How much money will the new central state president make?
Additionally, he will receive annual housing and car allowances of $54,000 and $12,000, respectively. Both will be paid in monthly installments. Thomas will also be reimbursed for his professional expenses and he will be eligible for the health insurance offered by the university and its pension plan.
Like his predecessor Cynthia Jackson-Hammond, Thomas will not be living in the president’s house on the CSU campus. The house is partially habitable and is not suitable or large enough for the various events such as fundraisers that a college president would hold at the resident’s home, Hatcher said. Thomas and his wife live in a township in Beavercreek. residence. He is responsible for all housing expenses that exceed the allowance, including taxes, maintenance, utilities and others.
Thomas, who led Western Illinois University for eight years before stepping down amid political and racial tensions, likely would have received a higher base salary had he accepted a position at a larger institution, Hatcher said. Therefore, Central State had to give him a competitive salary. During his senior year at Western Illinois, Thomas’ base salary was approximately $270,500 plus benefits.
Jackson-Hammond’s base salary in her final year as president was $269,000. She resigned in June after eight years at the helm of the university.
Thomas, CSU’s ninth president, has the opportunity to earn annual bonuses if he achieves certain goals, which the board has included in his contract. In first year, Thomas must:
Year two metrics will be determined by the board of directors once Thomas completes the three-year strategic plan — the previous plan expired on June 30 — in accordance with the contract.
The university did not include specific goals in past presidents’ contracts, Hatcher said. Jackson-Hammond was given goals, but they weren’t specific, nor were they part of his contract, Hatcher said. Instead, they were in an addendum that was more “aspirational.”
However, including tangible metrics in the presidents’ contract is a relatively new concept in higher education, so the current board has embraced it for Thomas, Hatcher said.
“We wanted to (include) things that are important to the institution for its viability and sustainability,” Hatcher said. “But we also wanted them to be realistic and achievable.”
Months before Thomas’ contract took effect, he worked with the transition team and was involved in COVID-19-related decisions for the university. He also assembled a high-level working group consisting of seven experts from across the country who have extensive experiences in higher education, including leading universities. The group works on a voluntary basis, and it will help shape and guide Thomas’ administration as it tries to tackle issues such as retention and graduation rates, and the school’s budget. .
“Dr. Thomas’ qualifications, experience, and vision for Central State University clearly support his compensation package,” said Edwin Lloyd, president of the Central State University National Alumni Association.