November 5, 2009

Cappy Taking Pay Cut, But Still Making Bank

In today's Miscellany News, Cappy announced that she will be taking a 5% pay cut "to symbolize...that everyone is sacrificing at this moment in our College’s history."

"As the head of the institution and its highest paid employee," she writes, "I do feel a special responsibility, and so I have contributed five percent of my salary this year to the College."

In general, however, Cappy feels that lowering salaries is not the best way to solve the college's economic problems. "A long-term solution to the financial situation requires changes in the College’s organizational structure and employment levels, rather than a short-term lowering of current employees’ compensation," she writes. The compensation for some faculty and administrators, however, has been frozen. "I can assure you that many of those not receiving the expected annual increase understood this as a sacrifice asked of them for the good of the institution," she writes.

Coincidentally, an article in the Chronicle of Higher Education last week listed the compensation for presidents of private colleges, all of whom make well over $300,000 a year. According to the article, Cappy received $450,137 in the 2007-2008 academic year.

11.5.09 10:53am

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