The UCF Board of Trustees on Thursday went beyond the recommendations of an independent consultant and approved a contract that raises UCF President John Hitt's base salary to $450,000 annually. The raise makes Hitt the highest-paid public university president in Florida by base salary and by guaranteed benefits.
Hitt was given an outstanding performance review for his 14-year tenure as UCF president. The board unanimously approved a three-year contract, with automatic renewal for an additional two years assuming neither Hitt nor the Board of Trustees objects. The automatic renewal was put in place to prevent a potential "lame-duck" period.
Hitt's term begins Aug. 1. He was also awarded a one-time bonus of $100,000 for the 2005-06 year.
McConnell and Company, the independent consulting firm that evaluated Hitt, recommended to the Board of Trustees on July 27 that Hitt's base salary be raised from $322,000 annually, which was the second-lowest in the state university system, to $400,000 annually. The raise would have put Hitt just below University of Florida president J. Bernard Machen, whose base salary is $404,000.
Instead, the board added $50,000 to the recommended base salary.
Dr. James Koch, the independent consultant who evaluated Hitt, concluded that Hitt ranks "among the top two or three most effective presidents" he has evaluated, according to a proposed board action to approve the compensation plan. Koch went on to say that "all things considered, (Hitt) may well be the most effective and productive president I have ever evaluated."
Tom Yochum, the chair of the Compensation and Assessment committee, praised Hitt at the budget meeting, saying that Hitt has been a staple in the Central Florida community.
"And frankly, his effort to bring UCF into the community has taken not 14 years, but he's been doing it for 14 years," Yochum said.
McConnell and Company is a consulting firm specializing in designing compensation, benefits and incentives packages, according to its Web site.
The plan also calls for an extensive benefits package. The guaranteed benefits, which include car and housing expenses, sabbatical and deferred compensation, combine with the base salary to add up to $597,929 annually. Hitt will also be the highest-paid university president in the state when guaranteed benefits are factored in.
The contract also calls for a three-year goal bonus of an additional $210,000 based on Hitt's performance. Hitt would receive the goal bonus in three years if he makes significant improvements in several key areas.
To receive the full benefit he would have to improve the quality of education by increasing SAT scores of incoming freshman and improving the graduation rates of first-time in college students; improve institutional growth by expanding enrollment and opening the UCF Medical School; and by increasing fundraising.
If Hitt receives outstanding marks in all these areas, he would get the $210,000 bonus, bringing his entire benefits and salary package to $807,929 in that third year. He would also be eligible for the same bonus the next two years of his contract.
This would put him at No. 2, behind Machen, whose entire benefits package will be worth $859,200 if he meets the three-year goals the University of Florida has set for him.
If the salary of a university president exceeds $225,000, the excess can not be paid with state funds, according to state statutes. The salary of every Florida university president exceeds $225,000 by at least $75,000. Private funds must make up the difference.
Hitt, who had a heart attack in June, has been cleared by doctors to return to work full-time. Hitt discussed his health before the Board of Trustees approved his contract.
The Board of Trustees also approved the Legislative Budget Request, which is a state-mandated document requesting funds in the order of urgency. The Board of Trustees has requested more than $25 million from the state legislature.
The No. 1 request for funds was $4.7 million for the UCF medical school's first year of planning. UCF is scheduled to break ground for the facilities in January. The first class of 40 students is expected in August 2009, a year later than initially projected.
Two major hurdles the UCF medical school must overcome before that time are accreditation and appointing a dean.
Accreditation is determined by the Liaison Committee on Medical Education, a joint committee of the American Medical Association and the Association of American Medical Colleges that accredits American and Canadian schools seeking to give medical education degrees.
The founding dean and staff will be instrumental in forming the curriculum for the program, Provost Terry Hickey said at the meeting.
The Legislative Budget Request included $1.3 million for a Marine and Coastal Research center in Brevard County. Although the project isn't expected to be completed by both parties in writing until November, Hubbs-SeaWorld Research Institute has offered UCF a partnership.
The area, just north of Sebastian Inlet, is part of the Archie Carr National Wildlife Refuge. It was chosen because Brevard is one of two places in the world where Loggerhead sea turtles nest. That portion of the Indian River Lagoon is also a host to a number of other species of fish, dolphins and manatees.
The institute would not only conduct research but also would be used by undergraduate and graduate students. It will also directly tie in to the Department of Biology's Ph.D. program in conservation biology and will be open to use by other UCF departments.
"What this is going to allow us to do, allow UCF to do, is to really compete at a national level and be at a world-class level in building marine and coastal research programs," said Dr. Graham Worthy, a Hubbs professor of marine biology at UCF.
The next Board of Trustees meeting will be held in the Student Union on September 28.
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