CEO of RI Nonprofit Overseeing 45 Employees Makes $1.1 Million

Tuesday, April 06, 2021

GoLocalProv News Team

 

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Neil Steinberg's salary has increased more than 250% in past decade.

On Sunday night, CBS’ 60 Minutes featured Darren Walker, the President of the Ford Foundation, a $14 billion international social justice philanthropy.

Walker is considered one of America’s most influential change-makers. His foundation provides more than $500 million a year in funding.

According to 60 Minutes, Walker earns “nearly $1 million annually.”

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SEE PORTION OF THE WALKER INTERVIEW BELOW

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Ford Foundation's Walker oversees $14B

Under Walker’s leadership, "The Ford Foundation became the first non-profit in US history to issue a $1 billion designated social bond in US capital markets for proceeds to strengthen and stabilize non-profit organizations in the wake of COVID-19," states the foundation.

In Providence, the Rhode Island Foundation's Neil Steinberg oversees a comparatively small staff and the foundation he leads is a small fraction of the size of the Ford Foundation -- and he receives $1.1 million in total compensation according to the Foundation's most recent tax documents for the year 2019 filed by the non-profit. The previous year, Steinberg received $812,112.

There are approximately 1,100 community foundations across the country. 

His compensation is unmatched for a foundation of its size.

 

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Steinberg's total comp in 2019 topped $1.1 million SOURCE: RI Foundation's 990

 

The head of Boston’s largest foundation — the Barr Foundation’s President and CEO James Canales — receives total compensation of just over $625,000. Canales receives a salary of $579,502 and $45,992 in employee benefits contribution.

The Barr Foundation has more than $1.8 billion in assets — 63% more than the Rhode Island Foundation. The Barr Foundation, according to a series of press releases, has provided $80 million in grants in the past 12 months.

 

Steinberg Compensation Has Increased More Than 250% in a Decade

According to Chris Barnett, the spokesperson for the RI Foundation, “Forty-five people work at the Foundation.” 

Steinberg is a former banker at Fleet Bank which was acquired by Bank of America in 2004. He served as the President of Fleet Bank RI. After leaving the bank he worked for Brown University in development and then took over as head of the RI Foundation in 2008 — his bio says he serves on the board of trustees of the Greater Providence Chamber of Commerce and the Rhode Island Commodores.

But in his role at the RI Foundation, he does not manage the nonprofit's assets. According to Barnett, “The Foundation’s Board of Directors has responsibility for investment management, assisted by the Investment Committee, the Chief Financial Officer and Prime Buchholz & Associates, an independent, nationally recognized investment consultant.” Steinberg is a member of the board.

Over the past 11 years, Steinberg's compensation has grown by more than 250%. When he started his salary was $257,449 and he received in other compensation of $51,784 for a total of $309,223.  

 

Steinberg Receives $850,000 More Than #2 Exec at Foundation.

In 2009, Steinberg's total compensation was approximately $100,000 more than the second-highest compensated executive at the Foundation. Carol Grant, then the Executive Vice President received $207,808 in total compensation.  In the most recently reported year, the difference between Steinberg's compensation and the second-highest-paid executive has grown by 750%. 

In 2019, the second-highest compensated executive at the RI Foundation received $252,278. Jessica David, Executive Vice President for Strategy receives $850,000 less than Steinberg. David is no longer with the Foundation.

 

Other Non-Profit Salaries

Outside of hospital and college compensation, GoLocal could not find any nonprofit comp package in Rhode Island close to Steinberg’s salary and total compensation. 

RI Community Food Bank’s CEO Andrew Schiff who oversees the distribution of approximately 13.8 million pounds of food per year to families in need receives an annual total compensation of $221,000 — one-fifth of Steinberg’s compensation.

Today in Rhode Island the only college or university president who receives compensation that is similar to Steinberg's is Brown University's Christina Paxson. She received total compensation of $1,147,790 according to the Chronicle of Higher Education's recent report on March 25, 2021. But, Paxson took a 20% voluntary pay reduction over the past year due to the coronavirus.

 

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Mary Wall Brooks, Chair of the Board

The RI Foundation's Explanation

Polly Brooks Wall, who chairs the Foundation’s board of directors said in a statement to GoLocal, “Neil’s work at the Foundation has been remarkable. The results speak for themselves: year after year of record-breaking fundraising, grant-making to nonprofits and inspiring civic leadership."

Other Board members did not respond to questions about the level of compensation or the difference between Steinberg's salary and benefits and employees or peers. GoLocal left phone and email messages for five members of the board.

"Years ago, the board of directors determined that Neil’s leadership was a crucial component of the Foundation’s long-term plan, and so implemented a deferred compensation plan that would reward him for continued success at the Foundation. The benefit of deferred compensation is accruing over many years, and will eventually be distributed. This has clearly turned out to be one of the best decisions the board has ever made,” said Brooks Wall, a former executive at the Royal Bank of Scotland.

According to Barnett, deferred compensation is a significant portion of Steinberg's total compensation. Barnett did not respond to questions about why other members of the senior staff do not receive similar compensation or why Steinberg's overall compensation is so much higher than similar or larger foundations.

Walker has been named to Time magazine's annual 100 Most Influential People, Rolling Stone’s 25 People Shaping the Future, Fast Company’s Most Creative People in Business, Ebony's Power 100, and Out magazine’s Power 50.

 

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