'Very, very huge question:' New College scrambles for funds to pay Richard Corcoran's $699,000 salar

New College Foundation officials tasked with scraping together funds to cover much of Interim President Richard Corcoran's $699,000 salary said Friday they still are trying to determine where the money will come from and raised concerns about donations drying up, even as those supporting Corcoran's hiring have made public assurances that the money is available to pay him.

Under state law, only $200,000 in taxpayer money can be used to pay a university official's salary. Private donations must cover the rest.

New College's new board Chair Debra Jenks has said repeatedly that the foundation has the money to pay Corcoran, but has not identified the specific pot of money that his salary will come from.

Larry Geimer, the finance chair for the foundation board and a certified public accountant with Kerkering, Barberio & Co., said during a foundation board meeting Friday that 99% of foundation funds - which total about $43 million - are restricted and indicated that foundation officials weren't consulted before the organization's resources were committed to fund Corcoran's salary.

https://www.heraldtribune.com/story/news/politics/2023/02/24/richard-corcoran-new-college-of-florida-salary-foundation-shortfall/69936943007/

Hmmmm. New RWNJ trustees fire the last New College president, hire a DeSantis crony for almost three times the former president's salary, and now looking for private donations to supplement the president's salary. Doesn't sound like a well thought-out plan, but then their goal was to eviscerate New College, consequences be damned.