UT President William Powers is the second highest paid public university president based on salary, according to a report from the Chronicle of Higher Education. However, Powers said the figure is skewed since other university presidents earn more when additional monetary packages and benefits are added to their base salary.
"I am surprised by this," Powers said.
The chronicle released an updated version of its annual report comparing the salaries of university presidents and leaders nationwide Monday with new data that includes California State University, the Pennsylvania State System of Higher Education, Virginia Commonwealth University and the University of Virginia.
The survey, first released in November, ranked Powers second, earning the largest annual base salary of $552,500 behind University of Delaware's President David P. Roselle.
Powers said other university presidents receive additional monetary packages and benefits outside of their base salaries. Powers receives his base salary and a potential retirement package of around $47,000 but does not receive any additional deferred pay, he said.
In a ranking of total compensation paid to public university leaders, University of Michigan President Mary Sue Coleman ranked fifth in the updated version, with a total annual compensation of $742,148, which includes retirement packages, deferred compensation and a $100,000 bonus. The updated ranking based on total compensation instead of base salary alone did not include Powers. When ranked on base salary alone, Coleman was placed seventh behind Powers.
"If you want individuals of high caliber, they are going to want to be paid, but this is not part of the University's place," said Matt Flores, spokesman for the UT System.
UT System Chancellor Mark Yudof's total compensation of $741,894 ranks him as the sixth highest paid leader of a U.S. public university, according to the survey.
Yudof serves as a liaison between UT institutions and the UT System Board of Regents, who are responsible for approving funding, tuition and presidential candidates for each institution, Flores said.
Yudof's salary includes a deferred compensation of $225,000 and $70,321 generated from state appropriated funds. The rest is obtained through private endowments, gifts and grants, similar to contributions made to coach Mack Brown's salary, Flores said. Brown currently earns more than $2.5 million annually.
The $741,894 value reported in the chronicle's article includes a projected amount the chancellor could receive upon his retirement from the University.
"Retirement is an unknown value right now," Flores said. "It takes into account years of service and the amount you are making when you retire."
Retirement figures used in the survey are generally calculated using the average percentage that the university sets aside each year for retirement, said Paul Fain, a staff reporter at the chronicle who helped compile the survey.
Additional reporting by Jessica Sondgeroth
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