MOREHEAD — Morehead State University’s board of regents on Thursday granted President Wayne D. Andrews a contract extension, 5 percent salary increase and MSU’s first-ever presidential bonus of $20,000.
The contract extension carries his appointment through June 30, 2012, and the pay increase raises his annual salary to $251,160 with an additional 5 percent of that figure, $12,558, being contributed to a deferred compensation plan, payable upon retirement.
Dr. Andrews became MSU’s 13th president on Jan. 1, 2005. The regents decided last December to establish a performance bonus as a means of helping retain his services as a successful chief executive. The bonus plan actually allows a maximum of 40 percent of the base salary. This year’s bonus represents 8.4 percent of his 2007-08 base.
The regents also approved a $122 million operating budget for the 2008-09 academic year, adopted a code of ethics for its members and authorized a new tuition model.
The new tuition plan requires students to pay for each course they enroll in instead of the traditional flat rate for full-time students.
MSU’s new budget includes $1,000 raises for full-time faculty and salaried staff members and a 50-cent per hour increase for full-time hourly staff.
In other business, the regents:
‰ratified promotions for seven faculty members;
‰granted emeritus status to two faculty members;
‰reappointed Dean, Dorton and Ford, PSC, as external auditors;
‰authorized revisions of the 2008-09 Eagle Student Handbook;
‰accepted the gift of 2.3 acres of real estate near St. Claire Regional Medical Center as a future building site;
‰approved the disposal of real property through a land exchange with Rowan County Fiscal Court, subject to approval of the Finance and Administration Cabinet;
‰confirmed appointment of three new board members of Friends of the Kentucky Folk Art Center Inc.
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MSU grants Andrews contract extension, raise and bonus
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