Current through Register Vol. XLI, No. 50, December 13, 2024
Section 133-5-3 - Presidential Contracts3.1. The Commission shall approve the total compensation package from all sources for a president or an interim president when the president or the interim president is initially hired and whenever the governing board proposes any subsequent changes in the president's or the interim president's total compensation package.3.2. A president is a will and pleasure employee of the governing board. The terms of presidential contracts shall be based on the fiscal year (i.e., June 30 to July 31); those contracts exceeding a term of one fiscal year shall conform to the following: 3.2.1. An initial term of employment as president may not exceed two years, so that the contract expires on June 30 of the next following fiscal year. After the initial contract, the governing board may offer contracts of up to five years. A president assigned to an alternative position during a guaranteed term of employment shall perform substantive duties on behalf of the institution in order to collect his or her salary.3.2.2. All contracts with a term greater than one fiscal year shall be conditioned upon availability of funding.3.2.3. A governing board may agree to reasonable notice of the president's intent not to renew a contract. For purposes of this section, "reasonable notice" is a period of time that does not exceed one year but may be increased up to two years after five years of service by the president.3.2.4. Provisions in contracts existing on the effective date of this rule that are inconsistent with this rule may remain in effect at the discretion of the governing board unless the provisions are in violation of the statute.