Are the LECOM Ferretti's worth $1.2 M/yr?

[futuredoc15]

I was looking at the guidestar public record form 990's andsaw that Sylvia Ferretti and John Ferretti at LECOM pulled in roughly 1.2 million bucks a year combined. I thought academics was supposed to be about service and that academicians made less money that the private sector.See page 17 here http://www.guidestar.org/FinDocuments/2009/251/698/2009-251698677-05f863d0-9.pdf

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[TheSeanieB]

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[NurWollen]

That's too funny. When I interviewed at LECOM-B, it was pretty obvious that the school was for-profit. I wonder why Sylvia is making $648K for being the provost and dean while her husband is making less, $493K, for being the president and CEO. Seems kind of fishy. It is possible that the board of directors set his pay and he set his wife's pay.

If I'm not mistaken, the Ferrettis are siblings, not a married couple. Also, if they are de facto for profit, then they represent the for-profit model well, because they are one of the cheapest med schools in the country and do get people into very solid residencies.

Also why is this not in pre-osteo?

 

[bleeker10]

If I'm not mistaken, the Ferrettis are siblings, not a married couple. Also, if they are de facto for profit, then they represent the for-profit model well, because they are one of the cheapest med schools in the country and do get people into very solid residencies.

Also why is this not in pre-osteo?

Yea they are brother and sister, not husband and wife.

 

[HealingDoc]

RVUCOM is technically the only US-accredited for-profit medical school. I agree that some of the osteopathic schools act like they are for-profit in the way they seemingly allocate large amounts of money to their leaders. Also, schools with branch campuses funnel tuition money away from the branches and back to the original school, or towards creating new branches. I wonder if this is merely a private school phenomenon. If we received funding from the government as public schools, we might not see as much of this happening.

 

[Altruist]

I can't say I understand that family. (Incidentally, another sibling, Anthony, is on the list as one of the top 5 paid employees as Bradenton's dean of clinical ed or something similar.) They're certainly highly paid (compare their pay with their equivalents at Nova, or at public universities for that matter), and they do have a lot of control over the school, to put it mildly. What strikes me is that if they were ONLY in this for money, they could probably argue to get paid even more than they do... the school is sitting on $170 million in assets after all, by the tax forms, and unsubstantiated rumor has it LECOM is paying cash for the new dental school building here in Bradenton, at a cost of $55 million.

If you really look back through the forms, sylvia only started making more than john when she was named provost as well as dean a few years ago. To be honest, I'm not sure what she does up north; we only see her every now and then when she visits the Bradenton campus.

 

[JaggerPlate]

I like how people assume that highly paid admin means a school is for profit. It actually implies the opposite in my opinion - "oh, any profit we make has to go back into the school huh ... hmmm, well we've already opened up a PA, OD, Pharm. D., and dental program ... you know who deserves 700k this year - ME!" For profit is a completely different tax status, business model, investment situation, etc, etc.

Frankly, I don't care that these admin types make that kind of money. They've done all the right things and known all the right people to get where they are. Most of the ones I've met are former clinicians who did very interesting and worthy things that paid BAD for a long time to actually start climbing ladders to get to these points. Furthermore, to think it's exclusive to the DO world, new schools, etc, is silly.

It happens everywhere, and two important admins making a million combined at a DO school really doesn't even get into it. Does anyone else remember when the dean of KCUMB was let go a few years back and it was reported that she herself was making 1.2 million a year (ish)????

 

[TANSTAAFL]

Medicine isn't their only game. They're into alot of real estate too.

 

[IamaBanana]

I was curious if this was abnormal and did a quick googlin'. Came up with this:

http://facethestate.com/articles/14591-cu-denver-chancellor-could-bank-718115-2009

And that's at a public school, so I suppose it's not. I don't think we should base assumptions about the entire program based on a few people's salaries, despite how high they may be.

 

[zac16125]

Say what you want about the Ferretti's but they are clearly good at what they do. Look at the successful expansion they have been able to accomplish, particularly in poor economic times. Its really rather impressive. If they had that kind of success as execs in a for-profit company they would be making 10 times that amount of money, easy.

 

[painmd87]

Compared to other schools: (data from 2009, for FY 2008, just a sampling)
PCOM paid their president and CEO $583,359.
TOURO-COM paid their founder $435,844 in base compensation and nearly $5 million in deferred compensation, the year before he died.
TOURO-COM paid their president $578,913
VCOM's president earns $317,4136.
Rosalind Franklin's paid its president $758,235
In 2009, KCUMB's president + CEO earned more than both Feretti's COMBINED at $1,264,353.
Yale's president gets paid $1,530,008
Mt. Sinai School of Medicine has 5 people who earn more than $1 million including one who was paid nearly $4.5 million.

The world of academics can be very lucrative for those in positions of power. At my undergrad institution, with all 5,000 students, our president was paid nearly $700,000.

If you think this violates their non-profit status, you have a lot to learn about the world of education and the tax system.

 

[JaggerPlate]

Compared to other schools: (data from 2009, for FY 2008, just a sampling)
PCOM paid their president and CEO $583,359.
TOURO-COM paid their founder $435,844 in base compensation and nearly $5 million in deferred compensation, the year before he died.
TOURO-COM paid their president $578,913
VCOM's president earns $317,4136.
Rosalind Franklin's paid its president $758,235
In 2009, KCUMB's president + CEO earned more than both Feretti's COMBINED at $1,264,353.
Yale's president gets paid $1,530,008
Mt. Sinai School of Medicine has 5 people who earn more than $1 million including one who was paid nearly $4.5 million.

The world of academics can be very lucrative for those in positions of power. At my undergrad institution, with all 5,000 students, our president was paid nearly $700,000.

If you think this violates their non-profit status, you have a lot to learn about the world of education and the tax system.

We're all getting into this business on the wrong side of things.

 

[Everglide]

We're all getting into this business on the wrong side of things.

Well, we could always open up some schools later

 

[cbrons]

That's too funny. When I interviewed at LECOM-B, it was pretty obvious that the school was for-profit. I wonder why Sylvia is making $648K for being the provost and dean while her husband is making less, $493K, for being the president and CEO. Seems kind of fishy. It is possible that the board of directors set his pay and he set his sister's pay.

Have you checked out what Presidents and Provosts are major state public institutions are making lately?

 

[cbrons]

Compared to other schools: (data from 2009, for FY 2008, just a sampling)
PCOM paid their president and CEO $583,359.
TOURO-COM paid their founder $435,844 in base compensation and nearly $5 million in deferred compensation, the year before he died.
TOURO-COM paid their president $578,913
VCOM's president earns $317,4136.
Rosalind Franklin's paid its president $758,235
In 2009, KCUMB's president + CEO earned more than both Feretti's COMBINED at $1,264,353.
Yale's president gets paid $1,530,008
Mt. Sinai School of Medicine has 5 people who earn more than $1 million including one who was paid nearly $4.5 million.

The world of academics can be very lucrative for those in positions of power. At my undergrad institution, with all 5,000 students, our president was paid nearly $700,000.

If you think this violates their non-profit status, you have a lot to learn about the world of education and the tax system.

Couldn't have said it better.

 

[JaggerPlate]

Well, we could always open up some schools later

No joke at all, I really think it's an aspect of the health care game to consider getting in to.

 

[janV88]

I like how people assume that highly paid admin means a school is for profit. It actually implies the opposite in my opinion - "oh, any profit we make has to go back into the school huh ... hmmm, well we've already opened up a PA, OD, Pharm. D., and dental program ... you know who deserves 700k this year - ME!" For profit is a completely different tax status, business model, investment situation, etc, etc.

Frankly, I don't care that these admin types make that kind of money. They've done all the right things and known all the right people to get where they are. Most of the ones I've met are former clinicians who did very interesting and worthy things that paid BAD for a long time to actually start climbing ladders to get to these points. Furthermore, to think it's exclusive to the DO world, new schools, etc, is silly.

It happens everywhere, and two important admins making a million combined at a DO school really doesn't even get into it. Does anyone else remember when the dean of KCUMB was let go a few years back and it was reported that she herself was making 1.2 million a year (ish)????

Bingo.

For profit means the institution is responsible for making their investors money. Non-profit means they aren't responsible for making anyone money. Whatever money they have extra can go straight to bonuses or waste it on useless things.

 

[Buckeye4life]

They are definitely doing things well. For a school to open up in 1992, be criticized constantly on these forums until the not so distant past, and now be ranked in U.S. News and World Report for being one of the best medical schools for primary care...things are firing on all cylinders.

 

[TANSTAAFL]

Firing on all cylinders

or a Faustian pact.

Pretty sure its the latter.

 

[JaggerPlate]

or a Faustian pact.

Pretty sure its the latter.

lol

 

[Veritas_et_Visus]

The Ferretti compensation package includes a lot more than salary. Fringe benefits are $300,000 or more. Not only direct compensation but also the LECOM-ensconched Coffee Culture franchise that the Ferretti's own with operations in the former student center on Peach as well as the school cafeteria.

 

[MSmentor018]

there's no doubt they're doing well. it's a cash cow to have 1 large mothership school then satellite campus somewhere new. ccom, pcom, and touro are doing the same. then to make it PBL so you pay tuition to teach yourself. ingenious! now take the profits and crank out a pharm and dental program to plaster your symbol all over. it's a business stragety that is paying itself in spades. seriously, the ferritti/LECOM is a brand name like any other school you pay into. I went to the bradenton campus. paid my tuition, put in the hours, 7 yrs later I am an attending. I can't say it wouldn't make a diff if it was dr smith running the show. it doesn't trickle down to the student level

I don't know all their bennies but if it's combined 1.2mil then that's not too shabby. at usf the academic dean makes 650,000+ plus state benefits/retirement .it's true that the academic CLINICANS make the least but this is a business they're running and it takes money to make money. plus in medicine no one is really a volunteer. we're all here for something...

I wonder if they have any $$ from harmot or other jointed facilities in erie?

 

[Seth Joo]

there's no doubt they're doing well. it's a cash cow to have 1 large mothership school then satellite campus somewhere new. ccom, pcom, and touro are doing the same. then to make it PBL so you pay tuition to teach yourself. ingenious! now take the profits and crank out a pharm and dental program to plaster your symbol all over. it's a business stragety that is paying itself in spades. seriously, the ferritti/LECOM is a brand name like any other school you pay into. I went to the bradenton campus. paid my tuition, put in the hours, 7 yrs later I am an attending. I can't say it wouldn't make a diff if it was dr smith running the show. it doesn't trickle down to the student level

I don't know all their bennies but if it's combined 1.2mil then that's not too shabby. at usf the academic dean makes 650,000+ plus state benefits/retirement .it's true that the academic CLINICANS make the least but this is a business they're running and it takes money to make money. plus in medicine no one is really a volunteer. we're all here for something...

I wonder if they have any $$ from harmot or other jointed facilities in erie?

The main difference between a for profit and non profit, is that non profit cannot give dividends to shareholders, cannot become a public entity on a stock exchange. That being said, many non profits are actually quite profitable and are run as ruthlessly as for profits.

 

[yoursilencewillnotprotect]

or a Faustian pact.

Pretty sure its the latter.

Agreed