Form 990 Statement

Dr. Raveché served 22 years as Stevens president, ending on June 30, 2010. All of the elements of his earned compensation reported in the 2010 IRS Form 990 relate to long-standing contractual obligations. His calendar year 2010 contracted compensation consisted of: base salary as president, auto allowance and other contractual employee benefits, severance, consulting payments, and the value of a supplemental retirement benefit earned over his 22 years in service. Dr. Raveche had a supplemental retirement benefit beginning with his appointment as president in 1988. On advice of counsel, it was determined that the proceeds of the supplemental retirement benefit be paid in full upon his retirement. In addition, Stevens accelerated Dr. Raveché's repayment of outstanding loans to the university three years ahead of schedule. Dr. Raveché repaid the university in full on 10/31/2011.

The compensation amounts for Dr. Raveché reported on 2010 IRS Form 990 consist of the following:

Payments made while serving as president (January 1 – June 30, 2010):

  • $315,055 Base salary as president
  • $33,388 Other miscellaneous payments
  • $12,250 University TIAA-CREF contribution
  • $6,241 Nontaxable employer share of medical plan

Payments in connection with the termination of prior contractual arrangements:

  • $102,096 Consulting payments
  • $320,000 Severance

Payments relating to the supplemental retirement benefit earned over 22 years in service:

  • $1,837,578 Amount earned in previous years
  • $35,238 2010 benefit liability change
  • $1,651,222 Accounting adjustment due to accelerating retirement date to June 30, 2010
  • $588,094 Proceeds of an insurance policy payable on retirement or death
  • $4,901,162 Total compensation as reported on 2010 Form 990