USF plans perks, big raise for chief

TAMPA -- The University of South Florida is poised to award president Judy Genshaft a five-year, $1.6-million contract featuring a substantial pay raise and plenty of perks.

The terms of the agreement, expected to be approved Wednesday by the university's board of trustees, call for Genshaft to receive an annual salary of $325,000. That would be a 37 percent increase over her current salary and make her the state's second-highest-paid university president, behind only the University of Florida's.

Among the perks: a financial adviser, memberships in two private clubs and college tuition for her two young children.

USF also will consider hiring someone to drive her in a school-owned Acura.

The contract was developed Monday by four members of the board of trustees.

"She's underpaid," board member Lee Arnold said. "These dollars are important dollars to keep her on track with her peer group and to keep the continuity we have."

Genshaft, 54, declined to comment Monday. She said last week that search firms and schools frequently ask her to apply for open presidencies. She said she has not agreed to be included and would not if she signs a contract.

Florida's public universities are in a bidding war over which school can pay its president the most. Half of the leaders at the state's 11 schools have received hefty raises in the past few months, though Genshaft would be one of the few with a long-term contract.

The raises led Education Secretary Jim Horne last week to question the amount of taxpayer money spent on salaries. He vowed to create new rules for setting presidents' salaries.

The rising salaries come as state officials consider the biggest tuition increases in a decade and a reduction in financial aid, products of a slow economy and skyrocketing enrollment.

Some criticized Genshaft's proposed raise Monday. Others wanted to know how it would affect a university that has laid off 13 employees this year because of budget cuts.

"I wonder what other individuals will be laid off to pay for this package," said Mary Poole, a USF graduate student who was laid off. "It does not take into account programs as a whole."

Genshaft's compensation package would be paid primarily with state money. Private money raised through the school's foundation would cover $25,000 of her salary and $39,000 contributed annually to her retirement.

"If faculty raises were as generous as those for football coaches and presidents, then we'd have a great university in 10 years," said Roy Weatherford, president of USF's faculty union. "For months, they have been telling us they can't resolve faculty concerns, but they are authorized to talk about contracts for those they want to."

Just a few months ago, some community leaders and university professors were questionning Genshaft's credibility and performance since being hired in March 2000. She oversees 37,000 students, 1,600 faculty members and a $1-billion budget.

But Monday, board members said they stand solidly behind her and hope she remains at USF for years. Genshaft has faced a series of hurdles, including the case of controversial professor Sami Al-Arian, allegations of discrimination in the women's basketball program and legislators' attempts to make USF St. Petersburg a separate school.

"It's two years later," said Dick Beard, chairman of the board of trustees. "She's done a great job. If she had handled things differently, then we might be having another conversation."

Sheldon Steinbach of the American Council on Education in Washington said salaries have risen over the last year to keep presidents in line with the market. He said that Genshaft's raise is not unreasonable and that most perks were the type that executives in the private sector received a decade ago.

Genshaft's contract, which will take effect Jan. 1, will include:

-- Membership in Tampa Palms County Club and the University Club.

-- Tuition to a state university paid for her two children, Brian, 5, and Joel, 9, probably through a five-year prepaid tuition contract.

-- $4,000 a year in travel expenses for her husband, Steve Greenbaum.

-- Six months' sabbatical for every five-year contract she completes.

-- $2,500 a year to hire a financial adviser.

Genshaft has use of USF's presidential mansion but uses it only for events. She lives with her family in Tampa Palms, a neighborhood in New Tampa.

She would be evaluated each year and awarded bonuses based both on specific performance measures yet to be written and the discretion of the board chairman. In the fourth year of the contract, she and the board chairman would negotiate another five-year contract.

Genshaft still could leave USF. But university presidents with long-term contracts rarely resign voluntarily.

If she is fired for cause, she will receive one to three years of salary depending on how much of her contract has been completed. If she resigns or is fired with cause, she will not receive severance pay.

The average tenure of a president of a research university is 4.6 years.

Genshaft, who makes $237,800 now, did not ask the board for a specific salary. She said she wanted a fair raise and a long-term contract. She has not had a raise beyond the standard state employee raise, usually 2.5 percent.

Board members recommended the terms of the contract after reviewing compensation for presidents at other public universities.

The University of Louisville president will make $447,054 this year, which includes $183,750 from the foundation. The Ohio State University president will make $325,000. The University of Houston president will make $367,600.

USF board members suggested annual salaries between $300,000 and $350,000 and settled on $325,000 for Genshaft.

"It's very critical that we address the real market situation," board member Chris Sullivan said. "With what's going on in this world on a day-to-day basis, I would be comfortable with $350,000. I think we're in the ballpark."

-- Times researcher Kitty Bennett contributed to this report.

USF president Judy Genshaft's contract

* $325,000 annual salary

* Five-year term

* Tuition to a state university for two children

* $2,500 worth of financial advice annually

* Up to three years pay if she is fired without cause

-- Source: University of South Florida

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