back. Tuition is 60,000 per year now btw thaaaaanks
Garber, who was previously provost and interim-president, made $922,068, plus other compensation of $242,968 during calendar year 2023, according to Harvard Magazine. This isn’t the first time Garber has claimed to take a 25% pay cut. In 2020, he signed a letter claiming he and other administrators would be taking a 25% pay cut amid financial challenges caused by the coronavirus pandemic. According to financial records, Garber’s fiscal year 2020 pay was $825,670 — 86% of the previous year’s pay of $955,759.
- I don't know how compensation works in academic administration, but if there's any vesting going on then you could "take a pay cut" but end up making more due to previous compensation vesting.
  Certainly possible for public companies, but again, unsure if that could be the case for a university president...
  
  I have no idea and feel media should give more context when they quote like that.
  
  Vesting generally requires there to be some asset you become entitled to. In private companies that's stock, but Harvard is a non-profit (and a school) so I don't think they have any equivelant.
  Looking online, it does seem likely there are bonuses and other forms of compensation. But I think agreeing to take a pay cut is him trying to do right, or at least indicate that he's willing to take a hit too.
https://archive.is/7HrFs

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