Foundation elects officers, approves budget, gives Ramsey salary increase
The University of Louisville Foundation board elected new officers, approved a budget and granted a salary increase for UofL President James Ramsey at its meeting Sept. 20.
Debbie Scoppechio was elected chairwoman of the foundation for 2013 ‒ 14. The other officers are Joyce Hagan, vice chair; Junior Bridgeman, treasurer; and Frank Weisberg, secretary.
The foundation board also approved a $142.6 million budget for this fiscal year, a slight increase over last year. Restricted endowment funds make up more than half of the foundation’s total budget ($80 million) with gift funds ($47 million) and fundraising, foundation business operations and other unrestricted funds making up the rest ($15.6 million).
After voting to accept the UofL Board of Trustees’ glowing evaluation of Ramsey’s performance last academic year, the foundation agreed to mirror the trustees’ decision to give him a 4 percent raise on his university salary by granting him a 4 percent increase in his salary from the foundation. Ramsey’s combined annual compensation from the two sources is $600,000.
The foundation board also accepted the trustees’ recommendation to honor the terms of Ramsey’s contract and deposit a sum equal to 25 percent of his total compensation ($150,000) into his retirement account.
“The foundation as well as the Board of Trustees totally supports Dr. Ramsey” Scoppechio said. “We hope he keeps going for several more years.”
Ramsey said he was “very appreciative” of the support from the two boards.