Chancellor Mark Emmert received a $100,000 interest-free loan from the LSU Foundation shortly after the Board of Supervisors approved his 70 percent pay raise in July, said records obtained by The Baton Rouge Advocate through a public-records request.
According to the Board of Supervisors and what the Reveille reported in July, Emmert was to receive a $500,000 lump sum if he stayed at LSU for five years.
The $100,000 loan is part of that retention bonus in addition to his $205,000 pay raise.
Emmert said as part of his salary package LSU Foundation was to make $100,000 from his retention bonus available each year for investment purposes.
He said because there were changes to the federal tax code the loan was the most convenient way to make those assets available.
Concerns about Emmert’s job rose after he visited the University of South Carolina last spring for a job interview as system president.
Emmert told the Reveille last spring he declined the job after speaking with Gov. Mike Foster and LSU System President William Jenkins.
Emmert said through discussions with the governor, legislators and Jenkins, he was convinced there was a renewed commitment to help LSU become a nationally competitive research institution.
In July 2002, Board of Supervisors member Charlie Weems told The Reveille Emmert’s pay raise was essential to retain Emmert and maintain the momentum and progress the University has achieved.
Faculty Senate member and professor Paul Bell said he thinks Emmert could turn this situation to his benefit by renegotiating his contract and bringing his salary down to a reasonable level.
The Faculty Senate approved a resolution last semester expressing concerns and disapproval of the Board of Supervisors’ pay raise to Emmert. The resolution also suggested the board tie salary raises to actual accomplishment in furthering support for students, staff and faculty.
Bell said he thinks Emmert is doing a good job as chancellor and he would not want to see him leave.
“They have really accomplished something,” Bell said. “He would not leave LSU because he could not get this money elsewhere.”
Bell said he still felt the pay raise was unfair because the Board did not put much effort into finding a reasonable pay increase based on Emmert’s accomplishments because they were more concerned with keeping him at the University.
Bell said Emmert is scheduled to speak at the Faculty Senate meeting Monday but he said he was unsure if he would comment on this recent development.