University of Missouri President Elson S. Floyd announces general operating funds to replace private supplements to chancellor salaries
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University of Missouri President Elson S. Floyd announced today that chancellor salaries for the coming year will be paid entirely out of general operating funds. Last fiscal year, the University of Missouri used private donations to supplement the salaries of the chancellors of the Kansas City, Columbia, Rolla and St. Louis campuses, bringing each chancellor’s annual compensation to $250,000 to address market conditions.
“Using private donations for chancellor salaries was the correct course of action and was immensely helpful during these hard economic times,” Floyd said. “However, public reaction to the use of private donations has been mixed, with some maintaining that public accountability was being compromised, compounded by the fact that many donors prefer to remain unnamed. Given this reality, I believe that it is necessary to replace the portion of the salaries covered by donations with general operating funds.” Floyd added that the University will continue to realize administrative efficiencies and cost-cutting measures, and it is through those savings that the difference will be charged.
Effective Sept. 1, 2004, each chancellor will receive a 2 percent increase, which reflects the average of the overall University salary pool increase.