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The Most Profitable Nonprofits: The Evolution of Hospital Charity
IRS states CEO of Non profits should receive only reasonable compensation, which it advises should be determined in part by considering salaries at similar organizations. But, as also occurs in the corporate world, the CEO typically picks the compensation consultant and controls who is on the board. In most cities the highest-paid nonprofit executive by far runs the local hospital. In 2012 Jeffrey Romoff of the University of Pittsburgh Medical Center earned almost $6.1 million, far more than the university's president. Delos Cosgrove at the Cleveland Clinic earned $3.17 million. Thomas Priselac at Cedars-Sinai earned $3.85 million. Steven Corwin at NewYork-Presbyterian earned $3.08 million. But salaries are very large even at small community hospitals in New Jersey. In 2012 Audrey Meyers, the CEO of Valley Hospital in Ridgewood, earned $2.18 million. Michael Maron, the CEO of Holy Name Medical Center in Teaneck, was paid $1.83 million. In fact, the CEO of one small nonprofit suburban hospital almost certainly earns more today than Darren Walker, the CEO of the Ford Foundation, which operates in more than one hundred countries and has assets valued at about $12 billion. Total cash compensation for hospital CEOs grew an average of 24.2 percent from 2011 to 2012 alone, which increasingly includes bonuses as well. No surprise. Those bonuses are typically linked to criteria such as "finance," "quality," "profit," "admissions growth," and "increase in net funds," not medical goalposts like reducing blood infections or bedsores and avoiding unneeded procedures.
The Most Profitable Nonprofits: The Evolution of Hospital Charity
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