Latest news with #Form990
Yahoo
20-05-2025
- Business
- Yahoo
This is how much Harvard University's top earners made, according to tax filings
Larry Bacow, who was president of Harvard University before Claudine Gay and current president Alan Garber, was the top earner at the institution with a total income of close to $3.1 million, according to the most recent tax filings sent to MassLive. Bacow's compensation includes close to $1.4 million base pay with a bonus and incentive payment of $1.4 million and other payments, including from his deferred compensation account upon his retirement. The tax filings, which are called Form 990, are part of a requirement for nonprofits to disclose the highest earners. The most recent filing is for 2023, also called fiscal year 2024. The people with the highest income after Bacow at Harvard were Harvard Business School professors Paul Healy and Herman Leonard, who received close to $2 million. David Malan, a computer science professor, earned close to $1.4 million. Former president Claudine Gay and previous dean of the Faculty of Arts and Sciences earned a total of close to $1.4 million, according to the filings. Her base pay was over $1 million. Gay was the first Black and second female president of Harvard. She began her presidency in July 2023 but resigned after only six months following plagiarism accusations and a Congressional hearing on campus antisemitism amid the war in Gaza. Gay's base salary is close to $350,000 less than what Bacow made in 2023. Her base salary is less than what he earned in the previous two tax filings. However, her base pay is similar to what Bacow earned in 2020 and more than he made in 2019, according to tax filings. Read more: Harvard president claims he is taking 25% pay cut following federal funding cuts Current president Alan Garber, who was formerly the university's provost in 2023, earned $1.2 million — $922,068 base, plus other compensation of $242,968. Four other faculty and administrators earned over $1 million in total compensation in 2023. Lawrence S. Bacow, former Harvard University President: $3,080,733 Paul M. Healy, Harvard Business School Professor: $1,972,836 Herman B. Leonard, Harvard Business School Professor: $1,889,946 David J. Malan, Computer Science Professor: $1,369,936 Claudine Gay, former Harvard University President and Faculty of Arts and Sciences Dean: $1,362,955 Alan M. Garber, former Harvard University Provost, current Harvard University President: $1,165,036 Srikant M. Datar, Dean of Harvard Business School: $1,140,102 Linda Hill, Harvard Business School Professor: $1,047,648 Diane Lopez, former Vice President of the Office of General Counsel: $1,045,813 George Q. Daley, Harvard Medical School Dean: $1,013,063 These numbers include their total income, which is their base pay in addition to other payments such as bonuses and retirement contributions. The tax filings of Harvard officials come after President Alan Garber claims that he is taking a voluntary 25% pay cut as the institution faces nearly $3 billion in federal funding cuts by the Trump administration. Harvard University is also barred from acquiring new federal grants, according to the federal administration. The federal government pointed to 'pervasive race discrimination and anti-Semitic harassment' as continuing reasons for cutting federal funding. Harvard announced in March a pause on hiring, which included schools and administrative units to 'scrutinize discretionary and non-salary spending, reassess the scope and timing of capital renewal projects, and conduct a rigorous review of any new multi-year commitments.' A month later, the schools and units in the central administration announced that non-union faculty and staff wouldn't be receiving merit pay increases for the upcoming fiscal year and there would be pauses on non-essential capital projects and spending. 'Harvard's campus, once a symbol of academic prestige, has become a breeding ground for virtue signaling and discrimination. This is not leadership; it is cowardice. And it's not academic freedom; it's institutional disenfranchisement. There is a dark problem on Harvard's campus, and by prioritizing appeasement over accountability, institutional leaders have forfeited the school's claim to taxpayer support,' the Joint Task Force to Combat Anti-Semitism said. Garber wrote in a letter to U.S. Secretary of Education Linda McMahon that they share the same 'common ground,' but the university 'will not surrender its core, legally-protected principles out of fear.' Garber pushed back on the administration through a lawsuit in April. The institution argues that its constitutional rights had been violated by the government's threats to pull billions of dollars in funding if the school didn't comply with demands for an overhaul. Following the $450 million announced cuts, the university amended its lawsuit. 'No government — regardless of which party is in power — should dictate what private universities can teach, whom they can admit and hire, and which areas of study and inquiry they can pursue,' the suit reads. Billionaire speaker gives Mass. graduates unexpected gift at ceremony Trump administration continues 'unraveling' Harvard as it cancels wave of grants University system of Northeast state recommends closing a third of its campuses 6 Mass. schools are under federal investigation for antisemitism. What are the claims? New Trump investigation accuses Harvard of admissions fraud Read the original article on MassLive. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Boston Globe
15-05-2025
- Business
- Boston Globe
Former Harvard president Claudine Gay's base salary was 30 percent less than her predecessor's, records show
Advertisement Gay, the The Internal Revenue Service requires nonprofit entities to submit an annual tax filing called a Form 990, which discloses compensation for the university's highest-paid officers and faculty members. The document represents fiscal year 2024, but compensation reported covers the 2023 calendar year. Harvard Business School professors Paul Healy and Herman Leonard were the top earners in 2023 at Harvard after Bacow, due to the school's voluntary retirement incentive plan for eligible faculty. Both received about $2 million. Advertisement Computer scientist David Malan also earned slightly more than Gay in 2023; about $1.4 million. Harvard Management Company, which manages the university's $53.2 billion endowment, also filed its annual tax filing Thursday. The university's portfolio of private equity, hedge funds, real estate, and other investments gained 9.6 percent in the fiscal year that ended June 30, surpassing Harvard's long-term return target of 8 percent. Nirmal P. Narvekar, president and CEO of the Management Company, took home about $6.2 million. Chief investment officer Richard W. Slocum and treasurer Sanjeev Daga each earned about $5 million. Alan Garber, Harvard's president, was the university's provost in 2023; he earned $1.2 million that year. On Wednesday, the university said Garber would take a Garber also took a 25 percent pay cut during the COVID-19 pandemic when the school was facing budget shortfalls. Bacow and other college leaders also agreed to reduced pay at that time. Hilary Burns can be reached at
Yahoo
13-05-2025
- Business
- Yahoo
Tomorrow Marks Major Tax-Exempt Deadline: ExpressExtension Helps Nonprofits File Form 8868 to Extend 990 Series Deadlines
Tax-exempt organizations can quickly file Form 8868 through ExpressExtension by May 15 to get an automatic six-month extension and avoid IRS penalties. ROCK HILL, SC / / May 13, 2025 / Tax-exempt organizations facing the May 15 IRS Form 990 deadline still have time to request an automatic extension by filing Form 8868. ExpressExtension, an IRS-authorized e-file provider, offers a fast and reliable way to file Form 8868 online and receive an additional six months to file key returns such as Form 990, 990-EZ, 990-PF, and 1041-A. Organizations that are not ready to file their original returns must submit an extension by midnight on May 15 to avoid penalties and maintain good standing with the IRS. While the extension grants more time to file, it does not extend the deadline to pay any taxes due. Who Can File Form 8868? Exempt organizations that need more time to file their Form 990, 990-EZ, or 990-T. Private foundations that file Form 990-PF or 990-T. Trustees of charitable trusts filing Form 1041-A ExpressExtension: A Trusted Solution for IRS Extension E-Filing ExpressExtension streamlines Form 8868 filing process, allowing tax-exempt organizations to complete and transmit extension requests in just minutes. Key features include: Quick, Guided Filing - A user-friendly platform to complete extensions with ease Copy Data from Previous Returns - Speeds up the process by reducing manual entry AI-Powered Help - On-screen assistance every step of the way Live U.S.-Based Support - Available by phone, email, or chat Exclusive Features Designed for Tax Professionals and High-Volume Filers ExpressExtension offers exclusive pro features designed to meet the needs of tax professionals and high-volume filers. Bulk Filing Capabilities: Tax professionals and other high-volume filers can save time by filing multiple extension requests simultaneously. Flexible Data Import: ExpressExtension offers customizable Excel templates to upload a large volume of client filing data with minimal effort. Efficient Client Management: A centralized dashboard helps tax professionals keep all client data organized and accessible. Volume-Based Pricing: ExpressExtension offers volume-based pricing options that enable high-volume filers to save more as they file more forms. To meet the May 15 deadline, tax-exempt filers are encouraged to submit Form 8868 electronically through before tomorrow. About ExpressExtension ExpressExtension is the one-stop solution for IRS Tax Extensions. As an IRS-authorized, SOC-2 Certified e-file provider, ExpressExtension has been helping businesses, individuals, and non-profit organizations to obtain IRS extensions for over a decade. Supported forms include Form 7004, 4868, 8868, and 8809. About SPAN Enterprises Headquartered in Rock Hill, South Carolina, SPAN has been developing industry-leading software solutions for e-filing and business management tools for over a decade. The SPAN Enterprises Portfolio of products includes TaxBandits, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics. Please direct all media inquiries to Caleb Flachman, Marketing Manager, at caleb@ SOURCE: ExpressExtension View the original press release on ACCESS Newswire
New York Post
13-05-2025
- Business
- New York Post
Judge who ruled against Trump funding freeze has ties to taxpayer-funded homeless org
A Rhode Island federal judge who blocked President Trump's sweeping freeze on federal assistance earlier this year has been slapped with a complaint from a conservative legal group alleging that he could benefit from his decision. Providence US District Judge John McConnell sat on the board of Crossroads Rhode Island, a homeless services provider that has benefited from federal assistance, from 2006 to at least 2023, the nonprofit's tax records show. Between 2011 and 2021, the judge served as the board's chairman. America First Legal, which began digging into McConnell's past after he issued a preliminary injunction halting Trump's freeze earlier this year, argued in a complaint filed to the Boston-based 1st Circuit Court of Appeals that the judge's ties to Crossroads pose a conflict of interest. The Trump-aligned legal group is pleading with the appeals court to 'take all appropriate action to resolve these issues.' 4 US District Judge John McConnell was hit by a conflict of interest complaint Tuesday. US District Court RI 4 President Trump and Elon Musk have endeavored to slash government waste and bloat. Getty Images 'Despite his long-time entanglement with this federally funded organization, Judge McConnell did not recuse himself,' America First Legal wrote in a 13-page complaint obtained by The Post. 'His failure to do so may violate federal law and judicial canons of ethics, raises profound concerns about Judge McConnell's judgment as an officer of the court, and his fitness for the bench.' A spokesperson for Crossroads and McConnell told The Post that the judge left the organization's board in May 2024. Since 2010, Crossroads has taken in at least $15.4 million in federal grants from the Department of Housing and Urban Development, including at least $2.2 million this year alone, according to public records cited in the complaint. Over the last 12 years, Crossroads has received at least $18.7 million from state and local grants, including at least $4.5 million this year. In 2023, government funding accounted for roughly 64.7% of Crossroads' roughly $28.78 million in revenue, according to numbers calculated from its Form 990 tax document. Overall, America First Legal claims that Crossroads has reaped $128 million in government cash during McConnell's tenure on its board. The Post was not able to independently verify that sum. A spokesperson for McConnell declined to comment on the complaint. 4 Crossroads Rhode Island has received millions of dollars from the feds over the years. Crossroads Rhode Island America First Legal pointed to judicial canons that warn 'a judge's obligation under this Code and the judge's obligation as a fiduciary may come into conflict.' McConnell has been criticized by allies of the president over his ruling. Back in January, the Office of Personnel Management issued a controversial and since-rescinded memo calling for a pause on certain types of 'federal financial assistance' while permitting exemptions on a 'case-by-case basis.' Officials claimed that the freeze would not impact Medicare, Medicaid or Social Security and that the halt was merely intended to give the Trump administration time to parse through federal outlays. Days after issuing the memo, Trump's budget team rescinded it, but White House press secretary Karoline Leavitt clarified that pulling back the memo did not lead to 'rescission of the federal funding freeze.' As a result, a group of 23 states and the District of Columbia forged ahead with a lawsuit against the Trump administration. The state of Rhode Island, which provided funding to Crossroads, was among the two dozen plaintiffs in the lawsuit. McConnell, an Obama-appointed judge, issued a temporary injunction on the freeze in January and determined a month last that OPM had not fully complied with his order to free up all the funding. At the time, McConnell held that the 'extraordinary and drastic remedy' was necessary because 'the States rely on federal funds to provide and maintain vital programs and services.' 4 President Trump's legal team is fighting in court to reverse the order blocking the funding freeze for federal aid. AP In March, the judge went a step further and issued an indefinite preliminary injunction against the Trump administration while litigation over the attempted pause on federal assistance played out. 'The executive's categorical freeze of appropriated and obligated funds fundamentally undermines the distinct constitutional roles of each branch of our government,' McConnell wrote in his order at the time. 'The interaction of the three co-equal branches of government is an intricate, delicate, and sophisticated balance — but it is crucial to our form of constitutional governance. Here, the executive put itself above Congress.' Last month, the Trump administration revealed in court documents that it was appealing McConnell's order. 'While a careful analysis of judicial decisions is always warranted, it should avoid ad hominem partisanship and sensationalist rhetoric that are favored on the internet and in television soundbites,' Rhode Island Bar Association President Christopher Gontarz said in a statement earlier this year defending the judge. 'Judge McConnell is a well-respected jurist. The Rhode Island Bar Association stands firmly in support of Judge McConnell.' Separately, the Trump administration is working to defang the lower courts' ability to issue broad, sweeping national injunctions against the president's actions. Later this month, the Supreme Court will hear oral arguments in the Trump administration's bid to quash injunctions against the president's executive order ending birthright citizenship. That case is expected to test the power lower courts have to issue nationwide pauses on presidential actions.
Yahoo
12-05-2025
- Business
- Yahoo
The Biggest Form 990 Deadline of the Year (May 15) is Here: Tax990 Delivers Stress-Free Last-Minute Filing for Nonprofits
With the May 15 deadline approaching, Tax990 offers nonprofits fast, reliable filing solutions and expert support to ensure timely, accurate Form 990 submissions. ROCK HILL, SC / / May 12, 2025 / As the May 15 deadline approaches, thousands of nonprofit organizations across the country are making their final preparations to file Form 990. Tax990, an IRS-authorized e-file provider, supports organizations during this crucial period with reliable, last-minute filing options and dedicated support to ensure compliance and peace of mind. Who needs to file by May 15? Tax-exempt organizations that operate on a calendar year, from January 1 through December 31, must file their annual tax return with the IRS by May 15, 2025. This includes most public charities, private foundations, and other tax-exempt entities. Forms due, penalties, and extensions The May 15 deadline applies to a range of forms, including: Form 990-N (e-Postcard): For small nonprofits with gross receipts of $50,000 or less. Form 990-EZ: For nonprofits with gross receipts under $200,000 and total assets under $500,000. Form 990: Required for organizations with gross receipts of $200,000 or more or total assets of $500,000 or more. Form 990-PF: Filed by all private foundations. Form 990-T: Required for any exempt organization with $1,000 or more in gross income from unrelated business activities. CA Form 199: This applies to California nonprofits that obtained tax-exempt status from the Franchise Tax Board (FTB). Failing to file on time can result in daily penalties, and organizations that don't file for three consecutive years risk automatic revocation of their tax-exempt status. For nonprofits that need additional time, Form 8868 provides an automatic 6-month extension. The Tax990 Commitment Tax990 is dedicated to making nonprofit tax filing as simple and stress-free as possible through intuitive features, clear instructions, and expert support, backed by the Tax990 Commitment. Tax990 does everything in its power to ensure each 990 return gets approved by the IRS, which includes: Complimentary Extension Requests: If an organization needs more time, they can pay for their 990 upfront and file an 8868 at no additional charge and get an instant 6-month extension. Retransmit Rejected Returns: If the IRS rejects a return due to an error, Tax990 allows clients to fix the issue and retransmit at no added cost. No-Cost Amendments: If errors are discovered after IRS acceptance, clients can file up to 3 amendments at no additional charge. Money-Back Guarantee: If a return is rejected as a duplicate or cannot be fixed and retransmitted, Tax990 provides a full refund. Built for fast, accurate filing Tax990 goes beyond compliance-it's designed for convenience. With features built specifically for nonprofits, the platform enables faster preparation and greater accuracy: Option to Copy Data from Previous Returns - Even if last year's return was filed elsewhere. Easy Form Preparation - Form-based and interview-based filing options with a guided filing experience and on-screen tips. Free Schedules - Based on the data entered on the main form, Tax990 automatically includes the necessary 990 Schedules at no extra cost. Internal Audit Check - The Tax990 system incorporates built-in validations to catch common errors before submission. World-Class Customer Support - Based in the U.S. and ready to help via chat, email, or phone. AI Chatbot Assistance - Available 24/7 to answer common filing questions in real-time. With the May 15 filing deadline this week, Tax990 can help nonprofits navigate the season with confidence. Those required to file Form 990 can create a free account and get started at About Tax990 Tax990 is the premier, IRS-authorized e-file provider of nonprofit tax forms. Tax990 provides solutions for nonprofits that are required to file Form 990-N, 990-EZ, 990, 990-PF, 990-T, CA Form 199, 8868, 1120-POL, and 8038-CP with the IRS. With advanced features and affordable pricing, the goal of Tax990 is to help nonprofits file easily, so they can keep doing good. About SPAN Enterprises Based in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software solutions for IRS e-filing and business management tools for over a decade. The SPAN Enterprises portfolio of products includes TaxBandits, Tax990, ACAwise, ExpressExtension, and more. For all media inquiries, please contact Caleb Flachman, Marketing Manager, at Caleb@ SOURCE: Tax990 View the original press release on ACCESS Newswire Sign in to access your portfolio
