And Just Like That The Details Surface…

On the heels of our news that University of Louisville President Jim Ramsey scored a massive pay raise and bonuses this week comes this release:

UofL Foundation approves compensation for Ramsey
by UofL Today — last modified Dec 22, 2011 10:22 AM

The University of Louisville Foundation approved Dec. 19 a compensation package for UofL President James Ramsey with the goal of “keeping him around for a long time,” foundation Chairman Chester Porter said.

All increases in Ramsey’s compensation will come from the privately funded foundation, not from state funds or tuition income, Porter said. The foundation has worked with UofL’s Board of Trustees on financial terms of a new contract since November, when the trustees agreed to extend Ramsey’s contract to June 30, 2020.

“If there’s been a better university president in the United States over the past 10 years, I don’t know who that would be,” foundation Vice Chairman Burt Deutsch said. “We appreciate Jim’s loyalty to his hometown university and the incredible progress that has occurred in every area of the school despite the most challenging financial times we’ve known.”

The new contract that takes effect Jan. 1, 2012, calls for Ramsey’s foundation salary to increase to $270,260. Ramsey’s state salary will remain $329,740, bringing his combined total salaries to $600,000. For every year Ramsey meets the goals that the trustees and foundation boards set for him, he will continue to earn a bonus that is 25 percent of his combined salaries and which will go into his retirement account. There also are four potential retention bonuses of $500,000 each, beginning in 2014 and continuing every two years until 2020 as long as Ramsey remains president of the foundation and the university.

Click here to see the entire thing.

9 thoughts on “And Just Like That The Details Surface…

  1. Jake, You were right again. Ramsey gets the big raise and bonuses, Deutsch gets to profit when Ramsey agrees to develope the UL east end campus-office park, on and on and on. Now we are stuck with Ramsey until 2020. UL could do better.
    I received a nice letter from UL a few days ago asking me to donate to the UL school of business. I was considereing it. Now not so much.

  2. What types of activities or programs does UoL typically fund use Foundation funds for? I get donation letters from time to time but can’t recall what the solicitation says my donation will pay for. Paying for an underpaid instructor or Associate Professor would be one thing; jacking up the already excessive pay of the president of a public university is quite another.

  3. Tim: When its academic mission is ranked 164th in America barely ahead of such stellar educational institutions as Azusa Pacific, Cleveland State and Immaculata College one might have to conclude that “mediocre” is a compliment for the local athletic club that masquerades as a university.

  4. “Mediocre Is Too Much of a Compliment”

    Highlander is spot on again. Words that come to mind to describe UofL: cheesy, glitzy i.e., without substance), wasteful, single-minded moneyed purposes, student-purposeless, honcho-glorified, athletic-obsessed, and the like. It is an insult to the Commonwealth. The Board seems to care less.

  5. What is wrong with Cleveland State? It is the alma mater of Tim Russert, and the guy who invented the artificial kidney.

    Are you guys bitter much?

  6. “Sample UofL Solicitation Letter”

    Greetings, Proud Alumni!
    The UofL is fast on the heels of Azusa Pacific and Immaculata for national prominence in academe. We have already reached those heights in athletics–for which we are very proud.

    Your generous contribution will surely enable us to rise above Tier III and Tier IV status in academics in the very next decade. That is a promise made by our President, who will be with us at least until 2020 (he’s a lifer!).

    We have a great university, particularly in its service to all of Louisville, especially the West End. But we need more funds to keep our equally great administrators here in KY for many years to come.

    Thank you for your vital support of an institution that “dares to be great” despite the odds against it in these dire financial times.

  7. Novena: Don’t pay ‘no’ attention to this Jason Pooket guy, he be defendin’ the local athletic club ever since he got a free ticket from Jimbo when Combover passed his house under the 2nd Street bridge ’bout a month ago. It don’t take much to gain an adherent — a ducat to see the athletic club play southeastern state university at fairfield (or something like that).

  8. “Jason Pooket,” did you come up with that all on your own? Funny thing is, I’ve only been in the KFC YUM! Center once, and it wasn’t for a University of Louisville athletic event, so you fail once again.

    And Novena, I’m sure there are quite a few women in the Northeast and mid-Atlantic region who wouldn’t take kindly to your clowning of Immaculata University.

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