FAU’s next president stands to rake in more than $400,000 yearly — plus a mansion and a new car, among other perks.
These perks are part of President-elect Mary Jane Saunders’ compensation package. It includes everything from her salary and bonus to possible new furniture for the presidential mansion and plane tickets for her husband.
This package was recently proposed in a 19-page document, which also states that Saunders would take over FAU in June. The Board of Trustees, or BOT — FAU’s 13 top decision-makers — will vote on it May 26, said FAU officials.
While Saunders’ offer may seem extravagant, it’s similar to what other presidents at Florida’s public universities currently earn, said BOT Chair Nancy Blosser.
“It seems like a lot of money, but when you look at the comparisons
again, I think it’s fair,” she said.
Blosser — who helped negotiate Saunders’ pay and perks—also explained that it takes a lot to woo a top-notch leader.
“I think that it would be difficult for our Board to come in and do a salary and benefit package that was anything other than what we offered her.”
The paycheck
Saunders’ contract offers her a base salary of $345,000 per year before taxes.
The bonus
If she behaves herself, Saunders could earn a bonus worth up to $50,000 each year.
She will set annual goals for herself that the Board of Trustees must approve. How much of the bonus money she receives each year will depend on how well she and the Board feel she accomplished those goals.
The retirement funds
Each year, $51,750 will be set aside for Saunders’ retirement. Since her contract is good for five years, that adds up to $258,750 — not counting any interest the money might earn.
The move
Saunders, currently the provost of Cleveland State University, is expected to move to Boca from Ohio the week before she starts her new job as president of FAU, said Blosser. To help cover her moving expenses or even just to buy new furniture, Saunders will receive $15,000.
Her husband is expected to relocate to Boca too, though not right away, added Blosser. In the meantime, when he travels to FAU events, the couple won’t foot the bill.
The wheeIs
Her contract offers Saunders “a suitable full-size automobile.” She won’t have to pay for the car, its insurance or its maintenance. Plus, she could trade her ride in for a new one every three years, according to the contract.
Of course, the president can’t necessarily pick out any car she wants. Blosser explained that, like many of the president’s perks, the car and all associated expenses are paid for by the Florida Atlantic University Foundation, a nonprofit that helps fund growth and improvement at FAU. This means that Saunders will have to run her car of choice by the Foundation first.
The mansion
The Board of Trustees requires that the president live on campus. But instead of a dinky dorm room, she will be put up in the Eleanor R. Baldwin House, our presidential mansion, on FAU’s dime.
The home, located on the Boca campus, has 14,000 square feet adorned with stone staircases and crystal chandeliers, according to FAU’s Web site. It even features its very own library — although the Boca campus’s four-story library is but a short walk away.
The next gig
When she is appointed president, Saunders will also be appointed as a tenured professor in the College of Science.
If she serves as president for at least five years and then wants to become an active professor, she’ll be eligible for a one-year sabbatical — essentially, a paid vacation — in between the two jobs.
During this break, she’ll pull in 90 percent of her presidential salary, which potentially adds up to $310,500.
After her break, she’ll be paid 80 percent of her presidential salary during her first two or three years as a professor, which could add up to $276,000 per year. During the 2009-2010 academic year, however, the average full-time professor earned only $88,964, according to faculty assignments published on the Web site of the FAU chapter of Florida’s faculty union.
“It’s a pretty prestigious thing to have a former university president as a professor in your college,” said Blosser of Saunders’ initially higher salary.
After her first three years as a professor, Saunders’ salary will be similar to that of other tenured professors in the College of Science.
How does she measure up?
The contract that FAU offered to its next president, Mary Jane Saunders, is very similar to the one offered to former President Frank Brogan when his original contract expired in March 2009. The similarities were intentional, according to Nancy Blosser, chair of FAU’s Board of Trustees, its highest ranking council. Blosser, who helped negotiate both contracts, said she wanted Saunders’ offer to more closely match Brogan’s second contract rather than his first in hopes of attracting more candidates.
The total compensation — in other words, the base salary plus retirement money — for both contracts totals just under $400,000. Brogan earned a base salary of $357,000, while Saunders was only offered $345,000; however, she was also offered more in the form of retirement money each year than Brogan received.
As for other presidents of Florida public universities, Saunders’ salary ranks her smack in the middle: Five current presidents earn more than she does while five make less.
The final decision
The BOT will soon vote on exactly what the university’s next president will earn and when she will officially start her new job. The meeting is open to the public.
• When: May 26 at 10 a.m.
• Where: Room 339 of the Administration Building (ADM 339), also known as the Board of Trustees’ Conference Room, located on the Boca campus
• For more info: Visit www.fau.edu/bot for more meeting details. If you can’t make the meeting, visit upressonline.com afterward to read about the details of the Board’s final decision.
[Source: www.fau.edu]
