College Presidents Give Back Salaryposted by Mark on November 25th, 2008
Spurred by a Chronicle of Higher Education survey that revealed last week that public university presidents earn a median salary of $427,400 per year, several college presidents have decided to forgo raises — or even take pay cuts — in this time of economic hardship. With colleges closing across the country and tuition rising, news that eight university presidents earn over $1 million a year caused the annual survey to make a bigger splash than normal this year. In response, the presidents of the University of Pennsylvania (over $1 million salary), the University of Washington ($900,000 plus $340,000 for serving on corporate boards), Washington University in St. Louis ($780,000 plus $360,000 from corporate boards) and Washington State University (a mere $600,000) voluntarily took pay cuts or gave donations as large as $100,000. (Granted, they’ve probably been receiving raises that size annually for the past decade.) If you’d like to sponsor a starving college president in his or her time of need, feel free to contact the university. It’s tax deductible!