Analysis: LMU’s 2018 tax filings
By Jonathan Grace, Raven Yamamoto
University finances are often a mystery to students. With the exception of ASLMU, the general student body is left with little to no direct communication with the administration about LMU’s sources of revenue, salaries for their top-earners and overall expenses. After the University stated that they would not be lowering tuition costs for the upcoming academic year due to educational costs, Agency is launching a series of articles analyzing the University’s financial history, starting with an overview of key findings in LMU’s most recent tax filings that are open for public inspection.
The information below was summarized based on the University’s Form 990 for the 2018 fiscal year (FY 2018) that reportedly began on June 1, 2018 and ended May 31, 2019. This document, along with tax filings from past fiscal years, are available on LMU’s website for its Business and Finance Division and remain public to the LMU community.
At the time of writing this, the LMU’s tax filings for the 2019 fiscal year (FY 2019) have not been made public. LMU’s Human Resources department has yet to respond to Agency’s inquiry on the status of these filings.
Top 10 highest-compensated individuals employed by the university (page 7, 53, 54)
Former Men’s Basketball Coach Michael Dunlap
Base pay: $575,190
Total compensation in 2018: $638,887 (after other reported compensation, retirement, deferred compensation and other nontaxable benefits)
President Timothy Snyder
Base pay: $507,459
Total compensation for 2018: $622,560 (after other reported compensation, retirement, deferred compensation and other nontaxable benefits)
The university also provides housing near campus grounds for the current president, who must accept this housing as a condition of employment.
According to Zillow the average market value of a home in Westchester, CA is $1.26 million.
In the 2018 fiscal year, President Snyder was paid a higher salary than the President of the United States. The U.S. President is paid $400,000 annually.
Dennis Slon, Former Senior Vice President (SVP) for University Relations
Base pay: $221,859
Total compensation in 2018: $587,367 (after other reported compensation, retirement, deferred compensation and other nontaxable benefits)
Then-SVP Slon was paid $325,368 in severance after his employment ended in July of 2018.
Dennis Draper, Dean of the College of Business Administration (CBA)
Base pay: $360,282
Total compensation in 2018: $465,965 (after other reported compensation, retirement, deferred compensation and other nontaxable benefits)
Michael Waterstone, SVP and Dean of Loyola Law School
Base pay: $382,342
Total compensation in 2018: $454,184 (after other reported compensation, retirement, deferred compensation and other nontaxable benefits)
Thomas Poon, Executive Vice President (EVP) and Provost
Base pay: $350,136
Total compensation in 2018: $422,262 (after other reported compensation, retirement, deferred compensation and other nontaxable benefits)
According to the Form 990, Provost paid off a $200,000 home equity loan he had taken out from the university in FY 2018
Evelynne Scarboro, EVP and Chief Administrative Officer (CAO)
Base pay: $352,933
Total compensation in 2018: $408,147 (after other reported compensation, retirement, deferred compensation and other nontaxable benefits)
Stephen Ujlaki, Dean of the School of Film and Television (SFTV)
Base pay: $282,785
Total compensation in 2018: $382,843 (after other reported compensation, retirement, deferred compensation and other nontaxable benefits)
Dayle Smith, Dean of CBA
Base pay: $233,225
Total compensation in 2018: $376,162 (after other reported compensation, retirement, deferred compensation and other nontaxable benefits)
Thomas Fleming, Jr., SVP and Chief Financial Officer (CFO)
Base pay: $281,461
Total compensation in 2018: $369,307 (after other reported compensation, retirement, deferred compensation and other nontaxable benefits)
By gender...
Of the 22 officers, directors, trustees, key employees and highest-compensated employees listed, eight are women and 14 are men.
Combined, the women listed made a total of $2,567,640 while the men made $5,509,828 altogether based on their reported total compensation for FY 2018.
The highest-paid woman in FY 2018 was EVP and CAO Evelynne Scarboro ($408,147) and the highest-paid man was then Men’s Basketball Coach Michael Dunlap ($638,887).
Top-earning men made an average of $72,604 more than their women counterparts during FY 2018
Top-earning women made 77.4 cents on the dollar compared to top-earning men.
On average, top-earning women made $320,995.
On average, top-earning men made $393,559.
Amount given in scholarships and grants for students (pg. 14, 51)
In FY 2018, LMU gave a total of $123,084,218 in scholarships.
From that sum, it is reported that $122,708,718 went to 7,459 domestic students.
Home equity loans (pg. 62)
The report shows that $350,000 worth of home equity loans had been given out by the University to top-earning personnel on an unspecified date.
Vice Provost for Enrollment Management Maureen Weatherall and EVP and Provost Poon were reported to have balances due on home equity loans they were given from the University.
Vice Provost Weatherall had a balance of $75,000 due on a $150,000 home equity loan.
EVP and Provost Poon had a balance of $200,000 due on a $200,000 home equity loan.
Government funding (pg. 13, 39, 40)
The university received a total of $7,080,681 in grants from the following agencies:
The Department of Health and Human Services
National Science Foundation
U.S. Department of Education
U.S. Department of Agriculture
Institute of Museum and Library Services
Department of Defense
Department of Justice
Environmental Protection Agency
No information was reported about how these funds are distributed or used at LMU or how much each agency contributed individually.
Miscellaneous notable findings
In FY 2018, LMU lost over $100,000 on fundraising events. (pg. 47)
At the end of FY 2018, LMU had a total of $1,036,867,911 in net assets or fund balances. (pg. 16)
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