- Associated Press - Saturday, March 26, 2016

RICHMOND, Va. (AP) - Virginia Commonwealth University President Michael Rao is getting a raise that will increase his base salary to more than $523,000.

Besides a 4 percent raise, a change in his contract also increases his potential bonus by more than 25 percent.

The Richmond Times-Dispatch (https://bit.ly/1RC5h8l) says the school’s governing board approved the pay increases this week. They are retroactive to July 1.

VCU spokeswoman Pam Lepley says approximately $182,000 of Rao’s pay comes from state and tuition funds. His compensation package is supported primarily by private gifts, endowment funds or income, and health system funding sources.

For the fiscal year that ended June 30, Rao received $880,814 in total compensation. That includes deferred compensation, a $50,000 bonus and allowances, such as housing.

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