While Loyola President Jo Ann Rooney is the highest ranking administrator at the school, she’s about $350,000 short of being the highest paid, according to recently obtained university tax documents for fiscal year (FY) 2018-19.
Loyola men’s basketball coach Porter Moser has consistently ranked as one of the school’s highest paid employees, but tax documents show his salary more than doubled from $465,613 in FY 2017-18 to $1,096,244 in FY 2018-19, making him the highest paid for that year. Moser also received $57,551 toward retirement and benefits.
The sharp increase followed a revamped contract extension at the end of the 2017-18 basketball season when the Ramblers went to their first Final Four run since 1963, The Phoenix reported.
Rooney — the next highest paid employee — made $745,181 and an additional $53,707 in retirement and benefits.
All this information comes from Loyola’s most recent Form 990 — financial documents required by the Internal Revenue Service (IRS) for all non-profit tax-exempt organizations, such as Loyola.
Because the forms are filed for the previous year, the university’s Form 990 doesn’t reflect financial struggles brought on by the COVID-19 pandemic, with officials projecting a $50 million revenue loss in August, The Phoenix reported.
Neighboring Chicago schools, such as Northwestern University and the University of Chicago, similarly publish 990 forms. Northwestern President Morton O. Schapiro made $1,590,081 in FY 2017-18. Northwestern football head coach Patrick Fitzgerald II and men’s basketball head coach Christopher Collins took home $5,086,657 and $2,457,172, respectively.
Revenue and expenses are also included in the school’s 990. While revenue and income are usually interchangeable in everyday speech, they have specific meanings when it comes to taxes. Revenue is the amount of money that comes into the organization, while net income is the money left over after subtracting expenses from the revenue.
Loyola’s revenue followed a trend of growth seen in the previous 990s, totaling $856,981,800 for FY 2018-19 — a 4.5 percent increase from FY 2017-18 which totaled $819,707,921.
Loyola’s revenue comes from a variety of places, such as donations, tuition and other miscellaneous sources. Program service revenue — which includes tuition and student fees, among others — accounts for most of the school’s revenue at $736,458,862 in FY 2018-19.
Of that, $629,540,844 comes from tuition and fees alone. The school also got just over a million dollars in royalties from “university research projects,” according to Teresa Krafcisin, senior associate vice president and controller at Loyola.
Like revenue, expenses also grew compared to the previous fiscal year, totaling $781,964,020 — leaving the school with a net income of $75,017,780. Overall, Loyola spent $8,820,302 in compensation, or 1.1 percent of total expenses, on the 25 of the highest paid workers listed in the 990.
Also included in the filing are the school’s top five highest-paid independent contractors — companies hired for services the school itself doesn’t perform.
Aramark — the university’s food service provider — was the highest compensated, with $22,035,480 paid to the company.
B. Stromberg Construction, Power Construction and Skender Construction — three separate construction companies contracted by Loyola — received a total of $21,293,430, while Able Building Maintenance, used for housekeeping, got $9,101,103.