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VA.TECH DUKE Endowment Prez pay 64 81 hikes reflect No. 4 Blue Devils fly over Hokies return ranks 3rd in nation new duties
II
by Ashley
Holmstrom
by
Matt Johnson
THE CHRONICLE
THE CHRONICLE
President Richard Brodhead will not be purchasing a summer home in The Hamptons any time soon. But Duke’s top dog still finds himself cashing in a larger check than President George W. Bush at the end ofeach year. Tax forms filed by the University in May reported Brodhead’s 2006 salary at a whopping $517,500—notably larger than Bush’s $400,000 annual salary. Why the big bucks? According to a November 2006 article in The Chronicle of Higher Education, running a prestigious university today is like serving as the chief executive officer of a business corporation. And it’s not just Duke. The bigger paychecks reflect die increasing workload of university presidents across the country as they make the transitionfrom an age when presidents were primarily academicians to the business-oriented presidencies of today. The level of expectations has risen, and managerial skills, leadership and vision are very necessary at the president’s level, said John Bumess, senior vice president for public affairs and government relations. “At a university such as Duke, the president acts as the mayor of a small city, responsible for medical care, housing and food not just education,” he said. “Universities were originally founded with only a small number of students and faculty, but it is a much more complex enterprise today.” In comparison to Bush’s 400 grand, the average salary of a private university president was $528,105 in 2005. Yale University President Richard Levin is one of the top-paid university presidents in the country. He earned a salary and benefits package totaling $869,026 in 2006, marking an 11.6-percent increase over his
Explosive growth in the size of college endowments has prompted Congress to call for the nation’s wealthiest universities to open their coffers and spend more on financial aid. A study released Thursday by the National Association of Colleges and University Business Officers found a 17.2-percent one-year average investment return for the endowments of the 785 institutions surveyed. The results, which covered the fiscal year spanning from July 2006 to June 2007, also found universities spend, on average, 4.6 percent of their endowments each year. Duke’s endowment grew third fastest among the 76 schools in North America with endowments exceeding $1 billion. The 31.4-percent growth rate, which accounts for donations, withdrawals and management fees in addition to investment return, trailed only the University of Notre Dame and the University of North Carolina at Chapel Hill, which weighed in at 34.7 percent and 32.1 percent, respectively.
The findings prompted Sens. Max Bau-
cus, D-Mont. and Chuck Grassley, R-lowa of
the Senate Finance Committee ters to the 136 American
—
SEE BRODHEAD ON PAGE 8
NOAH PRINCE/THE
CHRONICLE
Senior captain DeMarcus Nelson recorded 10 points and four rebounds in Duke's 81-64 victory over Virginia Tech Thursday night at the Cassell Coliseum in Blacksburg. See story PAGE 9.
to
send let-
colleges with en-
dowments of $5OO million or more, asking them to provide details about their endowments’ investment, growth and spending on student aid. “Tuition has gone up, college presidents’ salaries have gone up and endowments SEE ENDOWMENT ON PAGE 6
Study: many grads shuffle jobs by
Kristen Davis THE CHRONICLE
There is one thing students probably did not learn
at the Career Fair —they will most
GLEN GUTTERSON/CHRONICLE FILE PHOTO
President Richard Brodhead's salary is slightly less than average for private university presidents.
likely change jobs at
least once within five years of graduation. According to the first-annual “Five Year Out” survey, conducted by Sheila Curran, Fannie Mitchell executive director of the Career Center, initial job satisfaction seems to have been short-lived for many of the young professionals of the Class of 2001. Though 60 percent of the graduates said they were happy with their career choice just after graduation, 36 percent changed jobs within a year and 43 percent have changed career fields at least once in the past five years. Most alumni said they switched because their first job was “not a good fit.” “Don’t hyperventilate aboutyourfirstjob because itwon’t SEE JOB SHUFFLE ON PAGE 6
The
first-annual “Five Year Out” survey conducted by the Career Center found that many graduates in the Class of 2001 changed careers more than once five years out of Duke. The survey also found that out of the 540 graduates who participated in the study:
76 percent went directly into the work force 11.6 percent enrolled in a masters or Ph.D. program 5.7 percent went to law school 5.3 percent went to medical school 75 percent of all graduates found a job within six months of graduation, even if they did not have an occupation lined up at
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