Illinois State University’s Board of Trustees today approved the renewal of contracts with the Illinois State University Foundation and with President Al Bowman.
Board members authorized the extension of a contract with the Illinois State University Foundation for development and fund-raising services for FY 2013 to FY2015. The contract stipulates that services will be provided for cash and in-kind consideration not to exceed $2.4 million during the initial year with annual increases not to exceed the average percent increase of faculty and staff salaries. The Foundation, a private corporation, works to solicit, secure and manage private gifts and other resources to support Illinois State’s educational and research mission.
Board members extended the contract for President Al Bowman through June 30, 2016. Bowman’s current contract expired on June 30 of this year. Under the terms of the new contract, Bowman will receive a $100,000 retention bonus if he serves as president for the entire contract period at his current level of performance. The Board of Trustees praised Bowman, saying that he has “tirelessly and effectively served the interests of Illinois State University.”