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Being president of the U of G has its perks

The University of Guelph made its employment contract with its incoming president public this week.
Last month, the university officially announced that University of Toronto – Scarborough principal Franco Vaccarino would take over for current president Alastair Summerlee effective Aug. 15. The announcement was made within hours of the decision being voted upon by U of G’s board of governors.
Since then, the university has posted a copy of Vaccarino’s employment contract, which details the length of his term in office – five years, from Aug. 15, 2014, to June 30, 2019 – as well as salary and a variety of other perks.
Some highlights from the document include the following:
• Full professorship with tenure in the department of psychology
• Base salary of $395,000, with the potential for annual increases determined by the governance committee of the Board of Governors
• Eligibility for annual bonuses of up to $30,000 based on short- and long-term performance goals
• Six weeks paid vacation per year
• Membership in the University of Guelph pension plan for professional staff
• Entitlement to a 12-month paid administrative leave, with full base salary and benefits, upon completion of the full term as president
• Eligibility to take part in the university’s group health plans
• A housing allowance of $1,500 per month in connection with a house in Guelph, with the president being required to live in Guelph during the term of the agreement
• The use of a car, including insurance coverage, maintenance and operating expenses
• Reimbursement of “all reasonable expenses,” as well as the expenses of his spouse, “incurred in relation to the performance of Dr. Vaccarino’s duties as president”
• Entitlement to study/research leave of two semesters with full base salary and benefits upon completion of full term as president
• An interest-free loan of $150,000 to be repaid within 30 days of the completion of the term.

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