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College salaries getting out of hand

By TIMES EDITORIALS
Published August 2, 2006

The practice of awarding bloated compensation packages to corporate CEOs is creeping into the world of academia, although on a smaller scale.

John Hitt, president of the University of Central Florida, received a 40 percent pay increase that makes him the highest paid university president in the state. Hitt's base salary is $450,000, but his total compensation - including a car and housing costs, sabbatical and a couple of incentive bonuses - reaches $900,000. UCF has made significant strides under Hitt's leadership, but the university receives fewer research dollars and ranks lower nationally than Florida's other top institutions.

The president of the University of Florida, the state's sole member of the prestigious Association of American Universities, falls next in line with a base salary of $404,000 and a compensation package totaling $822,600.

This is a national phenomenon. After surveying 139 public research institutions last year, the Chronicle of Higher Education found the median pay for a public university president to be $360,000 - 10 percent higher than in 2004. The survey also found that 17 percent of those top university officials received pay surpassing $500,000.

Even in a competitive market, we don't understand why top-tier salaries should be awarded to second-tier university presidents. So before boosting salaries even more, trustees and government leaders should tap the brakes and consider what is fair and reasonable compensation for these important jobs.

[Last modified August 2, 2006, 01:21:43]