USC filed its 990 form for the 2024 fiscal year on May 14, revealing the compensation of the University’s highest-paid employees, including football Head Coach Lincoln Riley, who led the pack with a roughly $11.5 million total compensation. 

Riley, as well as other highly paid employees like Athletic Director Jennifer Cohen and Provost Andrew Guzman, also received significant housing loans from the University. Cohen, who earned roughly $3 million in the fiscal year, had the greatest outstanding housing loan of $3.8 million, while Riley received a $3.4 million loan. 

Three other individuals received north of $4 million from the University in 2024, at-the-time men’s basketball Head Coach Andy Enfield with over $4.6 million; former football Head Coach Clay Helton with roughly $4.3 million, as part of his separation agreement; as well as President Carol Folt with just over $4 million. 

Seventeen individuals received an over $1 million from the University, nine of whom earned above $2 million. The average base salary for the 25 highest-earners was roughly $2.3 million, with a median of roughly $1.3 million. In total, the top 25 earners received just upward of $57 million from the University.

Howard Bunsis, a professor of accounting at Eastern Michigan University, said these salaries are “off the charts.” In March, Bunsis presented a report to USC’s chapter of the American Association of University Professors, which said the University was “overly pessimistic” about its finances and in a “very strong financial position.” The University has implemented budget cuts, a staff hiring freeze and restricted faculty hiring.

“My take on all this is simple. These salaries are extremely high for higher education,” Bunsis said in an interview with the Daily Trojan. “[It is] unbelievable how many people get paid seven-figure salaries at USC.”

In a statement to the Daily Trojan, the University wrote that the Board of Trustees’ Compensation Committee determines executive salaries based on a “rigorous” process that includes experience and performance evaluations. 

Of the 25 highest-paid individuals listed, 22 were white, two were Asian American and one was African American. Eight were women. 

Although Riley saw a decrease of $8 million in his overall compensation from the 2023 fiscal year, his base salary increased by around 2.4%. Of what he was paid in 2023, around $9 million was used as part of his buyout obligations from the University of Oklahoma.

While Helton no longer worked at USC at the time of the tax filings, the roughly $4.3 million was awarded as part of his resignation and separation agreement, signed in 2021. 

Folt also saw a significant change in compensation with an increase of roughly 9% — more than $300,000. While her base salary rose by almost $200,000, the president also participated in two retention plans — monetary incentives for remaining in her position at the University. 

Folt’s first plan began in 2021, with a payment of $2 million, and was scheduled to be paid in full by March 2025. An accrual — money earned but not yet paid — of $666,667 was also included in her total compensation. Under the second plan, Folt was entitled to 10% of her base salary and bonus, an accrual of $252,000. 

Three Keck School of Medicine employees made the list of the top ten highest-paid in 2024. Dr. Louis VanderMolen, professor of clinical medicine, and Dr. Vaughn Starnes, chair of the Department of Surgery and surgeon-in-chief at USC Norris Cancer and Keck Hospital of USC, led the group. Both earned more than $3.8 million, while CEO of Keck Medicine Rodney Hanners received roughly $2.3 million.

Besides Folt, many of the highest-paid executives participated in retention programs, gaining significant amounts of money as a result of remaining for a certain amount of time in the position. Bunsis said universities will offer retention programs because they see it as a necessity to attract employees.

USC also paid more than $18.5 million to Deloitte Consulting LLP for consulting services on its finances. Deloitte CEO and USC alum, Joseph Ucuzoglu, joined the Board of Trustees last year and is listed as a key employee in the 990 form.

The University had a total revenue of roughly $5.6 billion, with over $2.5 billion coming from tuition and around $1.3 billion from government grants, contributions and gifts. The total expenses was $5.5 billion, leaving a profit of $37 million.

On top of high-level executives who are paid seven figures, Bunsis said universities hire financial consultants to help with expansion plans.

“These universities cry poverty,” Bunsis said. “You really think USC is in financial trouble if they’re writing an $18 million check for a consultant? Oh my God, no, they’re not.”