Officer compensation

Purpose

The purpose of this Policy is to establish a standardized process for setting and approving officer compensation.

Policy

Compensation of the officers of Lynn University must allow the University to attract the best individuals for each position. That compensation shall be reviewed by the Board of Trustees to ensure that compensation packages are appropriate in the market place and do not violate the “intermediate sanctions” provisions contained in Internal Revenue Service Code Section 4958. At the discretion of the Chair, independent compensation experts may be utilized to determine appropriate market compensation.

Definitions

Not Applicable.

Procedures/Guidelines

I. Hiring of New Officers

All financial terms of offers of employment to officers of the University shall require the approval of the Executive Committee of the Board of Trustees, who shall act as Lynn University’s compensation committee. In order to provide negotiating flexibility, a salary range, with a “not to exceed” maximum salary, shall be approved regularly by the Executive Committee. In determining the maximum salary range, the committee shall rely on appropriate comparability data of salaries of officers employed by institutions similar to Lynn University. The basis for the determination of the committee shall be adequately documented concurrently with the setting of the maximum salary range determination.

II. Required Annual Review

The Vice President for Business and Finance shall annually provide to the President, who provides to the Chair of the Board of Trustees, all proposed officer compensation for the new fiscal year.

The Chair, in conjunction with the President, shall determine the appropriateness of officer salaries.

To learn more about this policy or the supporting procedures, please contact Employee Services.

Policy updated on: Oct. 24, 2018