Regents to vote on basketball coach contracts, renewed line of credit

Coach+Rick+Stansbury+in+the+huddle+ahead+of+the+WKU+matchup+with+Marshall+on+Saturday%2C+March+5.+WKU+won+69-78.

Tucker Covey

Coach Rick Stansbury in the huddle ahead of the WKU matchup with Marshall on Saturday, March 5. WKU won 69-78.

Michael Crimmins, Administration reporter

WKU’s Board of Regents will hold its first committee meeting of the fall semester on Friday with coaching contracts and a new line of credit all up for approval.

The Board is set to vote on contract extensions for WKU’s men and women’s basketball coaches, Rick Stansbury and Greg Collins, until June 30, 2026.

The addendums to the two’s contracts come with revised performance bonuses.

“Greg Collins will receive an increase of two month’s salary for a conference regular season championship or NCAA Tournament bid,” the meeting agenda states. “Rick Stansbury will receive a $50,000 retention bonus on October 1 of each year he is employed, and he will receive $50,000 for annual academic performance rates of 940 and 970.”

Stansbury will also receive two month’s salary for a conference regular season championship or NCAA Tournament bid, along with one month’s salary for an appearance in the National Invitational Tournament.

Both of the coach’s addendums contain “termination without cause” clauses, which will provide a payment if the contract is terminated without cause prior to June 30, 2025.

Collins took over as the Lady Toppers’ head coach in 2018, leading the program to a 18-12 record last year along with a Conference USA tournament appearance.

Stansbury has led the Hilltoppers to a pair of NIT appearances and is 122-73 since taking the coaching job back in 2016.

The board will also vote on renewing a line of credit with Truist Bank for $10 million, an action that was approved unanimously last October.

“The unsecured line of credit will be used in the event the timing of revenue collections does not match expense payment timing,” the finance and budget report states.

According to the report, the duration of the contract runs until June 30, 2023, and will have interest adjusted per annum equal to the Bloomberg Short-Term Bank Yield Index.

If approved, it will mark the third year in a row the university has taken out the line of credit with Truist.

Also subject to approval are emeritus appointments. In total, there are five faculty members up for approval by the board from three different colleges at WKU.

From the College of Health and Human Services are Doris Sikora, associate professor and Steve Spencer, professor of kinesiology, recreation and sports.

From the Ogden College of Science and Engineering is Catherine Algeo, distinguished professor of earth, environmental, & atmospheric sciences.

Two professors are named from the Potter College of Arts and Letters. Theodore Hovet, professor of English and Glenn LaFantasie, professor of history.

The meeting is set for Friday, Oct. 21 in the Jody Richards Hall Regents Room.

Administration reporter Michael Crimmins can be reached at [email protected]