Inside Iowa State

Aug. 12, 2005

Regents offer Geoffroy incentive to stay

by Anne Krapfl

The Board of Regents, State of Iowa, signaled strong support for President Gregory Geoffroy Aug. 4 with a 5 percent salary increase and an unprecedented deferred compensation offer if he remains in the presidency through January 2011.

In reading the compensation motion, Regent Teresa Wahlert commended Geoffroy for a "year of excellence," particularly his handling of the Veishea study and plans to revive Veishea and the development of a strong strategic plan.

"I am flattered by the regents' action, and I very much appreciate their strong support for what we are working to accomplish at Iowa State." Geoffroy said.

"It is an honor for me to be at the helm of this great university with its terrific people. It has always been my intention to serve as president as long as I am able and have the support of the regents. This action certainly gives me even more reason to do so."

Under the plan outlined by Wahlert, beginning in July 2005 and through January 2011, the university will put $5,000 a month in a deferred account. Geoffroy will receive the deferred compensation in January 2011 if he has remained the Iowa State president.

Fair leader

"The board thinks President Geoffroy in general has done an extraordinary job of dealing with the present and planning for the future," said board president Michael Gartner. "It was impressed with the thoughtful, decisive and positive way he dealt with the Veishea situation and with other situations that were not always in the public eye.

"We believe he has assembled a tremendous management team, that he is scrupulously fair, that he can make tough decisions, that he is a leader in the "transformation" plan under way at regent schools, and that he and his team have developed a strategic plan for the university that is superb," Gartner said.

Acting executive director of the board of regents staff Gary Steinke said the incentive funds will come from Iowa State.

"This is a compensation issue, and compensation issues are handled within the universities," he said.

Geoffroy's salary this fiscal year is $307,912.

Other regent decisions

In other business, the regents:

• Approved a new mileage reimbursement rate for employees who put business miles on their personal vehicles (see story).
• Approved a schematic design for two phases of new construction and remodeling to Coover Hall. The addition would be a three-story wing on the west side of the building. The project includes demolishing the 1959 addition on the south side of Coover. The timeline includes an April 2006 construction bid date for the first phase (demolition and new construction). Phase 2 involves the renovation of nearly all the existing space in Coover.
• Approved Iowa State's request to confer two honorary degrees in the next year (see story).
• Requested more details on the three regent universities' plans to use $5 million in new state appropriations earmarked for economic development efforts. Iowa State's share is $2 million, all of which requires 1:1 matching dollars. The preliminary plan is for two grant programs. One would help fund positions and projects; the other would support existing ISU operations that focus on commercializing new technologies. The universities will present revised plans at the next meeting Sept. 14-15 in Cedar Falls.
• Approved university budgets, including residence and athletic departments, for FY06 (see story).

President Gregory Geoffroy would earn an additional $335,000 in deferred compensation if he serves as ISU president until January 2011.

"We think [Geoffroy] has assembled a tremendous management team, that he is scrupulously fair, that he can make tough decisions, that he is a leader in the "transformation" plan under way at regent schools, and that he and his team have developed a strategic plan for the university that is superb."

-- Michael Gartner