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In 2011, Chicago's Mr. Zimmer earned $1,113 for every $1-million of expenses by the university. The median pay for private-college presidents relative to budget was $5,466 per $1-million of expenses.

Drew Gilpin Faust, president of Harvard University, is one of the least-well-compensated presidents relative to budget. With $899,734 in total compensation for 2011, Ms. Faust earned $230 for every $1-million of expenditures at Harvard, where the budget was $3.9-billion. While she leads one of the nation's most-prestigious institutions, Ms. Faust is not even among the 50 highest-paid presidents in the country.