Is president Hardin underpaid?
Wednesday, July 9, 2008, 10:09 PM
Posted by Hoggish Greedly
For those who may not keep in touch with the exciting world of public education. There have been some murmurings of the recent $300,000 bonus given to UCA president Lu Hardin. Part of the controversy stems from the fact that the funds were taken out of the Board of Trustees Endowment Fund. According to the Democrat Gazette,
The Board of Trustees Endowment Fund was established in 1995 “to provide long-term support for scholarships and other operations of the university.”
But a review of the expenditures shows that the board used less than 1 percent of the money to fund college scholarships over the past six years. Just $17,000 of the $1.92 million spent from 2002-03 to 2007-08 went to fund scholarships — $2,000 for Miss UCA scholarship in 2007-08 and $15,000 in 2004-05 for “staff senate book scholarships,” which went to student workers and their children.
Other expenditures include an $800,000 payment to supplement construction at Estes Stadium, a $334,019.14 buyout for former UCA President Winfred Thompson, $250,000 for several university centennial celebrations and programs in 2006 and 2007, and Hardin’s $300,000 bonus.
Board members also approved $20,000 over two years to help the struggling Oxford American magazine, $12,000 for championship football rings, and $13,000 for chair risers for the UCA choir.
Not only does the board have to deal with the implication that they may be misappropriating these funds, their huge bonus for Lu may not comply with Arkansas law which caps the salary of public university presidents.
I wonder who is squirming more, the board because they are afraid that they may be caught fudging on the very policies they created, or Lu who may have to write a check to UCA for $300,000.
See the
full article from the Democrat Gazette.