VCU president Michael Rao’s base salary will increase by 4 percent to $523,281 annually under a contract amendment that also raises his potential bonus by more than 25 percent, according to an article published by the Richmond Times-Dispatch on March 25.
According to the Times-Dispatch, the Board of Visitors approved the increases this week, although the decision is retroactive until the July 1 start of the fiscal year.
Last fall the BOV awarded Rao a $50,000 bonus in incentive pay, but this amendment makes him eligible to receive up to $78,492 in incentive pay per fiscal year, according to the Times-Dispatch.
VCU spokesperson Pamela Lepley said about $182,000 of Rao’s pay comes from state and tuition funds and his compensation package is supported largely by private gifts, endowment funds or income and health system funding sources.
Lepley told the Times-Dispatch that the BOV establishes Rao’s compensation based on his performance as president of VCU and of the VCU Health System, state regulations and funding, a market analysis of comparable positions and compensation packages.
Executive Editor, Sarah King
Sarah is a junior in the honors college studying political science and philosophy of law. She is a copyeditor for INK Magazine and reporter for the Capital News Service wire. Last spring, Sarah worked as an editorial intern for Congressional Quarterly Researcher and SAGE Business Researcher in Washington, D.C. // Twitter | Facebook | LinkedIn