Foundation administrators highly compensated

Erin Jordan of the Des Moines Register obtained salary records of foundation employees at Iowa's three public universities. They found on average the employees made less than the national average, but the administrators were far above the average salary with "... U of I Foundation President Michael New topping out at $250,000 a year." Despite the high pay for administrators, the foundations are bringing in lots of money for student scholarships, classroom equipment and more resources for the universities. "The U of I Foundation, with a payroll of about $8 million, had 144 full-time employees. The foundation brought in about $100.5 million in fiscal 2004."