UF president to be among highest paid in the nation
By Associated Press
Published November 24, 2003
GAINESVILLE - Incoming University of Florida president Bernie Machen could make up to an average of $685,625 annually if he stays eight years and meets goals set by the school's trustees.
That salary package would make him among the most highly paid public university presidents in the country, according to a Sunday report in the Gainesville Sun, which obtained a draft of his contract.
Machen, who starts work at UF on Jan. 5, is expected to sign the contract Dec. 5 at a board of trustees meeting.
At the University of Utah, Machen is paid an annual salary of $271,000. He was not available for comment Sunday, said his wife, Chris.
Last year, state lawmakers set a $225,000 limit on the amount of public money that can be spent annually on a president's salary.
UF equally will tap three direct support organizations to pay Machen beyond the cap: the UF Foundation, the University Athletic Association and Shands Healthcare, said Manny Fernandez, the UF trustee who recruited Machen.
When Machen was hired last month, trustees said he would earn a base salary of $375,000 plus an annual bonus of up to $75,000 plus benefits, perks and other deferred compensation.
That's true for the first two years. But long-term performance and retention bonuses in the contract boost the overall compensation.
The highest paid public university president is Mary Sue Coleman at the University of Michigan, who has the potential to earn $677,500 per year if she stays through the five-year life of her contract, according to a recent article of the Chronicle of Higher Education.
Looking at just the first five years of Machen's contract, he has an annual earnings potential of $621,000.
Fernandez said comparing Coleman's and Machen's salaries is not fair. Machen's initial contract is five years, with a potential to extend it three more years, but only if both parties agree.
But Machen's is still a top salary, considering that just 12 public universities paid their presidents more than $500,000 per year last year, according to the Chronicle.
Fernandez said Saturday that Machen should be among the most highly compensated public university presidents in the country because the trustees have high expectations for him.
"If you want to be in the top 10 among public universities in rankings, he ought to be compensated at that level," Fernandez said. "You are talking about running a very complex $3-billion company here."
