U of L Preliminary Report v9

Executive Compensation Review
Preliminary Report
July 13, 2015

Prepared by:
Mark Reilly, Principal, Head of Executive Compensation Practice
Ben Allen, Senior Associate
Erin Beth Garvin, Associate
Contents
1.
2.
3.
4.
5.
6.
7.
8.
9.
Executive Summary
Project Objective
Project Steps
University of Louisville Compensation Summary
Summary of Base Salary Findings
Summary of Total Cash Findings (Base + Annual Incentives)
Summary of Total Compensation Findings (Total Cash + Deferred Compensation and Benefits)
Findings and Preliminary Recommendations
Next Steps
University of Louisville
Executive Summary - Findings and Preliminary Recommendations
University of Louisville executives are generally at or above the market.

Matching executives to the market is not an exact science. We used three data sources to
mitigate this weakness: peer group 990s and survey data available from The Chronical of Higher
Education and CUPA.
Dr. Ramsey has been President since November 2002 and due to his long tenure and high
performance, is at the high end of the market.
The current compensation philosophy is (appears) to pay market salaries, incentives and provide
deferred compensation arrangements to retain key executives. We recommend the University
develop a formal executive compensation philosophy document which would be used as a guide
for future compensation decisions.
Deferred compensation plans are used by many Universities and are considered common
practice. A more detailed analysis should be conducted to determine if these plans are structured
to meet the Universitys objectives.
The peer group 990 data may be understated, as many report income from multiple sources.
Although we did review foundation 990s, its impossible to know if we captured the complete
picture from the 990s. A custom survey should be considered.
Project Objective
The University of Louisville has retained Verisight to conduct a competitive market review for six
Executive Officer positions:
President
EVP Provost
SVP Finance and Administration/COO
EVP Health Affairs
EVP Research
VP Strategy and General Counsel
Project Steps
Obtained and reviewed University of Louisvilles current compensation arrangements
Gathered competitive market data from three sources:

1. A peer group of 26 academic institutions, representing universities within the Atlantic Coast
Conference, as well as universities identified as peers due to size, geography, and other
characteristics.
2. The Chronical of Higher Education
3. College and University Professional Association (CUPA)
Compared current compensation levels to the market
Provided a summary of findings and recommendations
University of Louisvilles Current

Executive Compensation Data
President: Dr. Ramseys base salary is a combination of base salaries paid by the University of
Louisville and the University of Louisville Foundation. He is eligible for an annual performance
bonus in an amount up to 25% of his combined salary. He is a participant in the Key Employee
Deferred Compensation Plan and will receive annual deferred compensation in the amount of
$250,000 through 2020.
EVP Provost: Dr. Willihnganzs base salary is a combination of base salaries paid by the
University of Louisville and the University of Louisville Foundation. Her base salary paid by the
University of Louisville is comprised of a 10-month academic component and an administrative
supplement. She is eligible for an annual performance bonus in an amount up to 20% of her nonFoundation salary. She is a participant in the Key Employee Deferred Compensation Plan and
receives annual deferred compensation in the amount of $50,000. She has also received
additional contributions of $150,000 for the last three years.
SVP Finance and Administration/COO: Mr. Sands is a FY 2015 hire whose base salary is paid
by the University of Louisville. He is eligible for an annual performance bonus in an amount up to
20% of his base salary. He is a participant in the Key Employee Deferred Compensation Plan and
receives annual deferred compensation in the amount of $100,000.
University of Louisville Compensation Summary (continued)
EVP Health Affairs: Dr. Dunns base salary is paid by the University of Louisville, with the
academic component accounting for 75% and the remaining 25% administrative supplement
being at risk and payable upon successful completion of goals agreed to at the beginning of the
fiscal year. He is eligible for an extraordinary performance bonus in an amount up to 10% of his
combined salary.
EVP Research: Dr. Pierces base salary is paid by the University of Louisville, with the academic
component accounting for 90% and the remaining 10% administrative supplement being at risk
and payable upon successful completion of goals agreed to at the beginning of the fiscal year. He
is a participant in the Key Employee Deferred Compensation Plan and receives annual deferred
compensation in the amount of $40,000.
VP Strategy and General Counsel: Ms. Strohm is a FY 2015 hire whose base salary is paid by
the University of Louisville. She is eligible for an annual performance bonus in an amount up to
$40,000.
The value of perquisites (car allowance, bridge loans, club memberships, etc.) received in the past
year was not provided and is not included in determining Total Compensation.

Position Title
Incumbent
Base Salary1
Bonus
(c)
Deferred
Compensation2
President
Dr. James Ramsey 3,4

Dr. Shirley
Willihnganz 5,6
Harlan Sands 7,8
Dr. David Dunn9,10
Dr. William Pierce11
Leslie Strohm10,12
$648,961
$156,000
$298,672
$1,103,633
$394,533
$350,000
$1,047,280
$316,050
$350,000
$65,903
$70,000
$0
$0
$40,000
$229,590
$126,250
$78,546
$63,704
$26,250
$690,026
$546,250
$1,125,826
$379,754
$416,250
EVP Provost
EVP Health Affairs
EVP Research
(a)
(b)
(d) = (a) + (b) + (c)

Total
Base salaries are for FY 2015. Salaries for FY 2014: Dr. Ramsey - $624,000, Dr. Willihnganz - $366,684, Dr. Dunn - $1,007,000, Dr. Pierce - $309,851.
Each University employee participates in the University Retirement Plan, a 403(b) deferred compensation plan in which the University contributes 7.5% of base
salary up to a max of $200,000.
3
Bonus based on 25% of FY 2014 base salary, paid in FY 2015.
4
Deferred compensation based on University Retirement Plan contributions, along with a $250,000 DCPA annual contribution awarded on 1/1/2015 and on January
1st of each succeeding year.
5
Bonus based on 20% of $329,513 non-Foundation salary, paid in FY 2015.
6
Deferred compensation based on University Retirement Plan contributions, along with a $50,000 DCPA annual contribution and $150,000 a year in special DCPA
contibutions from 7/1/2012 - 6/30/2015.
7
Eligible for annual performance bonus of up to 20% of base salary. The max bonus amount is shown as Mr. Sands was hired 1/1/2015.
8
Deferred compensation based on University Retirement Plan contributions, along with a $100,000 DCPA annual contribution.
9
Eligible for annual extraordinary performance bonus of up to 10% of base salary. No bonus was awarded in FY 2015.
10
Deferred compensation based on University Retirement Plan contributions.
11
Deferred compensation based on University Retirement Plan contributions, along with a $40,000 DCPA special retirement annual contribution.
12
Eligible for annual performance bonus of up to $40,000. The max bonus amount is shown as Ms. Strohm was hired 2/2/2015.
Data Sources
10
Selected Peer Group
The University of Louisville selected a peer group of 26 academic institutions, representing

universities within the Atlantic Coast Conference, as well as universities identified as peers due to
size, geography, and other characteristics.
Peer Universities
Clemson University
University of California - Irvine
University of South Carolina
Florida State University
University of California - San Diego
University of South Florida
Georgia institute of Technology (GA Tech)
University of Cincinnati
University of Utah
North Carolina State University
University of Illinois at Chicago
University of Virginia
Rutgers University
University of Iowa
University of Washington
SUNY Buffalo
University of Kentucky
SUNY Stony Brook
University of New Mexico
Virginia Commonwealth University

Virginia Polytechnice Institute and State
University (Virginia Tech)
Temple University
University of North Carolina at Chapel Hill
Wayne State University
University of Alabama at Birmingham
University of Pittsburgh
11
Peer Group 990s and Published Survey Compensation Data
Verisight used public filings to collect compensation data for similar executive positions at peer
universities as reported. The data sources used in this study were:
IRS Form 990s
The Executive Compensation at Public and Private Colleges database published by The
Chronicle of Higher Education (reported for Presidents only)
The Administrators in Higher Education Salary Survey published by the College and
University Professional Association (CUPA)
Data from all public filings was aged to July 1, 2015 at an annual rate of 3.0% a year.
Verisight drafted a custom compensation survey that could be used to gather specific
compensation data, at peer universities willing to participate, for similar executive positions.
Verisight and The University of Louisville could partner to identify contact information for
prospective participants, which The University of Louisville indicated they would be able to
acquire, in an effort to maximize participation levels.
12
Data Sources - Form 990s
Form 990s are filed by non-profit institutions, with key executive compensation typically disclosed
in the Schedule J. The components of compensation provided in the Schedule J include:
Base: Base compensation means nondiscretionary payments to a person (such as salary or
fees)
Bonus: Examples include signing bonuses and payments based on satisfaction of a
performance target (other than mere longevity of service).
Other: Examples include, but are not limited to, current-year payments of amounts earned in
a prior year, payments under a severance plan, deferred amounts, and earnings or losses in
a nonqualified defined contribution plan subject to section 457(f) when they become
substantially vested.
Deferred: All current-year deferrals of compensation for the listed person under any
retirement or other deferred compensation plan, whether qualified or nonqualified.
Nontaxable: Nontaxable benefits are benefits specifically excluded from taxation under the
Internal Revenue Code.
Compensation paid to university leadership positions often comes from multiple sources, the
university and the university foundation for example. These amounts are often reported in
separate Form 990s. In order to capture the complete compensation picture, Verisight aggregated
compensation amounts when reported in separate Form 990s.
13
Data Sources Chronicle of Higher Education
The Chronicle of Higher Education compiles compensation data from surveyed public and private
institutions. The data is based on each institution's fiscal year, the most recent of which being
2013/2014. The components of compensation provided include:
Base pay: Total base salary provided, including compensation from private university-related
foundations.
Bonus pay: The value of all bonuses and incentive compensation paid out.
Deferred compensation, paid out: Compensation that was set aside in previous years and
paid out during the fiscal year covered.
Severance pay: Payments made to the chief executive upon his or her resignation or firing,
as determined by his or her contract, separation agreement, or a legal settlement. This can
include severance pay, unused vacation pay, or other agreed-upon separation pay.
Retirement pay: Payments made by the university to a retirement plan that is available to
any university employee during the fiscal year. This can include 401(k) plans, state pension
plans, and other retirement plans that are broadly available. (As this is not paid out during the
reporting year, it is not included in "Total Compensation.")
Deferred compensation, set aside: This is to be paid out in future years, and can include
contributions to supplemental executive retirement plans. (As this is not paid out during the
reporting year, it is not included in "Total Compensation.")
14
Data Sources - CUPA
The Administrators in Higher Education Salary Survey (AHESS), published by the College and
University Professional Association (CUPA), collects base salary data for 191 positions with
primary assignments requiring the management of an institution or of a customarily recognized
division within it.
CUPA allows users to create a custom peer group to collect base salary data. All but one of the
university peers identified (Virginia Commonwealth University) participated in the 2014/2015
survey. Verisight created a custom peer group based on the remaining 25 academic institutions
selected by the University of Louisville as peers.
Verisight was able to download individual participant base salary data for similar positions, which
are shown in the appendices; however, the individual institutions are not identified by name so as
to protect their confidentiality.
The AHESS survey only reports base salary data.
15
Summary of Base Salary, Total Cash, and

Total Compensation Findings
16
Summary of Base Salary Findings - Median
Position
Incumbent
Incumbent
Base Salary
The Chronicle of
Higher Education
(President Only)
Form 990s
CUPA
Median
Base
Salary
CompaRatio
Median
Base
Salary
CompaRatio
Median
Base
Salary
CompaRatio
President
Dr. James
Ramsey
$648,961
$518,250
125.2%
$459,550
141.2%
$479,354
135.4%
EVP Provost
Dr. Shirley
Willihnganz
$394,533
N/A
N/A
$353,816
111.5%
$404,500
97.5%
SVP Finance and

Administration/COO
Harlan Sands
$350,000
N/A
N/A
$345,077
101.4%
$263,196
133.0%
EVP Health Affairs
Dr. David
Dunn
$1,047,280
N/A
N/A
$875,172
119.7%
$811,446
129.1%
EVP Research
Dr. William
Pierce
$316,050
N/A
N/A
$284,203
111.2%
$336,834
93.8%
VP Strategy and
General Counsel
Leslie Strohm
$350,000
N/A
N/A
$478,011
73.2%
$254,975
137.3%
17
Summary of Total Cash Compensation (Base Salary + Annual Incentives) Findings Median
Position
Incumbent
Incumbent
Total Cash
The Chronicle of Higher

Education (President Only)
Form 990s
Median Total
Cash
Compa-Ratio
Median Total
Cash
Compa-Ratio
President
Dr. James Ramsey
$804,961
$535,600
150.3%
$511,336
157.4%
EVP Provost
Dr. Shirley
Willihnganz
$460,436
N/A
N/A
$353,816
130.1%
SVP Finance and

Administration/COO
Harlan Sands
$420,000
N/A
N/A
$354,066
118.6%
EVP Health Affairs
Dr. David Dunn
$1,047,280
N/A
N/A
$875,172
119.7%
EVP Research
Dr. William Pierce
$316,050
N/A
N/A
$284,203
111.2%
VP Strategy and General

Counsel
Leslie Strohm
$390,000
N/A
N/A
$499,229
78.1%
18
Summary of Total Compensation (Total Cash + Deferred Compensation and Benefits)

Findings - Median
Position
Incumbent
Incumbent
Total Comp

Education (President Only)
Form 990s
Median Total
Comp
Compa-Ratio
Median Total
Comp
Compa-Ratio
President
Dr. James Ramsey
$1,103,633
$690,718
159.8%
$615,221
179.4%
EVP Provost
Dr. Shirley
Willihnganz
$690,026
N/A
N/A
$421,480
163.7%
SVP Finance and

Administration/COO
Harlan Sands
$546,250
N/A
N/A
$410,657
133.0%
EVP Health Affairs
Dr. David Dunn
$1,125,826
N/A
N/A
$1,236,568
91.0%
EVP Research
Dr. William Pierce
$379,754
N/A
N/A
$346,374
109.6%
VP Strategy and General

Counsel
Leslie Strohm
$416,250
N/A
N/A
$600,801
69.3%
19
Deferred Compensation and Executive

Benefit Prevelance
20
CUPA Survey - Benefit Prevalence
The table on the following page summarizes how many Universities offer deferred compensation
and incentive compensation plans.
Approximately 53% offer deferred compensation.
Approximately 30% offer incentive compensation.
CUPA is only one data source. Our experience working with other Universities is that deferred
compensation is common and incentive compensation usage is growing.
21
Deferred Compensation Projected Payout
Dr. Ramseys contract calls for an annual University payment of $250,000 to his deferred
compensation account until 2020. Ignoring past contributions, his projected retirement is
estimated in the table below. Further analysis may be needed to confirm these projections.
Maximum
403B
Estimated
Estimated
Salary
Age Contributions
1
2
3
4
5
6
7
2014
2015
2016
2017
2018
2019
2020
$649,000
$681,450
$715,523
$210,600
$221,130
$232,187
$246,000
66
68
69
70
71
72
73
$52,000
$53,000
$54,000
$55,000
$56,000
$57,000
$58,000
Total
Summary
403B plan
Deferred Compensation
Future Value
$466,618
$2,130,717
$2,597,335
Total
Social Security estimate
Est. annual retirement payment
Deferred
Deferred
Maximum Compensation ( (University)
403B Future
University)
Future
Value
Estimate
Values
$75,875
$72,615
$69,469
$66,437
$63,517
$60,705
$58,000
$466,618
$250,000
$250,000
$250,000
$250,000
$250,000
$250,000
$250,000
$364,786
$342,522
$321,617
$301,987
$283,556
$266,250
$250,000
$2,130,717
Annual
Retirement
Payment
$293,045
$50,000
$343,045
22
CUPA Survey - Benefit Prevalence

Position
No:
Partial:
Full:
N:
CEO/Pres/Chan
No:
Single Institution Partial:
or Campus in a
Full:
System [101000]
N:
Executive Vice
No:
President/Vice
Partial:
Chancellor
Full:
[102000]
N:
No:
Chief Academic
Partial:
Affairs Officer/
Full:
Provost [105000]
N:
No:
Chief Business Partial:
Officer [107000]
Full:
N:
No:
Chief Athletic
Partial:
Administrator
Full:
[109000]
N:
Chief
No:
Development/
Partial:
Advancement
Full:
Officer [113000]
N:
CEO/President,
System [100000]
Housing
Car or Car
Allowance
Club
Membership
57.1%
9.1%
33.8%
396
38.8%
11.7%
49.4%
886
97.3%
1.5%
1.2%
405
94.2%
2.4%
3.3%
904
97.2%
1.5%
1.3%
854
98.2%
1.0%
0.8%
772
96.4%
1.9%
1.7%
825
41.6%
23.2%
35.3%
397
28.8%
22.1%
49.1%
876
77.7%
15.3%
7.0%
399
88.3%
5.5%
6.3%
896
87.4%
5.2%
7.4%
847
82.8%
5.6%
11.6%
767
73.7%
10.6%
15.7%
820
76.4%
2.6%
20.9%
382
65.2%
4.4%
30.3%
854
93.2%
1.3%
5.6%
396
93.1%
1.2%
5.6%
887
93.9%
1.2%
4.9%
836
89.4%
2.4%
8.2%
755
84.5%
2.5%
13.1%
811
Deferred
Compensation
Program
63.5%
20.2%
16.3%
381
57.4%
16.9%
25.6%
850
78.6%
17.0%
4.3%
393
83.8%
10.6%
5.7%
880
83.3%
11.1%
5.6%
827
85.4%
10.5%
4.2%
745
83.1%
10.9%
6.0%
805
PerformanceBased Incentive
Opportunity
No:
77.4%
Yes:
22.6%
N
394
No:
Yes:
N
73.0%
27.0%
851
No:
Yes:
N
88.4%
11.6%
397
No:
Yes:
N
85.7%
14.3%
876
No:
Yes:
N
86.1%
13.9%
832
No:
Yes:
N
83.1%
16.9%
756
No:
Yes:
N
85.2%
14.8%
806
23
Findings and Preliminary

Recommendations
24
Findings and Preliminary Recommendations
University of Louisville executives are generally at or above the market.

Matching executives to the market is not an exact science. We used three data sources to
mitigate this weakness: peer group 990s and survey data available from The Chronical of Higher
Education and CUPA.
Dr. Ramsey has been President since November 2002 and due to his long tenure and high
performance, is at the high end of the market.
The current compensation philosophy is (appears) to pay market salaries, incentives and provide
deferred compensation arrangements to retain key executives. We recommend the University
develop a formal executive compensation philosophy document which would be used as a guide
for future compensation decisions.
Deferred compensation plans are used by many Universities and are considered common
practice. A more detailed analysis should be conducted to determine if these plans are structured
to meet the Universitys objectives.
The peer group 990 data may be understated, as many report income from multiple sources.
Although we did review foundation 990s, its impossible to know if we captured the complete
picture from the 990s. A custom survey should be considered.
25
Next Steps
Review compensation data from preliminary report with the University of Louisville Compensation
Committee.
Decide on whether to conduct a custom compensation survey that could be used to gather
specific compensation data, at peer universities willing to participate, for similar executive
positions.
26
Appendix A President
27
Summary of Compensation Data Sources - President

Education
Form 990s
CUPA
Base Salary
25th Percentile
$455,391
$424,173
$445,946
Median
$518,250
$460,808
$479,354
Average
$516,081
$496,760
$460,426
75th Percentile
$549,351
$563,518
$530,349
Total Cash Compensation (Base Salary + Annual Incentives)

25th Percentile
$468,019
$424,173
N/A
Median
$535,600
$511,336
N/A
Average
$543,544
$518,100
N/A
75th Percentile
$628,047
$585,903
N/A
Total Compensation (Total Cash + Deferred Compensation and Benefits)

25th Percentile
$568,094
$479,407
N/A
Median
$690,718
$615,221
N/A
Average
$662,393
$674,834
N/A
75th Percentile
$749,013
$887,521
N/A
28
The Chronicle of Higher Education Compensation Data

President
Severance
(Aged to
7/1/2015)
Deferred
Compensation
from Previous
Year Paid in
Current Year
(Aged to
7/1/2015)
$805,142
$0
$0
$92,216
$623,873
$0
$0
$25,874
$787,686
$0
$0
$669,500
$21,218
$690,718
$0
$0
$494,400
$240,153
$734,553
$0
$0
$0
$403,760
$20,198
$423,958
$0
$0
$423,417
$0
$423,417
$0
$423,417
$0
$0
$669,500
$0
$669,500
$26,874
$696,374
$0
$0
Ray Watts
$457,583
$107,354
$564,936
$0
$564,936
$0
$0
6/30/2014
Santa Ono
$540,750
$0
$540,750
$30,502
$571,252
$0
$103,000
6/30/2014
Sally Mason
$528,702
$0
$528,702
$181,280
$709,982
$0
$0
6/30/2014
Eli Capilouto
$551,565
$157,075
$708,640
$257,835
$966,475
$0
$0
University of New Mexico
6/30/2014
Robert G Frank
$369,307
$0
$369,307
$103,000
$472,307
$0
$0
University of North Carolina at Chapel Hill
6/30/2014
Carol L Folt
$535,600
$0
$535,600
$18,141
$553,741
$0
$0
6/30/2014
Mark Nordenberg
$615,425
$0
$615,425
$73,851
$689,276
$0
$0
University of South Carolina
6/30/2014
Harris Pastides
$547,136
$0
$547,136
$161,514
$708,650
$0
$0
University of South Florida
6/30/2014
Judy L Genshaft
$484,100
$192,121
$676,221
$122,937
$799,157
$0
$65,045
University of Utah
6/30/2014
David W. Pershing
$369,616
$0
$369,616
$326,465
$696,080
$0
$83,249
Deferred
Compensation
Total Cash
Set Aside and
Total
Compensation
Retirement
Compensation
(Aged to
(Aged to
(Aged to
7/1/2015)
7/1/2015)
7/1/2015)
Fiscal Year
End
Name
Base
Compensation
(Aged to
7/1/2015)
6/30/2014
G.P. (Bud) Peterson
$453,200
North Carolina State University
9/30/2014
W. Randolph Woodson
$531,657
$0
$531,657
Rutgers University
6/30/2014
Robert L. Barchi
$669,113
$92,700
$761,813
SUNY Stony Brook
6/30/2014
Samuel L Stanley Jr.
$669,500
$0
Temple University
6/30/2014
Neil D. Theobald
$463,500
$30,900
University of California - Irvine
6/30/2014
Michael V. Drake
$403,760
University of California - San Diego
6/30/2014
Pradeep K. Khosla
SUNY Buffalo
6/30/2014
Satish K Tripathi
9/30/2014
University of Cincinnati
University of Iowa
University
Bonus Pay
(Aged to
7/1/2015)
$0
$453,200
$351,942
29
The Chronicle of Higher Education Compensation Data (continued)

President
Severance
(Aged to
7/1/2015)
Deferred
Compensation
from Previous
Year Paid in
Current Year
(Aged to
7/1/2015)
$763,474
$0
$0
$667,448
$0
$0
$30,101
$465,232
$0
$463,500
$225,260
$795,010
$0
$0
$143,464
$626,302
$0
$0
$468,019
$26,327
$568,094
$0
$0
$535,600
$92,216
$690,718
$0
$0
$27,463
$543,544
$118,849
$662,393
$0
$31,078
$15,450
$628,047
$203,270
$749,013
$0
$0
Deferred
Compensation
Total Cash
Set Aside and
Total
Compensation
Retirement
Compensation
(Aged to
(Aged to
(Aged to
7/1/2015)
7/1/2015)
7/1/2015)
Fiscal Year
End
Name
Base
Compensation
(Aged to
7/1/2015)
6/30/2014
Teresa A. Sullivan
$509,541
$0
$509,541
$253,933
University of Washington
6/30/2014
Michael K. Young
$640,668
$0
$640,668
$26,780
University of Illinois at Chicago
6/30/2014
Paula Allen-Meares
$435,132
$0
$435,132
Virginia Commonwealth University
6/30/2014
Michael Rao
$518,250
$51,500
$569,750
9/30/2014
M. Roy Wilson
$482,837
$0
$482,837
25th Percentile
$455,391
$0
Median
$518,250
$0
Average
$516,081
75th Percentile
$549,351
University
Bonus Pay
(Aged to
7/1/2015)
Not Included Due to Partial Year

Compensation
Clemson University
6/30/2014
James P. Clements
$387,866
$0
$387,866
$21,128
$408,994
$0
$0
(a)

Virginia Polytechnice Institute and State
6/30/2014
Eric J. Barron
$332,887
$239,990
$572,877
$58,113
$630,989
$96,572
$0
(b)
6/30/2014
Charles W. Steger
$480,177
$26,192
$506,369
$35,157
$541,526
$0
$261,182
(c)
(a) Started position in December, 2013

(b) Left position in April, 2014
(c) Left position in May, 2014
30
Form 990 Compensation Data

President
Tax Year
End
Name
Clemson University
6/30/2013
James Barker
$420,119
$0
$420,119
$1,509
6/30/2013
George Peterson
$460,808
$0
$460,808
SUNY Buffalo
6/30/2014
Satish Tripathi
$400,313
$0
$400,313
SUNY Stony Brook
6/30/2013
Dr. Samuel Stanley
$265,225
$0
Temple University
6/30/2013
Richard Englert
$458,291
9/30/2013
Ray Watts
$707,133
6/30/2014
Eli Capilouto
$525,300
6/30/2013
Mark Nordenberg
University of Utah
6/30/2014
David Pershing
Virginia Polytechnic Institute and State
6/30/2013
6/30/2013
University
Bonus &
Incentive
(Aged to
7/1/2015)
Other
Retirement and
Total Cash
Reportable
Other Deferred
Total
Compensation Compensation Compensation
Nontaxable
Compensation
(Aged to
(Aged to
(Aged to
Benefits (Aged
(Aged to
7/1/2015)
7/1/2015)
7/1/2015)
to 7/1/2015)
7/1/2015)
Base
Compensation
(Aged to
7/1/2015)
$35,096
$16,555
$473,278
$12,731
$0
$11,998
$485,537
$0
$26,265
$18,838
$445,415
$265,225
$0
$0
$0
$265,225
$53,045
$511,336
$21,326
$64,948
$17,611
$615,221
$136,914
$844,047
$4,338
$181,584
$48,429
$1,078,398
$0
$525,300
$55,829
$254,281
$18,555
$853,966
$600,100
$0
$600,100
$28,840
$72,661
$73,050
$774,651
$428,228
$0
$428,228
$0
$100,407
$0
$528,635
Teresa Sullivan
$671,914
$0
$671,914
$0
$244,983
$4,180
$921,077
Charles Steger
$526,936
$44,770
$571,706
$21,218
$347,820
$41,023
$981,767
25th Percentile
$424,173
$0
$424,173
$0
$30,680
$8,089
$479,407
Median
$460,808
$0
$511,336
$4,338
$72,661
$17,611
$615,221
Average
$496,760
$21,339
$518,100
$13,254
$120,731
$22,749
$674,834
75th Percentile
$563,518
$22,385
$585,903
$21,272
$213,284
$29,930
$887,521
Eric Barron
$417,678
$239,990
$657,668
$7,631
$70,199
$15,703
$751,202
Not Included Due to Partial Year

Compensation
6/30/2014
(a) Left position in April, 2014
31
(a)
CUPA Compensation Data

CEO, Single Inst/Campus in System
Base Compensation
(Aged to 7/1/2015)
University
Survey Data Source #1 (confidential)
$546,157
$536,293
$535,448
$530,349
$530,349
$509,951
$494,652
$492,612
$479,354
$458,956
$456,457
$447,273
$445,946
$431,844
$392,662
$291,896
$247,040
25th Percentile
$445,946
Median
$479,354
Average
$460,426
75th Percentile
$530,349
32
Appendix B EVP Provost
33
Summary of Compensation Data Sources EVP Provost

Form 990s
CUPA
Base Salary
25th Percentile
$265,208
$373,109
Median
$353,816
$404,500
Average
$323,092
$399,889
75th Percentile
$382,700
$425,744

25th Percentile
$267,197
N/A
Median
$353,816
N/A
Average
$328,330
N/A
75th Percentile
$382,700
N/A

25th Percentile
$305,034
N/A
Median
$421,480
N/A
Average
$404,591
N/A
75th Percentile
$485,302
N/A
34

EVP Provost
Tax Year
End
Name
Clemson University
6/30/2013
Doris Helms
$280,108
$2,652
$282,761
$866
$40,182
$9,402
$333,210
6/30/2013
Rafael Bras
$403,300
$0
$403,300
$10,609
$143,103
$16,347
$573,359
SUNY Stony Brook
630/2013
Dr. Dionissios Assanis
$220,506
$0
$220,506
$0
$0
$0
$220,506
Temple University
6/30/2013
Dai Hai-Lung
$434,548
$39,253
$473,801
$62,877
$41,126
$17,611
$595,415
9/30/2013
Linda Lucas
$362,419
$0
$362,419
$2,210
$54,966
$12,139
$431,734
6/30/2014
Tim Tracy
$345,213
$0
$345,213
$5,050
$45,786
$15,178
$411,226
6/30/2013
Patricia Beeson
$375,833
$0
$375,833
$22,252
$45,462
$12,402
$455,949
University of Utah
6/30/2014
Ruth Watkins
$162,807
$0
$162,807
$0
$40,479
$12,041
$215,327
25th Percentile
$265,208
$0
$267,197
$649
$40,405
$11,381
$305,034
University
Bonus &
Incentive
(Aged to
7/1/2015)
Other
Retirement and
Total Cash
Reportable
Other Deferred
Total
Nontaxable
Compensation
(Aged to
(Aged to
(Aged to
Benefits (Aged
(Aged to
7/1/2015)
7/1/2015)
7/1/2015)
to 7/1/2015)
7/1/2015)
Base
Compensation
(Aged to
7/1/2015)
Median
$353,816
$0
$353,816
$3,630
$43,294
$12,270
$421,480
Average
$323,092
$5,238
$328,330
$12,983
$51,388
$11,890
$404,591
75th Percentile
$382,700
$663
$382,700
$13,520
$48,081
$15,470
$485,302
35

Chief Acad Affairs Officer & Provost
Base Compensation
(Aged to 7/1/2015)
University
$530,349
$446,019
$444,677
$428,359
$428,359
$417,898
$416,895
$414,947
$406,139
$402,861
$400,310
$382,463
$378,705
$371,244
$355,202
$329,587
$322,725
$321,269
25th Percentile
$373,109
Median
$404,500
Average
$399,889
75th Percentile
$425,744
36
Appendix C SVP Finance and

Administration/COO
37
Summary of Compensation Data Sources SVP Finance and Administration/COO

Form 990s
CUPA
Base Salary
25th Percentile
$303,025
$248,658
Median
$345,077
$263,196
Average
$330,590
$277,696
75th Percentile
$371,296
$305,970

25th Percentile
$326,514
N/A
Median
$354,066
N/A
Average
$347,143
N/A
75th Percentile
$383,918
N/A

25th Percentile
$351,664
N/A
Median
$410,657
N/A
Average
$405,340
N/A
75th Percentile
$473,556
N/A
38

Tax Year
End
Name
Clemson University
6/30/2014
Brett Dalton
$331,570
$0
$331,570
$0
$47,716
$5,915
$385,201
Temple University
6/30/2013
Anthony Wagner
$450,478
$26,523
$477,001
$34,203
$41,127
$17,611
$569,942
9/30/2013
Richard Margison
$383,341
$50,488
$433,830
$5,574
$55,151
$11,333
$505,887
6/30/2014
Eric Monday
$358,584
$0
$358,584
$23,936
$36,591
$17,001
$436,112
6/30/2013
Arthur Ramicone
$367,281
$0
$367,281
$26,671
$53,910
$14,917
$462,779
Virginia Polytechnic Institute and State
6/30/2013
Patrick Hogan
$147,985
$0
$147,985
$0
$30,420
$2,472
$180,877
6/30/2013
Dwight Shelton
$302,166
$9,181
$311,347
$0
$26,735
$14,288
$352,369
9/30/2013
Richard J Nork
$303,311
$46,236
$349,547
$0
$0
$0
$349,547
University
Bonus &
Incentive
(Aged to
7/1/2015)
Other
Retirement and
Total Cash
Reportable
Other Deferred
Total
Nontaxable
Compensation
(Aged to
(Aged to
(Aged to
Benefits (Aged
(Aged to
7/1/2015)
7/1/2015)
7/1/2015)
to 7/1/2015)
7/1/2015)
Base
Compensation
(Aged to
7/1/2015)
25th Percentile
$303,025
$0
$326,514
$0
$29,499
$5,054
$351,664
Median
$345,077
$4,591
$354,066
$2,787
$38,859
$12,810
$410,657
Average
$330,590
$16,553
$347,143
$11,298
$36,456
$10,442
$405,340
75th Percentile
$371,296
$31,451
$383,918
$24,620
$49,264
$15,438
$473,556
39

Chief Financial Officer
Base Compensation
(Aged to 7/1/2015)
University
$392,662
$379,913
$316,169
$305,970
$268,397
$267,555
$263,196
$254,975
$252,980
$248,658
$244,183
$213,957
$201,431
25th Percentile
$248,658
Median
$263,196
Average
$277,696
75th Percentile
$305,970
40
Appendix D EVP Health Affairs
41
Summary of Compensation Data Sources EVP Health Affairs

Form 990s
CUPA
Base Salary
25th Percentile
$817,193
$705,317
Median
$875,172
$811,446
Average
$1,008,505
$822,187
75th Percentile
$1,066,484
$870,103

25th Percentile
$817,193
N/A
Median
$875,172
N/A
Average
$1,035,027
N/A
75th Percentile
$1,093,006
N/A

25th Percentile
$988,084
N/A
Median
$1,236,568
N/A
Average
$1,257,814
N/A
75th Percentile
$1,506,298
N/A
42

EVP Health Affairs
Tax Year
End
Name
Temple University
6/30/2013
Larry Kaiser
$1,469,038
$106,090
$1,575,128
$21,077
$0
$21,880
$1,618,085
University of Kentucky Research Foundation
6/30/2014
Dr. Michael Karpf
$814,638
$0
$814,638
$296,416
$343,670
$14,311
$1,469,035
6/30/2013
Arthur Levine
$818,044
$0
$818,044
$76,050
$31,827
$14,114
$940,035
University of Utah Research Foundation
6/30/2014
Vivian Lee
$932,299
$0
$932,299
$0
$71,801
$0
$1,004,101
25th Percentile
$817,193
$0
$817,193
$15,808
$23,870
$10,586
$988,084
Median
$875,172
$0
$875,172
$48,563
$51,814
$14,213
$1,236,568
Average
$1,008,505
$26,523
$1,035,027
$98,386
$111,825
$12,576
$1,257,814
75th Percentile
$1,066,484
$26,523
$1,093,006
$131,141
$139,768
$16,203
$1,506,298
University
Bonus &
Incentive
(Aged to
7/1/2015)
Other
Retirement and
Total Cash
Reportable
Other Deferred
Total
Nontaxable
Compensation
(Aged to
(Aged to
(Aged to
Benefits (Aged
(Aged to
7/1/2015)
7/1/2015)
7/1/2015)
to 7/1/2015)
7/1/2015)
Base
Compensation
(Aged to
7/1/2015)
43

Chief Health Affairs Officer
Base Compensation
(Aged to 7/1/2015)
University
$1,631,842
$979,105
$833,769
$832,469
$790,424
$720,010
$661,239
$128,636
25th Percentile
$705,317
Median
$811,446
Average
$822,187
75th Percentile
$870,103
44
Appendix E EVP Research
45
Summary of Compensation Data Sources EVP Research

Form 990s
CUPA
Base Salary
25th Percentile
$268,588
$305,892
Median
$284,203
$336,834
Average
$305,960
$333,514
75th Percentile
$300,117
$361,954

25th Percentile
$268,588
N/A
Median
$284,203
N/A
Average
$308,257
N/A
75th Percentile
$300,369
N/A

25th Percentile
$319,646
N/A
Median
$346,374
N/A
Average
$365,810
N/A
75th Percentile
$357,099
N/A
46

EVP Research
Tax Year
End
Name
Clemson University
6/30/2014
Larry Dooley
$268,588
$0
$268,588
$0
$41,739
$9,319
$319,646
6/30/2014
Gary Ostrander
$300,117
$251
$300,369
$1,448
$28,853
$15,703
$346,374
9/30/2013
Richard Marchase
$421,026
$11,235
$432,261
$3,943
$64,965
$13,040
$514,209
6/30/2014
Lisa Cassis
$255,865
$0
$255,865
$1,174
$25,866
$8,819
$291,725
University of Utah
6/30/2014
Thomas Parks
$284,203
$0
$284,203
$0
$72,896
$0
$357,099
25th Percentile
$268,588
$0
$268,588
$0
$28,853
$8,819
$319,646
University
Bonus &
Incentive
(Aged to
7/1/2015)
Other
Retirement and
Total Cash
Reportable
Other Deferred
Total
Nontaxable
Compensation
(Aged to
(Aged to
(Aged to
Benefits (Aged
(Aged to
7/1/2015)
7/1/2015)
7/1/2015)
to 7/1/2015)
7/1/2015)
Base
Compensation
(Aged to
7/1/2015)
Median
$284,203
$0
$284,203
$1,174
$41,739
$9,319
$346,374
Average
$305,960
$2,297
$308,257
$1,313
$46,864
$9,376
$365,810
75th Percentile
$300,117
$251
$300,369
$1,448
$64,965
$13,040
$357,099
47

Chief Research Officer
Base Compensation
(Aged to 7/1/2015)
University
$415,120
$395,314
$395,127
$387,562
$376,921
$356,965
$356,965
$345,002
$338,709
$338,183
$335,485
$329,896
$324,604
$313,784
$309,265
$295,772
$291,692
$290,672
$254,975
$218,259
25th Percentile
$305,892
Median
$336,834
Average
$333,514
75th Percentile
$361,954
48
Appendix F VP Strategy and General

Counsel
49
Summary of Compensation Data Sources VP Strategy and General Counsel

Form 990s
CUPA
Base Salary
25th Percentile
Insufficient data (2 data points)
$210,865
Median
$254,975
Average
$253,361
75th Percentile
$295,628

25th Percentile
N/A
Median
N/A
Average
N/A
75th Percentile
N/A

25th Percentile
N/A
Median
N/A
Average
N/A
75th Percentile
N/A
50

Tax Year
End
Name
Temple University
6/30/2013
George Moore
$446,010
$42,436
$488,446
$4,463
$64,948
$17,611
$575,468
6/30/2013
Jerome Cochran
$510,013
$0
$510,013
$27,972
$74,460
$13,689
$626,134
University
Bonus &
Incentive
(Aged to
7/1/2015)
Other
Retirement and
Total Cash
Reportable
Other Deferred
Total
Nontaxable
Compensation
(Aged to
(Aged to
(Aged to
Benefits (Aged
(Aged to
7/1/2015)
7/1/2015)
7/1/2015)
to 7/1/2015)
7/1/2015)
Base
Compensation
(Aged to
7/1/2015)
51

Chief Legal Affairs Officer
Base Compensation
(Aged to 7/1/2015)
University
$372,264
$338,918
$331,468
$305,970
$300,871
$295,771
$295,484
$279,453
$275,914
$270,503
$268,539
$254,975
$250,896
$245,771
$238,788
$221,866
$221,676
$200,055
$188,682
$183,307
$174,612
$161,873
$149,653
25th Percentile
$210,865
Median
$254,975
Average
$253,361
75th Percentile
$295,628
52

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Executive Compensation Review

July 13, 2015

Executive Summary - Findings and Preliminary Recommendations

University of Louisville executives are generally at or above the market.

Obtained and reviewed University of Louisvilles current compensation arrangements

Gathered competitive market data from three sources:

Compared current compensation levels to the market

Provided a summary of findings and recommendations

University of Louisvilles Current

University of Louisville Compensation Summary

University of Louisville Compensation Summary (continued)

University of Louisville Compensation Summary

Dr. James Ramsey 3,4

(d) = (a) + (b) + (c)

Selected Peer Group

The University of Louisville selected a peer group of 26 academic institutions, representing

University of California - Irvine

University of South Carolina

Florida State University

University of California - San Diego

University of South Florida

Georgia institute of Technology (GA Tech)

North Carolina State University

University of Illinois at Chicago

SUNY Stony Brook

University of New Mexico

Virginia Commonwealth University

University of North Carolina at Chapel Hill

Wayne State University

University of Alabama at Birmingham

Peer Group 990s and Published Survey Compensation Data

Data Sources - Form 990s

Data Sources Chronicle of Higher Education

Data Sources - CUPA

The AHESS survey only reports base salary data.

Summary of Base Salary, Total Cash, and

Summary of Base Salary Findings - Median

SVP Finance and

EVP Health Affairs

The Chronicle of Higher

Dr. James Ramsey

SVP Finance and

EVP Health Affairs

Dr. David Dunn

Dr. William Pierce

VP Strategy and General

Summary of Total Compensation (Total Cash + Deferred Compensation and Benefits)

The Chronicle of Higher

Dr. James Ramsey

SVP Finance and

EVP Health Affairs

Dr. David Dunn

Dr. William Pierce

VP Strategy and General

Deferred Compensation and Executive

CUPA Survey - Benefit Prevalence

Deferred Compensation Projected Payout

CUPA Survey - Benefit Prevalence

Findings and Preliminary

Findings and Preliminary Recommendations

University of Louisville executives are generally at or above the market.

Summary of Compensation Data Sources - President

Total Cash Compensation (Base Salary + Annual Incentives)

Total Compensation (Total Cash + Deferred Compensation and Benefits)