The Board of Regents will vote on June 6 whether to renew WKU President Timothy Caboni’s contract, including an 11% pay increase, bringing his base salary to $524,700, according to documents released Friday with the agenda for the regents’ quarterly meeting.
Along with the base salary, Caboni would also be eligible for a 10% performance-based bonus at the end of each year, based on several factors, including:
- Progress on WKU’s strategic plan
- Performance on the state’s performance funding model
- First- to second-year retention rates
- First-generation college student retention rates
- Timely completion of Cherry Hall renovations
- Timely completion of the replacement of the Academic Complex
- Creating Ph.D programs to make progress toward attaining Carnegie R2 status
- Completion of first-year village
- Completion of an upperclassmen village
- Growth of research funding
- Annual fundraising receipts
- Completion of reaccreditation
- Successful revision of the WKU Strategic Plan
The employment agreement states Caboni would continue receiving benefits such as insurance, a new leased automobile every three years, a maximum vacation and a residence chosen by the university.
The university will continue to cover operating costs for the residence, including “utilities, maintenance, institutional and university event-related custodial and domestic services, outside lawn services including landscaping, and university-related entertainment,” according to the employment agreement.
He will also continue receiving a deferred compensation plan of “the monthly cash value of eighteen percent (18%) of the annual base salary … into a 457(f) compensation plan account.” The supplemental retirement plan is “an incentive for the president to remain with the university for the term of this agreement…,” the document says.
The university would also reimburse Caboni for any pre-approved travel and entertainment costs.
The new term of employment would extend for a four-year period, starting July 1 and lasting until June 30, 2029.
