SARASOTA (SNN TV) – Some New College faculty are concerned the college’s foundation’s finances will take a hit due to the new president’s salary.
New College’s Board of Trustees agreed to pay Interim President Richard Corcoran $699,000 annually, more than double the $305,000 for the previous president. The Herald-Tribune reports Corcoran could also receive a performance bonus of up to 15% of his salary, or around $104,850.
Why would New College’s foundation be on the hook? Because under state law, the max a university president can get in taxpayer-funded pay is $200,000. The rest has to come privately, and the college’s foundation will cover the bulk of his salary. New College’s Board of Trustees requested the new Board clarify how the Foundation will pay for this salary.
Corcoran is the former Florida education commissioner and close ally of Governor Ron DeSantis