Not all university presidents in Virginia receive the same fringe benefits.
Some universities offer presidents incentive or retention bonuses. Other schools don't. Some schools provide the presidents with an automobile. Others provide an allowance for presidents to use their own vehicles. Most also provide residences for the presidents, the Richmond Times-Dispatch reported.
The taxpayer-funded portion of the president's pay is set by the General Assembly. The amount is augmented by governing boards from other university funds.
Last year, Virginia Commonwealth University's governing board amended President Michael Rao's contract twice. His base salary of $488,500 remains the same. But the revised contract included a $50,000 bonus for his performance in the 2011-2012 academic year and a $50,000 expense account. His deferred compensation to $146,500 and will rise to $191,500 on July 1.