New College of Florida President Richard Corcoran will receive $200,000 in incentive pay after the school’s Board of Trustees on Thursday signed off on a performance evaluation and releasing the money.
Corcoran has led New College since February 2023, initially on an interim basis amid a leadership shakeup at the school that garnered national attention. Trustees named him president on a permanent basis in October.
Under a contract approved by the trustees and state university system officials last year, Corcoran is eligible to receive $200,000 a year in incentive pay “based on his achievement of the goals and objectives” laid out in the employment agreement. The money approved Thursday was the first time he will receive a $200,000 payment.
New College is by far the smallest school in the state university system and had 731 students during the fall 2023 semester. Corcoran, a former Republican House speaker and state education commissioner, became president after Gov. Ron DeSantis revamped the Board of Trustees with a slate of conservative appointees. The new members of the board helped oust former President Patricia Okker.
The objectives attached to Corcoran’s incentive pay were in eight categories: increasing fundraising for New College; increasing “campus life inclusive of improvements to student housing, food services, adding sports;” re-envisioning the campus master plan; increasing campus safety and security; “faculty additions with growth and excellence;” increasing enrollment to 1,200 by the end of the fifth year; enriching academic programs and offerings; and increasing second-year student retention to 85 percent within five years.
The document cited “major milestones/deliverables” that Corcoran has achieved. For example, under the category of increasing funding for New College, the document pointed to $50 million in appropriations for the school in the current state budget. The description billed it as “the largest annual infusion of financial resources in the school’s history and more than the college has obtained in total in the last 10 years.”
Under the category related to improvements to campus life, a description said Corcoran oversaw increased “student activities on campus, including upgrading facilities for (a) state-of-the-art pool, adding a new gym and upgrading current dorms.”
Corcoran’s incentive pay will come on top of his $699,000 annual base salary. It was approved with little discussion by the trustees. But Trustee Amy Reid, the panel’s lone faculty member and the only member who voted against releasing the money, raised concerns about the funds coming from the New College Foundation.
“Has anybody consulted with the foundation about whether or not they have sufficient funds to pay this? I am concerned about the depletion of foundation funds,” Reid said.
Reid also said that “a number of receipts that are submitted to the foundation are not paid in a prompt way” and questioned whether the $200,000 payout to Corcoran was a “viable” move.
Bill Galvano, the trustees’ general counsel and a Republican former state Senate president, said he had communicated with the foundation.
“That was an issue that had come up earlier,” Galvano said. “And so I confirmed that the foundation does have the funds and has set these funds aside.”
Trustee Matthew Spalding, who was among the DeSantis’ appointees, defended giving Corcoran the incentive pay, citing the $50 million in state money that the president brought in.
“My assumption is that previous presidents also received bonuses. This seems to be a bonus that was actually earned,” Spalding said.
Corcoran’s evaluation was performed by New College’s Presidential Evaluation Committee, made up of eight of the 13 members of the Board of Trustees. Serving on the committee were Chairwoman Debra Jenks, who also chairs the committee, and trustees Ryan Anderson, Ron Christaldi, Joe Jacquot, Lance Karp, Grace Keenan, Don Patterson and Christopher Rufo.
The committee recommended that Corcoran receive the full amount of incentive pay. Meanwhile, Corcoran in the future could receive more money beyond his base salary and the incentive pay.
The compensation package also included an “accrued retention payment” of $200,000 for the first three years that would be paid out in a lump sum of $600,000 in February 2026 if he remains on the job. Corcoran would earn $100,000 a year in such payments for the final two years of his five-year contract.
–Ryan Dailey, News Service of Florida
wow says
Quite the salary for this: “New College has the smallest student population in the State University System of Florida with 669 students. ” A beacon of conservative values, indeed. Pay the big guns a ridiculous amount and screw the rest of you.
Jim says
While DeSantis deflects your attention to trans people, woke ideology and the like, he has done a fantastic job of taking care of his political buddy here. $900k to demolish a school!
This is what corruption looks like if you’re ever interested in watching it in real time.
Your tax dollars at work in Florida!!!!
John says
We all can’t wait until DeathSantis isn’t governor anymore and he loses his second bid for the White House, oh Happy Days it will be.
Jim says
I’d like to add:
From Politico: WORK PERK — “New College of Florida board approves $200k bonus for Corcoran, denies tenure to professor,” reports Steven Walker of the Sarasota Herald-Tribune. “The annual bonus, as laid out in Corcoran’s contract with New College, is based on his performance since taking over as the college’s leader last March. The additional pay is in addition to his $699,000 base salary, which combined with other benefits and bonuses brings Corcoran’s total compensation to about $1.1 million — among the highest in the state university system despite New College being the smallest Florida public university.”
The math for $1.1M paid per student (at 669 students) is $1,644.25 per student on in-state tuition of $21,677 per student. Corcoran must be on hell of a president to get that much of each student’s tuition!
We are not paying attention to the important grift that is taking place in this state. This is just disgusting.
endangered species says
look kids one of racist rons goons. How does a racist run a liberal arts college ? Well let me tell you the story in Florida.
Fritz says
Pork Barrel buddy. $50 million and only 700 students. Ain’t that some skink poop going on? Definitely, who you know.
Deborah Coffey says
Disgraceful. There’s only 24 hours in a day, you can only live in one house at a time, drive one car at a time, and one yacht at a time. What will ever satisfy the greed of these Republicans? Apparently…nothing, because it has become obvious that the White Male Christian Nationalists want one thing back in time more than anything else…slavery.
atwp says
What a salary! His gender his ethnicity, just saying.
Atwp says
Will he pay taxes, probably very little to none.
TR says
There was an error message that came up the first time, so lets try again.
John, you can not speak for everyone so please don’t include me in your WE ALL comment. You don’t know me and don’t know what I’m thinking. You can only speak for yourself. But based on our comments we have different views on this matter. I say We all love what Governor DeSantis is doing.
Laurel says
“Trustee Matthew Spalding, who was among the DeSantis’ appointees, defended giving Corcoran the incentive pay, citing the $50 million in state money that the president brought in.” Brought in? DeSantis gave him our money! This group of DeSantis’ is flat out robbing the tax paying people of Florida. Corcoran brought in shit! You can’t get much swampier than this folks, unless you throw in Trump. The GOP is almost entirely gone, and the grifters are enjoying it. Think about it, good Republicans, the next time you vote. Take your party back!
Arson says
Hahahaha! Ok buddy.
Arson Wengerer says
Embarrasing.
Deborah Coffey says
We know that. And, it says a lot.
Duncan says
TR, don;t tale offense. I’m sure John was only refering to the majority of sensible citizens; who mostly dispise what DeSantis is doing.
Laurel says
Arson W: I feel ya. My husband has been a lifelong Republican, and he is appalled by what he sees Republicans doing these days. These so called *conservative* principles were not how he was raised. I know it upsets him; it’s clearly not right.
James says
Just goes to show… it pays to go to college.
Just an opinion.