Prior to 3/5/2008 the newsclips are available in a PDF archive.
News Clips 11/21/2012
BLOG: Next UF president might get bonuses, other perks
Source: The Gainesville Sun, 11/20/12
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By Nathan Crabbe
The University of Florida’s presidential search committee meets today to discuss the latest on the hunt for the next university leader.
The agenda includes an update on the campus interview process and plans. Committee member Dianna Morgan told the Sun last week that if things go well, candidates might be brought to campus and the next president selected before the end of the fall semester. If not, the plan is waiting until classes resume next month.
A subcommittee on compensation met Monday to discuss the possible terms of the next president’s contract. They include an annual performance bonus for meeting state goals in such areas as the graduation rate and research funding.
“That is a common feature that we’re seeing today in presidential contracts,” said Ray Cotton, an attorney who has worked on the contracts of hundreds of presidents nationally including current UF President Bernie Machen.
Machen was eligible for as much as $285,000 in performance bonuses before his contract was restructured in 2009. The bonuses were replaced with a $75,000 annual contribution to his retirement and hundreds of thousands of dollars in retention bonuses.
His successor’s contract might include a similar “completion payment” that provides a certain amount for every year the person stays at UF. Cotton said other universities have included the payment in presidential contracts, including the University of Michigan paying $100,000 to President Mary Sue Coleman for every year that she stays there.
“I’m not suggesting that number for the University of Florida,” Cotton said. “Your number should be determined by your own board, but it’s just to give you an idea of something that’s being done out there and has been done for years.”
The committee didn’t discuss presidential pay, but a report at a previous meeting by the Mercer consulting firm found an average base salary of about $674,000 among presidents at 11 peer institutions. Total compensation including bonuses and benefits averaged more than $1.1 million.
Machen is paid about $508,000 in annual base salary and benefits, according to a Chronicle of Higher Education survey.
The next president’s contract is being envisioned as a five-year deal that includes a six-month sabbatical at the end. If the president stays longer, the person would be able to instead take the compensation that would have been accrued during the sabbatical as a lump-sum payment.
The deal might also include moving expenses to a temporary home as well as a new president’s home on campus once one is built. Committee members heard a report last month that found the current president’s house, now just used for social functions, is outdated and raised the idea of building a new home on university-owned land.