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So far, no budget has been set for the expense of searching for the next UL president.
But a consultant will be hired to help with the task, according to UL System President Sally Clausen.
"Coaches recruit - look how much money is spent on that process," she said after the system's search committee's first public forum last week in Lafayette. "Why not take the same approach and recruit for the highest position at a university that affects everybody?"
It's been about three years since the system conducted its last search for a president.
During the search for the new Grambling president, which ended in 2004, the system spent $49,900 on consultant fees.
In 2001, consultant fees were $35,139 for the search for UL Monroe's new president.
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Marsha Sills
msills@theadvertiser.com
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The real money question - how much will the new UL president be offered to take the job - won't be answered until the negotiation process, according to Clausen.
"At the point you interview your candidate, begin to talk about salary and begin negotiating," she said in an earlier interview about the process. "It's like hiring any CEO. You try to go after the best and pay what you think is appropriate for your state and your institution and encourage them to try to be there."
UL President Ray Authement is the highest paid president in the system, but not by much. Annually, Authement, who has more than 30 years in office and oversees the system's largest institution, makes about $15,000 more than UL Monroe's president, James Cofer, who took office in 2002.
But Authement is not the highest compensated president in the system. Louisiana Tech's Daniel Reneau has a $56,000 deferred compensation package that's paid into trust by the Louisiana Tech Foundation.
In a November report that examined the compensation of university and college presidents, The Chronicle of Higher Education found that the median compensation for public university presidents was $374,846 in 2006.
The report showed that within the state, LSU's Sean O'Keefe was the most compensated president at a public institution. O'Keefe's total compensation is $441,046.
The report also showed Authement's compensation as $300,420, which includes his retirement pay. Including retirement pay, Tech's Reneau still receives more compensation with $317,760, according to the report.
So, what were the three most recent presidential hires by the system offered in pay when they took the job?
According to the offer letters and terms signed by system heads and new hires, UL Monroe's James Cofer was the only new hire with a deferred compensation package tied to his deal.
Here were the financial terms agreed upon by the three most recent hires:
UL Monroe's Cofer took office in 2002. He signed his letter of agreement with the system in December 2001. Prior to taking the position Cofer served as vice president for finance and administration of the University of Missouri System.
$155,000 base salary with an annual increase that is "commensurate" with average faculty salary increase, which is standard board policy.
$10,000 annual deferred salary, plus $40,000 at the end of a five-year period.
Cofer's initial agreement also called for a $25,000 housing allowance. He now receives $35,000 a year for a housing allowance.
Nicholls State University's Stephen Hulbert - took office July 2003 and agreed upon the terms of his job on April 2003. He had served as chancellor of the University of Montana-Western for four years before making the move to Thibodaux.
$152,000 per fiscal year. Specifics about annual salary increase not included in terms.
No more than $17,000 in relocation, including travel expenses to conduct business trips before taking office.
Grambling's Horace Judson took office in June 2004 and signed his letter of agreement in March 2004. Before taking the position, Judson had served as the president of Plattsburgh State University of New York for nearly a decade.
$160,000 per year. Specifics about annual salary increases were not included in Judson's terms.
Relocation allowance of $12,000; Also allowance for business travel before he took office.
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