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Salary of new UMass boss is the same as the old boss, official says

Print | Comments () Posted by John Ellement February 23, 2011 04:07 PM

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By Tracy Jan, Globe Staff

Robert Caret, the incoming president of the University of Massachusetts, will make about $550,000 a year in salary and benefits, including a housing allowance and deferred compensation -- a similar package given to UMass president Jack Wilson, James Karam, chairman of the UMass board of trustees said today.

Caret, president of Towson University in Maryland, will start at UMass on May 1 and is in the process of purchasing a condo along downtown Boston's waterfront, said Karam, who spoke after trustees approved Caret's contract.

His base salary is $425,000 a year, putting him in the 65th percentile among the nation's presidents leading public and private universities of similar size, Karam said.

Also today, Karam officially assumed the title of board chairman during a trustees meeting at UMass Lowell.

Governor Deval Patrick tapped Karam, former vice chairman of the board, this month to replace Robert Manning, who had abruptly resigned in December over what colleagues characterized as his concerns over the governor's interference in the university's oversight amid the search for a new president.

Karam, a real estate developer and UMass Dartmouth graduate who headed the presidential search committee, has served on the board off and on for nearly eight years, including as chairman for three years during the administration of former Governor Mitt Romney.

"I told the governor that I would do this for a period of time to help stabilize the transition because of the sudden departure of Rob Manning, a new president coming on board, and new board members starting in September," said Karam in a phone interview. He expects to serve as chair for six months to a year.

Wilson, who will step down on June 30 to teach at UMass Lowell after nearly eight years as president, also announced today that the university's endowment has surpassed $500 million, reaching $506 million as of Dec. 31.

The endowment, which encompasses UMass Medical School as well as the four undergraduate campuses, grew more than 23 percent between fiscal years 2009 and 2010, a rate that nearly three times the 8.1 percent national growth average for all university endowments, university officials said.

The endowment for its flagship campus in Amherst, whose amount has ranked near the bottom among the nation's public universities, stands at $199.8 million as of Dec. 31.

The endowment will become an increasingly important source of funding for the university system as state support continues to decline, Karam said.

"The interest that we earn on this money allows us to fill the gap and provide some of the special programs needed throughout the campuses," Karam said in the interview. "It enhances the student experience and allows us to keep the cost down. Our goal is now to get to $1 billion over the next five years.''