Nearly four decades after Bernard Lander founded Touro College with a class of 35 students, the trustees decided that he had been underpaid during his tenure as president. To make up for the difference, they awarded him more than $4-million in deferred compensation in 2008.
Mr. Lander, who died in February at age 94, received a total compensation package of $4,786,830, making him the highest-earning private-college president, according to The Chronicle’s review of federal tax documents from the 2008-9 fiscal year. The review, which included 448 chief executives, found 30 private college leaders who received more than $1-million in total compensation. In the previous year’s report, 23 chief executives earned over $1-million.
The Internal Revenue Service overhauled the way it instructed colleges to report compensation for 2008. Colleges were asked to report salaries according to the calendar year, not the fiscal year, as in years past, meaning that some dollar amounts overlap with what was reported the previous year.