President of the University of Nebraska System Dr. Jeffrey Gold announced Friday he will not accept the 15% performance-based merit pay of his base salary, despite a vote of approval from the NU Board of Regents just the day prior.
In essence, Gold turned down a $159,386 pay out. This lump sum of cash was entitled to Gold—as outlined in his five-year contract—based on how well he’d do as University of Nebraska’s ninth president.
If he met enough milestones, he would receive the bonus on top of his base salary of $1,062,573. Prior to the 10-2 vote of approval Thursday, several Regents said they were happy with Gold’s first year, and he deserved the raise. One adding his “grade” was 97%.
But now Gold, former chancellor of the University of Nebraska Medical Center, is asking the funds “instead be used to support programs across the university’s campuses,” NU said in a press release.
“Every day, I am proud and humbled to lead the University of Nebraska,” Dr. Gold said in the statement. “I am grateful for the strong support of the Board of Regents and inspired every day by our students, faculty, and staff. It is an honor to be able to make this decision to support our University and the communities we serve during this critical time for higher education.”
The University says funds will go support programs at each of it’s post-secondary institutions: University of Nebraska–Lincoln, University of Nebraska at Omaha, University of Nebraska at Kearney, the University of Nebraska Medical Center, and the Nebraska College of Technical Agriculture.
Gold’s decision, he says, was also in recognition of the budget challenges facing the university. UNL announced earlier this month it would slash $27.5 million from its budget by the end of the year.
Regents Paul Kenney and Rob Schafer praised Gold for his “generosity” in a statement, adding “This decision underscores Dr. Gold’s awareness of the challenges we face and his focus on doing what’s best for students.”