University President Benefits Policy

Date of Adoption: 08-08-2014

Scope

This policy applies to the University President and their spouse.

Overview

The University President is entitled to a range of benefits and perks, aiming to maintain fairness and facilitate the effective execution of their duties. These benefits span from traditional employee benefits to additional allowances and resources tailor-made for the President’s professional and personal requirements.

Standard Employee Benefits

Just like any other university employee, the President is eligible for standard benefits including health and accident insurance, life insurance, retirement benefits, and tuition waivers. The Board of Regents has the authority to approve supplemental life insurance, deferred compensation, or other benefits deemed essential to uphold parity in the President’s compensation.

If necessary for the President’s responsibilities, additional benefits such as sabbatical privileges, professional association memberships, and club memberships may be provided as approved by the Regents.

Employment Agreement

All terms related to the President’s compensation and benefits are stipulated in the Employment Agreement between the President and the Regents. In situations of conflicting information, the Employment Agreement takes precedence.

Specific Benefits

Term Life Insurance

The University procures a term life insurance policy for the President, with specific conditions regarding beneficiaries and tax implications as per the Employment Agreement.

Automobile Use

The President may receive an automobile allowance to cover business-related travel expenses. The specific allowance is detailed in the Employment Agreement.

Travel

The President is entitled to reimbursement for reasonable travel and other official business expenses, subject to the approval of the Board of Regents for any exceptions to standard travel policy.

Professional Growth

The University supports the President’s professional development by covering reasonable expenses for educational and professional growth activities.

Official Residence

The President’s official residence on the university campus is equipped to serve administrative and social purposes, with the University providing necessary services and utilities.

Discretionary Funds

The President has access to discretionary funds from private sources to cover miscellaneous expenses beneficial to the university’s interests.

Spousal Benefits

The University recognizes the important role of the President’s spouse and may reimburse their expenses for activities directly related to university business, ensuring compliance with tax regulations.

Annual Audit Report

Internal Audit prepares and presents an annual report to the Board of Regents, detailing the President’s travel and entertainment expenses.

Attachments

Exhibit A. – Taxes Related to the Expenses of the University President’s Spouse

Exhibit B. – Documentation Form for Spousal Expenses

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