Post by FIUBlue82 on Apr 3, 2007 7:35:25 GMT -5
I thought this was interesting. That's a good chunk of cash.
www.miamiherald.com/569/story/61577.html
BOCA RATON
FAU fundraiser gets huge severance
FAU's chief fundraiser quits, taking two years' salary for severance pay. That's more than half a million dollars.
BY KIMBERLY MILLER
Palm Beach Post
Florida Atlantic University's chief fundraiser has resigned, leaving with $577,952 in severance pay, and on the cusp of the school's multimillion capital campaign.
Lawrence Davenport, one of three top administrators handpicked in 2004 by then new FAU President Frank Brogan, wrote a resignation letter on March 19, but FAU Foundation officials didn't learn until Monday that Davenport was leaving. His last day was Friday.
''That's a revelation, really,'' said FAU Foundation Chairman Ira Gelb about the March 19 resignation letter to Brogan. ``If you had told me he was resigning yesterday, I would have said it was an April Fool's joke.''
Davenport's six-year contract with FAU says that if he is terminated without cause he can get up to two years salary as long as he remains unemployed. Davenport's base salary was $241,000, but the contract also calls for the foundation to pay him a set $9,000-a-year, 10 percent of his base salary, and a $1,000-a-month car allowance.
If Davenport resigns, the contract says he is not entitled to ''any further compensation.'' It was not known late Monday why Davenport will receive severance pay if he resigned.
It's also unclear who is going to pay Davenport's $577,952 severance, although the contract says it will come from ''non-appropriated'' funds.
PERSONAL LEAVE
Brogan was on personal leave Monday and unavailable for comment, but he praised Davenport's work in a memo announcing the resignation.
Davenport said in his March 19 letter that committing to a four-to-five-year capital campaign clashed with his professional goals. The foundation is working with a consultant on starting a major fundraising push, but Gelb said he's not sure when it will kick off.
''Rather than leave the university in the middle of such an important undertaking, I believe it is in both the institution's and my best interest to step aside now,'' Davenport wrote.
FAU board of trustees Chairman Norman Tripp said it was well known that Davenport wanted to land a job as a university president. Davenport unsuccessfully sought the presidency of Florida A&M University, which was recently filled by James Ammons, former North Carolina Central University president.
Davenport is the second lead fundraiser at FAU to resign since 2005.
Former chief fundraiser Ann Paton was hired in 2004 by Brogan along with Davenport and Provost John Pritchett to transform FAU into a more traditional university with higher admission standards. Paton resigned a year later to take a similar job at Barry University. With Davenport's resignation, only Pritchett remains at FAU.
Davenport was originally hired as executive vice president and chief operating officer at FAU, but took over Paton's job after she left.
The foundation received unwanted publicity in 2002 after it was revealed that it bought outgoing FAU President Anthony Catanese a Corvette as a going-away present. Foundation money is only supposed to be used to benefit the school, students and faculty.
NATIONAL SEARCH
Ken Jessell, FAU's vice president for finance and administration, will lead the foundation until a national search can be organized and a replacement for Davenport is named.
Tripp said the turnover in the fundraising job isn't a concern.
''The foundation is really run by its foundation board members, and I think that they have done a pretty good job at putting their house in order,'' Tripp said.
Foundation coffers include $29.7 million in gifts and commitments received in the past year -- up 55 percent over 2006.
www.miamiherald.com/569/story/61577.html
BOCA RATON
FAU fundraiser gets huge severance
FAU's chief fundraiser quits, taking two years' salary for severance pay. That's more than half a million dollars.
BY KIMBERLY MILLER
Palm Beach Post
Florida Atlantic University's chief fundraiser has resigned, leaving with $577,952 in severance pay, and on the cusp of the school's multimillion capital campaign.
Lawrence Davenport, one of three top administrators handpicked in 2004 by then new FAU President Frank Brogan, wrote a resignation letter on March 19, but FAU Foundation officials didn't learn until Monday that Davenport was leaving. His last day was Friday.
''That's a revelation, really,'' said FAU Foundation Chairman Ira Gelb about the March 19 resignation letter to Brogan. ``If you had told me he was resigning yesterday, I would have said it was an April Fool's joke.''
Davenport's six-year contract with FAU says that if he is terminated without cause he can get up to two years salary as long as he remains unemployed. Davenport's base salary was $241,000, but the contract also calls for the foundation to pay him a set $9,000-a-year, 10 percent of his base salary, and a $1,000-a-month car allowance.
If Davenport resigns, the contract says he is not entitled to ''any further compensation.'' It was not known late Monday why Davenport will receive severance pay if he resigned.
It's also unclear who is going to pay Davenport's $577,952 severance, although the contract says it will come from ''non-appropriated'' funds.
PERSONAL LEAVE
Brogan was on personal leave Monday and unavailable for comment, but he praised Davenport's work in a memo announcing the resignation.
Davenport said in his March 19 letter that committing to a four-to-five-year capital campaign clashed with his professional goals. The foundation is working with a consultant on starting a major fundraising push, but Gelb said he's not sure when it will kick off.
''Rather than leave the university in the middle of such an important undertaking, I believe it is in both the institution's and my best interest to step aside now,'' Davenport wrote.
FAU board of trustees Chairman Norman Tripp said it was well known that Davenport wanted to land a job as a university president. Davenport unsuccessfully sought the presidency of Florida A&M University, which was recently filled by James Ammons, former North Carolina Central University president.
Davenport is the second lead fundraiser at FAU to resign since 2005.
Former chief fundraiser Ann Paton was hired in 2004 by Brogan along with Davenport and Provost John Pritchett to transform FAU into a more traditional university with higher admission standards. Paton resigned a year later to take a similar job at Barry University. With Davenport's resignation, only Pritchett remains at FAU.
Davenport was originally hired as executive vice president and chief operating officer at FAU, but took over Paton's job after she left.
The foundation received unwanted publicity in 2002 after it was revealed that it bought outgoing FAU President Anthony Catanese a Corvette as a going-away present. Foundation money is only supposed to be used to benefit the school, students and faculty.
NATIONAL SEARCH
Ken Jessell, FAU's vice president for finance and administration, will lead the foundation until a national search can be organized and a replacement for Davenport is named.
Tripp said the turnover in the fundraising job isn't a concern.
''The foundation is really run by its foundation board members, and I think that they have done a pretty good job at putting their house in order,'' Tripp said.
Foundation coffers include $29.7 million in gifts and commitments received in the past year -- up 55 percent over 2006.
