TAMPA — University of South Florida president Judy Genshaft won a $75,000 raise from the university's trustees Thursday, boosting her base pay to $470,000 annually when her new contract begins July 1.
The increase, along with built-in bonuses and a retirement package, puts Genshaft among the highest paid public university presidents in the nation.
The USF Board of Trustees will award Genshaft an extra $175,000 per year if she meets certain goals set for her. She'll also receive an additional $100,000 per year if she stays the entire five years of her contract.
The total package, not including retirement benefits, could be as much as $745,000 per year.
The state of Florida pays $225,000 of Genshaft's salary; the rest of her compensation comes from private donations.
Board member Jordan Zimmerman said the trustees considering the pay proposal wanted to make sure that no other university lured away Genshaft with a better package.
"She is such an incredible brand out there and so well respected,'' he said.
Genshaft's raise comes as students at USF and other Florida universities are looking at projected tuition increases because the state's tuition is so far below the national average.
At the same time, Florida's university presidents have ranked near the top in the country for salary and compensation packages in recent years.
In late 2008, the Chronicle of Higher Education reported that public university presidents' salaries nationwide climbed a healthy 7.6 percent the year before. But that didn't last.
Early this year, the Chronicle reported that the recession had slowed the growth of those pay raises to 2.3 percent. More than a third of top public university administrators saw no increase in their base salaries. Ten percent saw their total compensation decline. In 2008 and 2009, USF trustees awarded Genshaft performance bonuses but deferred their payment until the economy improved. They have not been paid yet.
Times staff writer Richard Danielson contributed to this report. Philip Morgan can be reached at (813) 226-3435 or email@example.com.