Letter: Clarifying the “bonus”

Re: “Let’s be fair about Levin’s bonus” (Oct. 12): Ken Hershey’s op-ed piece in Tuesday’s Yale Daily News reviewed President Levin’s achievement in advancing Yale on many fronts in recent years, tying his commentary to the reports of a purported $350,000 bonus paid to President Levin in the last year. I want to correct the record.

The inference about Mr. Levin’s “bonus” may have arisen from a misinterpretation of the University’s most recently filed tax return. That return covers compensation for President Levin in the calendar year 2008, reflecting decisions taken by the Yale Corporation before the financial crisis. By far the largest portion of a $350,000 increase in the total amount reported over the previous year was the consequence of new IRS instructions to quantify for the first time a previously set, non-vested retirement benefit. In each of the two fiscal years that began after the economic downturn, President Levin’s salary has remained frozen along with those of the other officers, deans and directors.

Tom Conroy

Oct. 14

The writer is the University press secretary.

Comments

  • RexMottram08

    Quite insane how far reaching the IRS is.