The WKU Board of Regents will meet Friday morning for committee meetings, with an agenda including discussion of topics like presidential salary, purchasing of property and the addition of certificate programs. The topics of the agenda can be found on the Board of Regents web page.
According to the Board of Regents agenda, the president’s contractual obligation to live in the president’s house has led to a recent IRS examination to determine that the university-provided housing for the president does not meet requirement three of Treasury Regulations.
Due to this, the president’s salary will be supplemented to include the rental value plus utilities, according to the agenda.
The agenda states that the annual rental value of the president’s house is approximately $22,500 but will vary due to utilities, and the associated tax liability of this benefit is $18,400.
According to Bob Skipper, director of media relations at WKU, because of Caboni’s requirement to live in the president’s home, the additional price of his living arrangement must be considered in his salary.
“He is taxed on fair market value,” Skipper said. “This change would bring his salary to where he is not losing money on his tax liability for that.”
In addition to the motion to change President Caboni’s salary, the Board of Regents’ executive board will also present a motion to purchase a property at 1560 Normal St.
According to the agenda, the property is surrounded by WKU property. Due to its location, property is identified on the campus “master plan” as property for the university to acquire once available.
The agenda states the current price of this property is $113,740, as per the owner’s offer extended to the university and the university’s agreement to pay the listing agent a commission of 6%.
“Given the property location and its current condition the university belief that is it is in the best interest of the university and the community to acquire that property in order to ensure that the university can address ongoing concerns about the condition of the property and its appearance to the community,” the agenda states.
While the executive board will make these particular motions during committee meetings, the Academic Affairs Committee will be making two separate motions to begin offering undergraduate certificates in German and Chinese languages.
News reporter Abbey Nutter can be reached at [email protected] Follow her on Twitter @abbeynutter.