SaveCatholic.com published the taxable income of CUA’s executive leadership in 2009 and 2016, and drew attention to the fact that their pay went up 86% over that period. The table is published below.
What we would like to point out are the bonuses paid. President Garvey received a bonus of $115,000; Robert Specter received $51,116; Frank Persico received $43,000.
According to the explanation on the IRS filing, “these bonus payments were based on satisfaction of performance targets.” It would be very interesting to know these “performance targets”–and how the President and Vice President for finance are hitting their targets but the University is having to fire faculty.
The Board of Trustees approves the President’s bonus, and the President approves those for his Vice Presidents. Shall we ask the President and the Board to disclose the formulas they use to calculate bonuses? It would seem to involve inverse ratios, such that bonuses increase as the welfare of the University declines.
Breakdown of Executive Compensation, showing bonuses and nontaxable benefits
Comparison of taxable income of executive leadership from 2009 to 2016