LOUISVILLE, Ky. – Members of the University of Louisville Foundation on Friday gave President James Ramsey a $156,000 bonus and raised his annual salary to $643,338, a 3.1 percent increase, after rating his performance outstanding over the past year, one which included completing a $1 billion capital campaign successfully.
UofL Foundation members issued Ramsey high marks and unanimously voted for a merit increase for 2014-15 of 4 percent on his foundation salary and 2 percent on his university salary in recognition of outstanding performance over the past year, taking special note of surpassing of the $1 billion capital campaign goal.
Ramsey’s annual salary at June 30, 2014, was $624,000 and included $342,930 in university funds plus $281,070 from the privately funded UofL Foundation.
Ramsey was appointed president in 2002. During his tenure, the university has boosted its graduation rate by more than 60 percent, admitted freshmen classes that are more academically gifted each year, recognized more Fulbright scholars than any other Kentucky institution, doubled the number of students living on campus, advanced its research mission and completed a $1 billion dollar capital campaign, despite multiple budget cuts.
As previously reported, Ramsey also was offered a salary increase by the university’s Board of Trustees at its July 10 meeting but indicated that he may not accept it. Ramsey has given nearly $1 million back to the university in the form of outright donations and by giving up bonuses and pay raises.
The foundation on Friday awarded the bonus of 25 percent of Ramsey’s 2013-14 total salary for achieving 26 of 28 annual goals set by the UofL Board of Trustees.
“President Ramsey’s achievements have been extraordinary,” said UofL Foundation Board Chair Debbie Scoppechio. “In recognition of exceeding the $1 billion capital campaign and all of his other accomplishments this year, the foundation board wanted to reward his outstanding performance.”
In other business, the board approved the UofL Foundation 2014-15 operating budget. Since 2012-13, the foundation has provided more funding for the university than the state. In 2014-15 net state appropriated funds for UofL are expected to be $139.89 million while foundation funding will top $143.19 million.