The nonprofit world is proving to be quite lucrative for top executives with compensation increasing 5.7% in 1998, nearly double the rate of 1997. The median salary for nonprofit CEOs was $207,990, according to The Chronicle of Philanthropy's eighth annual compensation survey.
The raises for these executives are slightly outpacing the 4.6% pay hikes given to business leaders, according to a recent American Compensation Association report.
Nonprofits are less likely today than in the past to be attacked for paying their executives big bucks, according to the report based on a survey of 246 nonprofit organizations.
The top wage earner was John W. Rowe, president of Mount Sinai Medical Center in New York, who earned $1,163,875 in 1996-the most recent figure available. Paul A. Marks, chief executive of Memorial Sloan-Kettering Cancer Center in New York also pulled down a seven-figure salary, earning $1,077,500 last year.
Other key survey findings include:
- 13 of the 246 chief executives surveyed received compensation of $500,000 or more.
- 16 chief executives' salaries increased by more than 20%.
(The Chronicle, 202/466-1200)