A curious story at the Chronicle of Higher Education and other media sources on Kent State University new plan for a " 'success bonus pool' will be divided among faculty members if the Ohio institution improves retention rates for first-year students and increases the research dollars it generates and the private money raised through its foundation."
How will it work? Quoting the article: http://chronicle.com/free/2008/09/4496n.htm |The money for the bonuses will come out of the university's |operating budget, said Mr. Heisler, who is now interim vice |president for administration and finance. | |Here's how the system works: Faculty members share a bonus |of 10 percent of the growth in research dollars over the year |before, as long as the increase is at least $2-million. For the |2008 fiscal year, Kent State brought in $32-million. So if research |grants reach, say, $35-million next year, the faculty would split |10 percent of the total increase of $300,000, or about $350 for |each of the 864 faculty members. | |For fund raising, the faculty would receive 2 percent of the |increase above the year before, as long as that increase was at |least $2.8-million. Last year Kent State's foundation raised |$28.5-million. For the bonuses to kick in, the university must |raise at least $31.3-million next year. If Kent State hit that |minimum, faculty members would then split 2 percent of the |increase, which would be $56,000, or about $65 a person. |If a big gift showed up, of course, the bonuses would increase |accordingly. | |For student retention, faculty members would receive 40 percent |of the additional revenue when retention goes up at least 0.5 percent |on the main campus. I wonder when universities will start issuing stocks. -Mike Palij New York University [EMAIL PROTECTED] --- To make changes to your subscription contact: Bill Southerly ([EMAIL PROTECTED])
