Cabrini's president one of lowest paid in area

by Chris Vesci assistant copy editor Cabrini College's president

makes less in combined salary and benefits than most presidents from surrounding institutions do.

These institutions include Eastern College, Beaver College, Bryn Mawr College, Haverford College and La Salle University.

In an interview last week, President Antoinette Iadarola said she is content with her salary and upholds that Cabrini ·'always continues to look at compensation in light of wh.at it takes to attract competent people."

A recent issue of The Chronicle of Higher Education lists expenditures and revenues of the nation's 475 private colleges and universities for the 1997-98 fiscal year. It also reveals the pay and benefits for the five top-paid employees of each institution as well as their salary rates for the previous year.

Iadarola's pay was $99,500 in the 1996-97 year. It rose to $102, 485 the following year, and her benefits totaled $14,126, making a combined package of $116, 611.

The president of Beaver College, Bette E. Landman, received $138,000 in benefits and pay for the 1997-98 fiscal year, $21,389 more than Iadarola's pay.

David Black, president of Eastern College, received $140,570 in both pay and benefits in that same year, giving him $23,959 more than Cabrini's president.

Joseph F. Burke, president of La Salle University, earned nearly $200,000 in benefits and pay in the 1997-98 fiscal year, over $80,000 more than Iadarola made.

According to a survey done in 1995 by the College and University Personnel Association, the average college president serves for seven years.

"I don't know that my job is any more stressful than any other col- lege president's. If I didn't want to do this, I would not," Iadarola responded when asked if she thought her position deserves a higher salary. While she did admit that the duties can become stressful since she is "on the job all the time," she highlighted her methods of relieving tension. These include trips to the Dixon Center, golf, tennis and simply socializing with friends and family over a "plate of spaghetti."

In terms of benefits, Iadarola cited that Cabrini provides its president with a house, as do most other colleges and universities.

In comparison, the University of Florida defines its presidency as being "charged with leading the University academically, administratively, and financially," and having "distinguished records of senior-level leadership in an educational institution of significant size and complexity."

Iadarola added that when she arrived at Cabrini, they were looking for the president to continue a "history of educating students in a nurturing environment" and to "lay the foundation for fundraising." She is proud of the increase in fundraising and believes it definitely helped in expanding house two, the Founders Hall renovations and in building the Dixon Center and apartments. "Where we were and where we are today is remarkable," she stated.

She uses the home, she said, to entertain members of the board of trustees and alumni, as well as students. She added, "It's not my house. When I leave the job I don't take it with me."

In general, college presidents are responsible for a great number of tasks and are required to have a certain range of experience and expertise. Cabrini College, in its bylaws, defines its president as one who is in" charge of all aspects of college life" and " ... the spokesperson for educational policy and the chief executive officer." The president supervises business and implements college policies, according to the bylaws.

In reference to presidents of universities such as Yale, who make close to the $1 million mark, Iadarola said, "I don't know their agendas and challenges they face. It's difficult for me to comment not knowing." She did admit that it seems to be a very large amount to be making from something that is both non-profit and tax exempt. She also noted, "Those colleges have very high price tags for their tuition."

The Chronicle of Higher Education also lists the revenues and expenditures of private colleges for the 1997-98 fiscal year. Every college exhibits higher numbers in gains than in spending. According to the data, Cabrini College spent $24 million and brought in $29 million in funds. This apparently leaves $5 million unspent.

John Heiberger, chairman of business administration at Cabrini College, explained why this money might appear unspent.

First, he said that certain revenues, which are called "restricted revenues," take the form of gifts and grants made to the college. They could have been reported as revenue in the 1997-98 fiscal year but not spent or fully received until the following year. He also noted that colleges often set aside money for future growth.

President Iadarola thinks the college has come a long way in regards to fundraising- " where we are today is remarkable."

Heiberger labeled the data sketchy, because The Chronicle of Higher Education did not define what constitutes expenditure in its data. He stressed that capital expenditures may or may not have been included in the numbers. Capital expenditures are different from current operational expenses in that they represent things that are paid for over a few years, such as a computer or a new building.

Iadarola said that much of Cabrini's revenue goes to provide financial aid for students. She said that she tries to raise financial aid whenever tuition increases. Though Cabrini borrows money to get a head start on upcoming projects, such as the proposed residence hall, Iadarola insisted that the college has a "healthy debt ratio."

In response to last year's tuition hike, Iadarola explained that it was a "marketing thing." Citing the other private colleges' tuition in the area, she said, "If that's your competition, you should be comfortable in your peer group." She then pointed out that even though Cabrini has become more comfortable with its competitors, tuition is still lower here than at most of the surrounding private schools.