TAMPA — University of South Florida trustees Wednesday approved a $93,525 performance bonus for USF president Judy Genshaft, but she won't see that money anytime soon.
Like last year, the bonus will be deferred until the economy improves or Genshaft reaches the end of her contract, which goes through June 2012.
Genshaft's base salary is $395,000 a year — $225,000 in state funds and $170,000 from the USF Foundation.
She also is eligible for a yearly bonus of up to $100,000 based largely on how she meets goals set in consultation with trustees.
This year, trustees praised the way Genshaft has guided USF through a rough economy and said she met three of five goals:
• Working to ensure that USF St. Petersburg had its accreditation removed from probation.
• Increasing graduate enrollment, which is up slightly.
• Bringing in freshmen with higher average SAT scores and grade point averages, as well as more National Merit, National Achievement and National Hispanic scholars.
But trustees said Genshaft had mixed success on two other goals, including the most important one: increasing graduation rates. Given the most weight by trustees, it was the area of greatest disappointment.
Six-year graduation rates fell from 49.3 percent in 2008 to 48 percent in 2009, while three-year graduation rates for transfer students rose from 48 to 51.3 percent. The freshmen retention rate rose from 81 to 85.3 percent.
"The conclusion of the committee was that we all shared in this responsibility and we thought it deserved about a 'C' grade," said trustee John Ramil, who chairs the board's compensation committee.
The final goal was working with state officials on new initiatives in three areas.
One was establishing new doctoral programs in history, sociology, political science and pharmacy. That part of the goal was met. But two other parts were not.
USF sought the Legislature's approval for certification of the pharmacy program, which is necessary for a program that will result in a student getting a state-issued license. And the university sought a state certificate of need for a hospital focused on diabetes treatment at USF.
The Legislature did not sign off on the pharmacy program this spring, and USF withdrew its request for the hospital certificate of need. Genshaft has since worked with the local legislative delegation to make the pharmacy program a high priority for the 2010 legislative session.
"It has been a very difficult year from many, many perspectives," Board of Trustees chairwoman Rhea Law said. "However, I have been very, very impressed with the president's capacity to quickly address the issues and get out in front of them."