Endowment gained $1.4 billion during fiscal year 2020-21


After losing around $140 million in fiscal year 2020, Pitt’s endowment bounced back and shot up during 2020-21 — gaining more than $1.4 billion and ending at $5.68 billion, according to the University’s annual IRS 990 form.

The office of Pitt’s chief financial officer said that market gains were the primary reason for the increase in the value of the endowment. 

Investment income doubled from $59.07 million in FY20 to $118.38 million in FY21. Tuition, which remained the same from 2020 to 2021, brought in slightly less income — $864.4 million in 2021 from $872.7 million in 2020.

Other highlights from the report

  • Not surprisingly, travel costs were way down during the height of the pandemic — from $40.6 million in FY20 to $14.2 million in FY21. Conference costs also dipped significantly.

  • Legal costs were up from $9.75 million in FY20 to $13.9 million in FY21.

  • The total number of employees dropped from 28,696 in 2020 to 26,867 in 2021. Part of that drop can be attributed to retirement incentive programs offered to faculty and staff in the second half of 2020, which nearly 500 people decided to take.

  • Three Pittsburgh-based construction companies were Pitt’s highest-paid independent contractors: PJ Dick ($27.5 million); Mascaro Construction ($27 million) and Turner Construction ($16.2 million).

  • Institutional aid was given to 18,985 students, totaling $239.3 million. Another 2,300 students received tuition remission under Pitt’s educational benefits for employees, at a cost of $27.8 million, and 85 children of Pitt employees attending other universities received $1.6 million in tuition remission.

Highest-paid employees

The 990 list of top-paid employees (with base pay and total compensation, which includes retirement, bonuses and nontaxable items, such as health care) for fiscal year 2020-21 includes (asterisks indicate those who are new to the list)::

Pat Narduzzi, football coach: $3.75 million in base pay / $5.64 million total compensation

Jeff Capel, men’s basketball coach: $3.49 million / $3.61 million

Arthur Levine, former SVC for Health Sciences and dean of the School of Medicine (who served in that role until June 2020): $1.16 million / $1.4 million

*Anantha Shekhar, SVC for Health Sciences and dean of the School of Medicine (who started at Pitt in June 2020): $881,018 / $1.04 million

Heather Lyke, athletic director: $735,809 / $916,539

Patrick Gallagher, chancellor: $663,576 / $814,494

*Michael Becich, chairman and professor, Department of Biomedical Informatics, and associate director of the Cancer Institute and Clinical and Translational Science Institute: $641,338 / $761,823

*Lance White, women’s basketball coach: $605,464 / $690,668

Greg Schuler, chief investment officer through June 2021: $505,539 / $560,006

Ann Cudd, provost and SVC: $472,543 / $536,765

Kathy Humphrey, SVC for engagement and secretary to the board of trustees through June 2021: $422,749 / $502,998

Rob Rutenbar, SVC for research: $422,575 / $470,769

Geovette Washington, SVC and chief legal officer: $426,768/ $477,619

Paul Lawrence, treasurer: $391,998 / $470,917

Hari Sastry, SVC and chief financial officer: $394,497 / $447,333

*David DeJong, SVC for business and operations: $367,909 / $440,083

Greg Scott, SVC for business & operations (who took extended leave starting May 2020 and left Pitt in July 2020): $173,148 / $332,507 (this included $116,792 in severance pay)

Patricia Beeson, former provost (who served in that role until August 2018 and then returned to teaching economics): $219,417 / $271,584

Right-to-know disclosure to the state

The state also requires Pitt to disclose the 25 highest-paid non-officers at the University. The list includes some of those from the previous list, including Narduzzi, Capel, Lyke, Becich, and White. The base salary for the other top-paid employees were (asterisks indicate those who are new to the list):

Kristin Davitt, senior vice chancellor for Philanthropic and Alumni Engagement: $615,000

Bernard Costello, dean of the School of Dental Medicine: $615,000

A. Everette James, interim dean of the Graduate School of Public Health from July 2019 to January 2021 and director, Health Policy Institute; Associate Vice Chancellor for Health Policy and Planning: $610,813

Lise Vesterlund, professor of economics: $576,650

Angela Gronenborn, professor and chair, Department of Structural Biology: $560,520

Randy Bates, Pitt football defensive coordinator: $555,208

Jonathan Silverstein, chief research informatics officer, Health Sciences and Institute for Precision Medicine: $557,548

Mark Whipple, Pitt football offensive coordinator: $541,667

Steven E. Reis, associate vice chancellor for clinical research and director, Clinical and Translational Science Institute: $550,000

*Charlie Partridge, Pitt football assistant head coach: $535,447

Peter Strick, chair, Neurobiology: $525,000

Mark Jay Shlomchik, chair, Department of Immunology: $499,999

*George Huber, professor of public health practice: $463,454

*Michael Imbrogno, managing director of investments, CFO’s office: $496,002

David Denis, senior chair and professor of Business Administration: $494,999

Peter Wipf, professor of Chemistry: $482,135

*Michael Lima, managing director of investments, CFO’s office: #475,230

Bruce A. Freeman, chair of Pharmacology and Molecular Biology: $475,000

Ivet Bahar, professor and chair, Computational & Systems Biology Department, School of Medicine: $470,000

Arjang A. Assad, dean, Katz Graduate School of Business and College of Business of Administration: $467,718

Family connections

The IRS requires institutions to report financial information on employees who are related to senior officers, trustees or highest-paid employees.

Receiving compensation from Pitt in 2020-21 were:

Neal Becker, senior lecturer in economics, family member of Provost Ann Cudd: $122,607

Anita P. Courcoulas, professor of surgery, family member of Trustee Ira J. Gumberg: $243,287

Sean Gallagher, Pitt IT, family member of Chancellor Patrick Gallagher: $80,790

David Hickton, law professor, family member of Trustee Dawne Hickton: $36,403

John C. Pelusi, assistant athletic director, family member of Trustee John H. Pelusi: $103,810

Jason Richards, director of student-athlete development for Pitt men’s basketball, family member of former Board of Trustees Chair Thomas E. Richards: $92,932

Elizabeth Scott, family member of former SVC for Business and Operations Greg Scott: $41,144

Susan Jones is editor of the University Times. Reach her at suejones@pitt.edu or 724-244-4042.


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