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.
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