Eastern Michigan University’s Board of Regents approved an extension of President Susan Martin’s contract from July 8, 2015 through July 7, 2016 at its regular meeting in Welch Hall Tuesday.
Martin’s yearly salary has been increased from $300,000 to $340,000, effective Nov. 1, 2014.
Martin’s salary when she took office July 2008 was $285,000.
“There were years she did not take an increase,” said Board of Regent chair, Francine Parker.
Parker said there were also years that Martin decided to give her pay raise back to the university.
“We appreciate President Martin’s service and by taking this action nine months ahead of the expiration of her contract,” Parker said in a statement Tuesday.
Martin is the lowest-paid president in the Mid-American Conference. Martin is paid $24,000 less than the Central Michigan University president, its president only being ranked one place higher than Martin.
Martin ranks eighth in pay out of the 13 Michigan public university presidents.
“I am honored to serve this great, historic public university,” Martin said in a statement Tuesday.
Also at Tuesday’s meeting, the Regents approved a more than $48 million package of financial aid scholarships, awards and grants for the 2015-16 school year.
This is an 8.9 percent increase over the 2014-15 financial aid budget.
The $48 million financial aid budget includes: $33.5 million for undergraduate awards and grants, $8.98 million for athletic grants-in-aid, $500,000 for federal and state matches and more than $5 million for graduate student aid.
At a special Regents meeting in September, the board said it would carefully review its involvement in the EAA interlocal agreement.
Several advocates against the EAA called for the Regents to vote to sever ties with the authority at Tuesday’s meeting, but the university could not do so, as an opportunity for the university to opt out of the agreement does not come until December.
Parker confirmed to The Echo after Tuesday’s meeting that the EAA interlocal agreement will be on the agenda for the December Regents meeting.