This year's annual report presents findings from the AAUP's Faculty Compensation Survey just over a year after the World Health Organization and the US government declared an end to the COVID-19 pandemic emergency. The report documents salaries and fringe benefits for both full- and part-time faculty members, as well as salaries for senior administrators. The report also documents the ongoing shift in the makeup of the academic workforce from mostly full-time tenured or tenure-track faculty members to mostly faculty members holding contingent appointments that are ineligible for tenure. Finally, the report describes key financial trends in US higher education, with a focus on structural shifts occurring as institutions continue to take on long-term debt to handle greater amounts of noninstructional expenses.