Published: June 06, 2008 11:02 pm      

MSU grants Andrews contract extension, raise and bonus

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.