The story of the nonprofit CEO who solicits charity while raking in a giant salary is, by now, becoming a Central Florida cliché.
There was NorthStar High School in
Then there was Anne Chinoda of
Now another nonprofit is earning recognition for a top earner.
Most people know Sanford-Burnham as one of the anchors of the Medical City project at
It was an investment in Orlando's attempt to become a biotechnology hub — and, apparently, also an investment in the institute's high-priced talent.
Reed, who lives in Southern California and oversees both the Orlando and La Jolla campuses, is No. 1 among 20 research-institute leaders ranked according to salary by Genetic Engineering & Biotechnology News.
Reed's total compensation grew 68 percent from 2008 to 2010, the most recent figures available. During that time, his base pay increased from $573,793 to $633,542. His bonus and incentive pay jumped from $116,912 to $313,000. The rest of his compensation includes payments to his retirement fund and other benefits.
A Sanford-Burnham spokeswoman said that, under Reed's leadership during the past decade, the institute has expanded from 500 to more than 1,200 employees, including 850 scientists. And revenue from the
"Sanford-Burnham competes with prestigious universities, medical institutes, research hospitals, life sciences companies and other research organizations to attract and retain top talent," spokeswoman Deborah Robison said in an email. "Dr. Reed resides in Southern California, a highly competitive and talent-rich region for medical research."
Even so, Reed earns more than the CEOs of five other institutes on the list with far higher revenues than Sanford-Burnham, and that are also in La Jolla or other expensive markets such as Boston and Seattle.
Scripps reported $424 million in revenue in 2010, compared with Sanford-Burnham's $163 million.
Reed, one of the nation's leading cancer researchers, has received accolades for his work.
And he certainly has a knack for wringing dollars out of local governments at a time when federal-research-grant money is drying up. The state gave Sanford-Burnham an additional $3 million this year.
There's nothing wrong with earning a big salary. But nonprofits that make their executives millionaires lose some of their standing when they consistently have their hand out for more of the public's dollars.