- The New Faculty of Florida’s trustee board on Thursday accredited plans to offer as much as $1.5 million in whole compensation to its subsequent everlasting chief, probably making the place one of many highest paid presidencies at a Florida public establishment.
- The 11-2 vote gave trustees a spread with which to barter, with the decrease finish beginning at a $487,110 base wage and $893,641 in whole compensation, which incorporates bonuses, retirement contributions, and housing and car allowances. The higher finish of the vary features a base wage as excessive as $867,777.
- Though New Faculty is a public liberal arts establishment, the peer establishments trustees benchmarked it in opposition to are largely non-public nonprofits. A listing of 13 comparable faculties used to compile the vary contains Hillsdale Faculty, a Christian faculty in Michigan, and Bethune-Cookman College, a personal traditionally Black faculty in Florida.
Florida Gov. Ron DeSantis, a Republican challenger within the 2024 presidential election, has been trying to align the state’s public increased schooling together with his political ideas. A part of this plan contains overhauling New Faculty, beforehand a liberal haven, right into a bastion of conservative beliefs.
Earlier this 12 months, DeSantis eliminated six of the New Faculty’s 13 trustees and appointed conservative allies to interchange them. That board then ousted the school’s president, Patricia Okker, and changed her on an interim foundation with Richard Corcoran, the state’s former schooling commissioner.
New Faculty’s presidential search committee contracted with consulting firm Mercer to develop a compensation vary. Mercer assembled a gaggle of 13 peer establishments, all of which have considerably increased enrollment than the roughly 675-student New Faculty, in accordance with a presentation supplied to the board.
A few of New Faculty’s trustees argued that the compensation vary was too excessive. Additionally they pushed again in opposition to a number of the establishments that have been chosen as friends, akin to Excessive Level College. The president of Excessive Level, which is affiliated with the United Methodist Church, has a complete compensation bundle of $2.1 million and a base wage of $828,639, in accordance with the presentation.
Trustee Grace Keenan, the president of the New Faculty’s pupil authorities, famous that the compensation of Excessive Level’s president threw off the urged compensation vary.
“I’d be very to see the place we’d find yourself with out that,” Keenan mentioned throughout the Thursday assembly.
The peer group is large ranging, from different Florida faculties just like the greater than 9,000-student College of Tampa to extremely selective faculties like Grinnell Faculty, an Iowa establishment with a roughly $2 billion endowment. In distinction, New Faculty has only a $44 million endowment.
The urged vary would supply New Faculty’s subsequent chief with whole compensation between roughly $894,000 and simply over $1.5 million.
As compared, the interim president’s whole potential compensation is as excessive as roughly $1 million, together with a base wage of $699,000. He additionally receives as much as a 15% annual efficiency bonus, housing and auto allowances, and retirement advantages. In the meantime, the earlier New Faculty president had a base wage of $305,000, in accordance with the Sarasota Herald-Tribune.
Nevertheless, a number of trustees burdened that increased compensation could be wanted to draw candidates who could be as much as the duty of reworking New Faculty, in addition to these coming from the non-public sector.
It’s time for New Faculty to benchmark in opposition to the promote it desires to compete in, mentioned Trustee Mary Ruiz.
If the brand new president receives whole compensation on the higher finish of the urged vary, they might change into the very best paid chief of a public Florida college, in accordance with the presentation.
Ben Sasse, president of College of Florida, is at the moment the very best paid chief, with whole compensation reaching practically $1.4 million, in accordance with Mercer’s findings. The following highest paid is Rhea Regulation, president of College of South Florida, whose whole compensation exceeds $1 million.
To date, round 60 candidates have utilized to the place, Trustee Matthew Spalding mentioned throughout the assembly.