New bill will cap presidents’ salaries

Florida legislators passed a bill Tuesday that caps university presidents’ annual salaries, which are paid with state funds, to $225,000.

Anything more than that amount would be funded by private sources.

Out of Florida’s 11 universities, eight presidents receive more than $225,000 a year from the state, while two have state salaries of about $300,000. USF President Judy Genshaft is one of them, as she brings in a base salary of $325,000.

Michael Reich, director of media relations at USF, said Genshaft would be “grandfathered” in with her new pay increase, which was awarded in December.

“It only affects those future university presidents,” Reich said. “Nothing would change in President Genshaft’s salary.”

Retiring University of Florida President Charles Young became the highest paid president in December when he received a salary increase to $350,000 annually.

According to an article in the St. Petersburg Times the other state university presidents earn between $175,000 and $295,000. Genshaft’s pay includes $25,000 from the USF Foundation, which is a fund-raising organization for the university.

The bill takes effect July 1 and foundations and private sources will then be expected to replace any state pay of more than $225,000.