By Paige Quiggins, WAVE 3 News Intern
Posted by Charles Gazaway - email
LOUISVILLE, KY (WAVE) - For the second straight year, Dr. James Ramsey, the University of Louisville president, has turned down a bonus.
The decline was announced at an annual evaluation at the Galt House given by the university's Board of Trustees' compensation committee. The trustees approved a $436 million operating budget, a nearly 3 percent increase above last year, but did not include raises for faculty and staff.
Under contract specifications, Ramsey was eligible to receive a bonus of $113,858 for the 2008-09 school year, on top of his base salary of $314,037.
The U of L Foundation, made up of investors and overseers of donations, is also responsible for paying Ramsey's salary. The foundation is providing $142,095, which makes his total salary $456,132.
"We've been through two very, very difficult budget years where we've not been able to compensate our employees, faculty and staff, the way they deserve to be compensated," Ramsey said. "And so it wouldn't be right, it wouldn't be fair, for me to take an increase or bonus."
U of L has weathered eight state funding cuts since 2001, including a loss of $13.2 million in 2008-09.