An Art College President's Compensation Reached Nearly $2-Million in 2008

Paul Fain:

Paula S. Wallace co-founded the Savannah College of Art and Design in 1978 with her parents and her then-husband, taking out a $200,000 loan to buy the college's first building. Since then it has grown into one of the nation's largest art schools, and Ms. Wallace's pay has swelled: In 2008 her total compensation as president was $1,946,730, according to newly released tax documents.
That amount tops the compensation of all but a handful of college chiefs. But SCAD, a relatively pricey and prosperous art school, is smaller than universities that pay in that range.
Ms. Wallace, who is in her early 60s, became SCAD's president in 2000. Her total compensation package grew by about $1.5-million between 2008 and the previous reporting period, which was the 2007-8 fiscal year. College officials said $900,000 of that growth was related to an adjustment to the deferred compensation that SCAD set aside for the president's retirement pay.

Posted by jimz at October 3, 2010 2:08 AM
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