VCU board OKs new contract for president - NBC12 - Richmond, VA News

VCU board OKs new contract for president

RICHMOND, Va. (AP) - Virginia Commonwealth University President Michael Rao has a new contract that increases his deferred compensation and other benefits.

The Richmond Times-Dispatch (http://bit.ly/UxZC7a ) reports that the new contract raises Rao's annual package to about $800,000. The contract runs through June 30, 2022.

The contract increases Rao's deferred compensation to $146,500 for the current fiscal year. It will increase to $191,500 in fiscal 2014.

His base salary of $488,500 remains the same. But he will receive $50,000 in incentive pay for his performance during the 2011-2012 academic year.

The university's board of visitors also increased Rao's personal expense allowance to $50,000 annually.

VCU Rector John Doswell says Rao's deferred compensation had lagged behind that of his peers at other research universities.

Information from: Richmond Times-Dispatch, http://www.timesdispatch.com

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