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College President's Pay

By Townie 76

Copied from today's Richmond Times Dispatch, on Virginia College President's Salaries. Given what he has accomplished, I have to believe that General Peay is not being paid enough, however I also admire him and the Board of Visitors for not succumbing to the failed ideology that bigger pay is better. I would like to hear the thoughts of those out there on this subject.

U.Va. and Tech presidents’ salaries are in top 10 nationally
John T. Casteen III, University of Virginia President (left); Charles W. Steger, Virginia Tech President (right).
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COLLEGE PRESIDENTS’ PAY:
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Complete list from The Chronicle of Higher Education
By Published: January 18, 2010 Updated: January 18, 2010
Karin Kapsidelis
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http://www2.timesdispatch.com/rtd/news/local/education/article/PRES18_20100117-222606/318357/ Page 1 of 4
U.Va. and Tech presidents' salaries are in top 10 nationally | Richmond Times-Dispatch 1/18/10 7:55 AM
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The salaries of two Virginia university presidents are ranked in the top 10 nationally in a survey that found that steep, pre-recession pay increases at public schools finally have slowed.

University of Virginia President John T. Casteen III, whose compensation totals $797,048, ranks fourth, and Virginia Tech President Charles W. Steger is eighth with a pay package of $732,064, according to a survey released today by The Chronicle of Higher Education.

The survey found the median total compensation was $436,111 in 2008-2009, a 2.3 percent increase over the year before. In the previous four years, compensation -- which includes pay plus benefits -- had risen 7.6 percent to 18.9 percent.

Casteen's pay is unchanged from last year, but Steger's total salary rose by $12,172, reflecting an increase in his deferred compensation.

Salaries for Virginia state employees have been frozen for two years and are not expected to be increased in the next budget as the General Assembly faces a revenue shortfall projected to hit $4.2 billion by 2012.

But the by their state's public colleges and universities can supplement presidential salaries with private funds raised foundations.

That sort of supplementation is not unusual, Chronicle editor Jeffrey J. Selingo said.
He said executive compensation packages are becoming more complex, reflecting the corporate makeup of governing boards, with contract terms that are increasingly difficult to navigate.

Christopher Newport University President Paul S. Trible Jr.'s compensation package was not included in the Chronicle survey, but it reflects that complexity.

The former senator's annual salary is $451,475, of which $130,805 is from state funds and $320,670 is from CNU Real Estate Foundation funds. That amount includes a $100,000 payment approved by the board of visitors in July.

Rector Jay Joseph said the supplement was not a salary increase but a replacement for deferred compensation necessitated by a change in tax laws. The annual payment is an "earned retention agreement" that is actually a disadvantage for Trible because of its tax consequences, he said.
All the presidents of the state's four-year schools receive private supplementation that in most cases more than double their salaries.

Virginia Military Institute Superintendent J.H. Binford Peay III receives a $197,703 foundation supplement that brings his total salary to $340,000. He also is entitled to a bonus of 30 percent of that total, which he chose to defer this year, said spokesman Stewart D. MacInnis.

VMI was not among the 185 public universities and community colleges in the annual Chronicle survey, which reviewed salaries as of June 30.

Former Virginia Commonwealth University President Eugene Trani's total compensation of $549,846 was included, and it's lower than the pay for his successor. Michael Rao earns an annual salary of $488,500, of which $176,113 is from state funds, plus $66,500 in deferred compensation and a $60,000 housing allowance. He also was given a signing bonus of $275,000.

Casteen, who will retire Aug. 1, has consistently ranked among the top earners nationally -- just as U.Va. has been at the top of academic standings. Casteen's successor will earn about $100,000 less. Teresa A. Sullivan, provost at the University of Michigan, will receive an annual compensation of $680,000.

The state budget bill sets annual salaries for presidents of public schools but allows boards of visitors to supplement the pay at "a reasonable limit." Supplemental pay is to be reported to the Department of Human Resource Management.

Not all fringe benefits are recorded by the state, however. George Mason University President Alan G. Merten's salary is recorded at $404,000, which includes the state contribution of $148,307.
His total compensation, according to the Chronicle report, is $534,000 and includes a $130,000 annual bonus. But that's a decrease over last year's survey, which listed his package's value at $564,770.
Old Dominion University President John R. Broderick's base salary is $312,000, including $157,883 from the state. He also receives other benefits that bring his total package to $396,000, according to the Chronicle.

Despite the stagnating of salary increases nationwide, Selingo said he expects presidential pay will remain an issue among lawmakers and parents concerned about rising tuition costs.

For fiscal 2009, base salaries stopped growing for a third of the presidents in the survey, and 10 percent saw a decline. Some chose to give back part of their pay, including the top-paid president.
The Chronicle said Ohio State University President E. Gordon Gee, who earns $1.57 million, is the only head of a public institution making more than $1 million.

Contact Karin Kapsidelis at (804) 649-6119 or .

January 18, 2010 04:56 AM VMI

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Comments

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Alena · January 29, 2010 09:37 PM