Presidents of public colleges and universities generally receive relatively lower salaries than their peers at private institutions, but many are seeing increases in their compensation packages as the number of presidents earning over $500,000 is continually increasing, according to an annual survey performed by The Chronicle of Higher Education.
The survey data, which was compiled from the responses of 139 public research institutions and public-college systems, found that 23 of the 139 leaders were expected to make over $500,000 this year, compared to 17 last year.
The median payment received by public-institution presidents was $360,000, a $31,600 increase over last year, according to a Chronicle report; however, the data are not perfectly comparable because this year's survey included eight new institutions, and several schools had not yet determined their presidents' compensation, the Chronicle reported.
Jeffrey Selingo, editor of business and politics at the Chronicle, said the increase in presidential compensation is part of a general trend which has been going on over the past few years.
He explained that this increase in compensation likely can be attributed to the fact that there is a short supply of qualified candidates for college presidencies, while the demand for them is increasing.
The survey found University President John T. Casteen, III to be the fifth highest paid public institution president for 2005-2006 with a total compensation package of $659,670. According to the survey's breakdown, this included $496,135 in institutional contributions and $163,535 from private contributions.
University spokesperson Carol Wood said Casteen's compensation, which is approved each year by the Board of Visitors, consists of a salary made up of state and private funds as well as a bonus, which is also made up of state and private funds, deferred compensation, an automobile allowance and membership in some clubs.
The Board reviews Casteen's salary each year during its annual evaluations, and Casteen's compensation is determined by Board members based on his performance review, Wood said.
The University also prepares a peer analysis of presidential compensation to ensure that his salary is in line with that of presidents at institutions similar to the University's stature, Wood added.
Several factors are considered in determining the amount of compensation Casteen receives, Wood said, such as his 16-year tenure, the prestige and achievements of the University and the evolving scope of his job.
"Over the years, the role of college presidents has expanded and changed in many ways, especially in public institutions with greater financial demands and fund raising that needs to be done, and that has added to the role of the university president and has made what's already a demanding job, even more so," she said.
Read More
Burglary reported on 800 block of West Main Street
By Cecilia Mould | 3 hours agoLongo said the unidentified individual gained entry to the living room area of a residence and stole several items of value.
North Korean defector Yeonmi Park speaks on current political issues
By Cecilia Mould | 4 hours agoPark discussed her experience living under the country’s caste system, divided into three main social classes, in which she was born into the middle class.
Virginia’s gubernatorial race likely to result in first female governor of Virginia
By Grace Little | 9 hours agoThe victory of either of these candidates will result in Virginia’s first female governor, with Earle-Sears as the first Black female governor in U.S. history of any state.
