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Sat, Nov 22 2008 

Published: June 06, 2008 11:03 pm    print this story   email this story   comment on this story  

MSU grants Andrews contract extension, raise and bonus

Staff report
The Independent

MOREHEAD Morehead State University’s board of regents on Thursday granted President Wayne D. Andrews a contract extension, 5 percent salary increase and MSU’s first-ever presidential bonus of $20,000.

The contract extension carries his appointment through June 30, 2012, and the pay increase raises his annual salary to $251,160 with an additional 5 percent of that figure, $12,558, being contributed to a deferred compensation plan, payable upon retirement.

Dr. Andrews became MSU’s 13th president on Jan. 1, 2005. The regents decided last December to establish a performance bonus as a means of helping retain his services as a successful chief executive. The bonus plan actually allows a maximum of 40 percent of the base salary. This year’s bonus represents 8.4 percent of his 2007-08 base.

The regents also approved a $122 million operating budget for the 2008-09 academic year, adopted a code of ethics for its members and authorized a new tuition model.

The new tuition plan requires students to pay for each course they enroll in instead of the traditional flat rate for full-time students.

MSU’s new budget includes $1,000 raises for full-time faculty and salaried staff members and a 50-cent per hour increase for full-time hourly staff.

In other business, the regents:

‰ratified promotions for seven faculty members;

‰granted emeritus status to two faculty members;

‰reappointed Dean, Dorton and Ford, PSC, as external auditors;

‰authorized revisions of the 2008-09 Eagle Student Handbook;

‰accepted the gift of 2.3 acres of real estate near St. Claire Regional Medical Center as a future building site;

‰approved the disposal of real property through a land exchange with Rowan County Fiscal Court, subject to approval of the Finance and Administration Cabinet;

‰confirmed appointment of three new board members of Friends of the Kentucky Folk Art Center Inc.

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