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Despite a troubling economy, the Chronicle of Higher Education recently reported that the median pay and benefits for college presidents rose 7.6 percent in 2007-2008, to $427,400 , for the leaders of major colleges and universities across the country. The University of Minnesota was one of 14 public universities that paid its top official more than $700,000 of total compensation in 2007-2008. Databases show University of Minnesota President Bob Bruininks received a base salary of $423,000 . But also included in his contract is a house and retirement plan to top his total compensation out at $733,421 for the year 2007-2008. The non-salary money is a part of a five-year deferred compensation plan meant as a retention incentive.
It seems that university presidents keep finding ways to increase their already lucrative pay packages, despite the budget problems their institutions are currently facing. The number of colleges who pay their president more than $700,000 of total compensation has increased from eight in 2006-2007 to 14 in this school year. Bruininks was one of those who received a hefty raise last year, increasing his base salary from $383,221.24 to $423,000 in the year 2007-2008.
As has widely been reported, the current economic situation is dire, at best, for both public and private institutions around the country. As long as programs are being cut and tuition is rising, colleges and universities cannot continue to allocate such a large portion of their resources to one position.
We applaud the announcement by Bruininks of the upcoming salary freeze for all university senior executives, including himself. We believe that the intent is to better partition this institution’s resources in such an uncertain time. The University is sending a clear message to taxpayers that their money is being wisely spent, even in a time like this.
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Payback Time?
University spokesman Daniel Wolter said that Bruininks does not comment on his compensation but said he was "quite surprised he ranked as high as he did." (Star Tribune, XI-21-08)
It is interesting to see how OurLeader's compensation compares with other BigTen Leaders:
Gee - Ohio State - $1,346,225 [sic(k)]
Coleman - Michigan - $760,196
Bruininks - Minnesota - $733,421
less 5% - 696,750
less 10% - 660,079
Spanier - Penn State - $611,367
Mason - Iowa - 583,000
Simon - Michigan State $572,000
Cordova - Purdue - 501,000
McRobbie - Indiana - 484,000
Herman - Illinois - $427,500
Riley - Wisconsin - $358,745
From today's NYT:
In the week since The Chronicle of Higher Education published its annual survey of university presidents’ pay — a week in which the nation’s economic troubles worsened — several of the highest-paid presidents said that they would give back part of their pay or forgo their raises.
Pat Callan, president of the National Center for Public Policy and Higher Education, said he had never heard of such a wave of givebacks.
“When you see a cluster like this,” he said, “it seems like sort of belated recognition that this presidential pay thing has gotten out of hand. People are getting tuition increases, some faculty are facing layoffs, it just doesn’t look too good for presidents, no matter how capable they are, to be getting so much money.
The chancellor of Washington University in St. Louis, Mark S. Wrighton, announced on Thursday that he would take a 5 percent cut from his base salary on Jan. 1 and another 5 percent reduction on July 1.
"We’re in very difficult financial times. I’m in a position that is not at risk, but the rest of the university community, especially in administration and support, must be wondering if their jobs are secure. I wanted to let the community know that I’m sensitive to the situation.”
The president of Washington State University, Elson S. Floyd, who made $600,000 in his first year at the university and received a $125,000 raise over the summer, said he would take a voluntary $100,000 pay cut in response to budget problems.
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Bob, how about demonstrating that old Gopher spirit somewhere other than in front of Twin City Federal Stadium? Somehow a salary freeze from someone making over seven hundred grand doesn't exactly do the trick, although it is better than getting beaten 55-0 by Iowa.
Oh, almost forgot, about that new stadium...
Next year, maybe you could invite me up to your box, so that I could have a beer?
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