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BC Lost $154 Million In Investments, Gave $217 Million In Scholarships In FY19, Tax Returns Show

Boston College’s net assets decreased by $41 million in the fiscal year running from June 2018 through May 2019, according to the University’s annual 990 tax filing, compiled in collaboration with PricewaterhouseCoopers.

Former football coach Steve Addazio remained the highest-paid employee in the fiscal year 2019 (FY19), with a reportable compensation of $2,621,616. Men’s basketball coach Jim Christian, who was recently granted a two-year contract extension and has a 48-83 record, was again the only other employee with a seven-figure salary at $1,402,826.

Chief Investment Officer and Associate Treasurer John Zona remained the third highest-paid employee at $873,447, while Athletic Director Martin Jarmond came in at fourth in his first appearance on the University’s 990 form, with $847,899. Provost and Dean of Faculties David Quigley was the fifth highest-paid employee, with $632,289 in reported compensation.  

Men’s hockey coach Jerry York took home $622,644 in reported compensation, making him the sixth highest-paid employee. The men’s hockey team posted a 14-22-3 record that season, placing seventh in the Hockey East but making it all the way to the championship game in the Hockey East Tournament.

Senior Vice President for University Advancement James Husson, Carroll School of Management Dean Andrew Boynton, Executive Vice President Michael Lochhead, and Vice President of Human Resources David Trainor were the sixth through tenth highest-paid employees, respectively.

Barbara Jones, who retired from her position as vice president for Student Affairs in August 2018, received $115,963 in connection with her retirement, according to the form, for a total of $309,170 in compensation for FY19.

The Jesuit community, which receives the salaries of all Jesuit employees—including University President Rev. William P. Leahy, S.J.—reported $4,812,112 in compensation in the filing.

The University’s endowment stood at $2,474,129,000 at the end of FY19, a $93 million decrease from FY18, partially erasing the $167 million gain between FY17 and FY18. BC took a loss in the endowment’s investment returns, losing $22 million for a negative .89 percent return on the total endowment. The University saw returns of over 10 percent the previous two years after posting $150 million in endowment losses in FY16.

The University reported $1,198,724,231 in total revenue for FY19 and $1,093,642,239 in total expenses, for a total net gain of $105,081,992.This net gain combined with a loss of $154 million through the University’s investments and an $8 million gain in other asset changes amounted to a net decrease of BC’s assets of $41 million, from $3,459,944,577 to $3,418,671,367.

The Auxiliary Services category, which includes BC’s self-supporting activities such as operation of the residence halls, dining halls, and the BC Bookstore, reported a net deficit of nearly $15 million. 

The University pays $200,000 annually to Cassidy and Associates, a lobbying firm. BC estimated on the 990 form that $75,812 of this payment, plus partial membership dues to other organizations, are used for lobbying activities. Cassidy and Associates’ lobbying reports from July 2018 through June 2019 list its lobbying activities as largely related to education and research funding.

BC donated $1,151,250 to various nonprofits and governments, including the Glorious Orphanage Corporation, the Allston-Brighton Community Fund, and Allston-Brighton Community Development. The University provided $217,619,538 in scholarship money—which includes financial aid and academic and athletic scholarships—to 8,649 recipients, an increase of $11 million from FY18.

The University reported receiving nearly $160 million in contributions for FY19 on the 990, including over $35 million in government grants and nearly $15 million from fundraising events.

Of the $160 million in contributions, BC received $23,472,774 in the form of noncash contributions, mostly in the form of publicly traded securities. BC also received 22 works of art, worth a total of over $2 million, and $70,582 worth in books and publications. BC reported owning a total of $30 million in works of art, historical treasures, and similar assets “held for public exhibition, education, or research in furtherance of public service.”

Featured Image by Jonathan Ye / Heights Senior Staff

May 14, 2020

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