New College of Florida President Richard Corcoran will get annual salary-and-perks packages of at least $1.3 million over a five-year term from February 22, 2023 to February 21, 2028 — everything from housing and car allowances to “annual performance and incentive compensation up to $200,00.”
The public liberal arts university’s Board of Trustees approved the package during a Friday morning meeting, despite public comments against the move. The board picked Corcoran as president earlier this month.
The former Republican House Speaker and Florida Education Commissioner had been the school’s interim president since the beginning of the year following Gov. Ron DeSantis’ controversial reshaping of the board and the school.
Corcoran’s base salary remains unchanged, $699,000, according to the contract. But he will receive other additional perks, including:
- $84,000 housing allowance
- $12,000 car allowance
- up to $200,000 annual performance incentive
- $104,850 in deferred compensation
- $200,000 every year that he remains as president until 2026 — an accrued retention payment — plus another $100,000 for two more years.
Investing in Corcoran
Additionally, New College will cover up to $18,000 for Corcoran’s moving expenses. As to his travel expenses related to his role as president? The contract didn’t list a specific dollar amount for that.
Even as interim president, Corcoran’s salary turned heads. His base salary was more than double what the previous president received. When he was interim president, he also received the same amounts for housing and his car, and the board awarded him $104,850 as a retirement supplement.
“This does not strike me as a radical deviation and an excuse to pump up a salary, but it strikes me as a very reasonable package,” trustee Matthew Spalding said.
Spalding also defended the additional bonuses: “We are incentivizing someone to go out and do great things for the college including raising a lot of money for the college that’s what a bonus is for. The bonus keeps him here longer. We’re investing in him because we’re investing in the college.”
Performance review
The annual performance incentive will be awarded depending on Corcoran’s accomplishments of goals listed on the contract. Some of the goals included increasing enrollment to 1,200 by the end of five years and enriching academic programs and offerings. Professor trustee Amy Reid criticized the vagueness of the goals. She was one of two trustees who disapproved of the contract.
“I would be uncomfortable signing a contract where the criteria upon which I would be evaluated for my work were so vague. So, I think it would benefit this board to set a very clear date by which there will be a committee that puts some specifics in for the evaluation of the president for this coming year,” Reid said during the meeting. “At the moment, it has his bonus coming in, I believe, in February of this coming year. That doesn’t give us a lot of time, and it doesn’t give him any time to show any improvements on retention because we want to have a full year of recruitment coming in. I think it would be in the interest of president Corcoran for there to be some clarity on this before the contract is finalized.”
Following the end of his tenure, Corcoran will have to teach at New College, which Reid raised as another point of contention. Reid opposed a faculty appointment for Corcoran. However, he said he would be content if the trustees removed that requirement from the contract.
Public comment
Ultimately, the board approved the contract without any modifications, but student trustee Grace Keenan questioned why she had only received the contract 23 hours ahead of the meeting, mentioning that people attending the meeting could only provide comment if they signed up two days in advance.
Elizabeth Albiez, a member of the public, called out the delay in publishing the contract.
“True to form the contract was posted late, which will not stop me from making comments. Nobody expects the board members to actually review the contract before voting on it at this time either,” she said. “The proposed range of up to $1.3 million to run a small liberal arts college is nothing less than shocking. The blatant abuse of taxpayer dollars is preposterous. Every board member voting yes implicates him or herself in the process.”
This article originally appeared in florida phoenix