The Coastal Educational Foundation (CEF) Board of Trustees approved a measure to fund a retirement annuity for Coastal Carolina University (CCU) President David DeCenzo in its meeting today. The fund, totaling $1 million, fulfills President DeCenzo's 10-year employment contract of July 11, 2011, and came to the CEF at the request of the CCU Board of Trustees. In order to receive the annuity, DeCenzo must remain employed as president of CCU until June 30, 2021.
In a letter to the CEF, Wyatt Henderson, chairman of the CCU Board of Trustees said, "The Board is pleased with CCU's progress during Dr. DeCenzo's presidency and feels that CCU's best interests are served by retaining Dr. DeCenzo to continue as president." The CCU board studied total compensation packages of universities comparable in size, mission and complexity to develop the annuity plan.
CCU administration requested a formal opinion from the South Carolina Ethics Commission, which ruled that the "CCU Board of Trustees may fund the president's annuity from Coastal Educational Foundation funds." The S.C. Salary Commission of the S.C. Budget and Control Board also noted that supplements and compensation for university presidents are commonly funded through foundations.
"CCU's board appreciates the support of the Foundation through funding this retirement annuity," said CCU trustee Larry Biddle, who attended the CEF meeting. "It provides the kind of retention opportunity we need to ensure the continuity of our leadership during this time of dynamic growth."
For more information, contact Martha Hunn, the University's director of news and public affairs, at 843-349-2962.