UVSC will become a university July 1, 2008.

The report showed that of the 12 presidents earning $1 million or more in 2005-06, only three remain at their current institutions.

Richard Freeland, who stepped down in August 2006 at Northeastern University, was identified as the highest-paid president, with $2,887,775 in total compensation, including $2,373,285 in benefits. James P. Gallagher, who stepped down at Philadelphia University, had $2,557,219 in total compensation.

Several presidents earned substantially more because of retirement bonuses or deferred compensation, including Benjamin Ladner, who received $4.3 million in pay and benefits in fiscal 2006 from American University. Ladner stepped down following revelations of excessive personal spending of university money, and most of his compensation came from severance and deferred payouts.

Most college presidents don't earn nearly that much, but salaries at the most prestigious institutions are rising rapidly. At private research institutions, median pay is up 37 percent over the past five years to $528,105.

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E-mail: lhancock@desnews.com