The president of a tiny Massachusetts business school has received more than 10 percent of its budget in compensation in recent years along with lavish perks, including a six-bedroom waterfront house, school-funded travel to the Caribbean, and multiple Mercedes-Benzes, according to a Boston Globe investigation.

Robert J. Gee, who founded the National Graduate School of Quality Management in 1994, was paid more than $730,000 in fiscal 2010, when the institution’s revenues totaled about $7.1-million. The nonprofit institution, based in Falmouth, Mass., has 400 part-time students, who attend classes off-site.

Mr. Gee’s wife received a $100,000 salary from the school, which also pays the mortgage on a Virgin Islands timeshare used by the couple. The president’s current contract, which runs through 2023, offers broad latitude on expense reimbursement and add-ons to his $400,000 base pay, according to tax and organizational records reviewed by the Globe and a supervised team of Northeastern University journalism students.

In an e-mailed statement, Mr. Gee said his compensation was justified because he founded the school and carries a full teaching load. Massachusetts Attorney General Martha Coakley, after reviewing the newspaper’s findings, said Mr. Gee’s wages and benefits “seem excessive” and wrote a letter to the school’s board demanding more information.