The University of Central Arkansas Board of Trustees will hold a special meeting today to discuss president Lu Hardin's future with the university.
The meeting will take place at 11 a.m., and Rush F. Harding III, vice chairman of the board, told the Associated Press that Hardin offering his resignation may be one of the university president's options.
With what several members expressed as deep regret the University of Central Arkansas board of trustees accepted the resignation of Lu Hardin in a special meeting Thursday morning.
The vote to accept his resignation was 4-1 with board member Dr. Michael Stanton voting "no" and Harold Chakales absent.
Hardin's resignation will be effective Sept. 16, the six-year anniversary of him coming to the University.
Hardin sited the primary reason for his decision was due to his medical condition and at the advice of his doctor.
Hardin recently underwent surgery to treat two tumors behind his right eye.
Hardin said he will use this time to heal and allow the university itself to heal in light of recent controversy surrounding the president.
With the approval of Hardin's resignation the board also approved 4-1, a sabbatical of the balance of this fiscal year. On July 1 there will be a balance $670,162 on the public portion of the presidents contract.
That money will be paid from the trustees' discretionary fund. The president also has a private portion of his contract of $47,570 annually that decreases each year. The UCA foundation has agreed to fund the current year private portion of Hardin's salary.
Board chairman Randy Sims said that while this arrangement may be the best thing for Hardin, he believes it will not be the best thing for UCA.
During the meeting the board also unanimously voted to appoint Tom Courtway to UCA's general counsel as interim president of the university.
statement issued by UCA Board of Trustees:
"The board of trustees has negotiated a buyout of President Hardin's contract. Due to his health considerations, the president has been granted a sabbatical for the balance of this fiscal year. On July 1, 2009, there will be a balance of $670,162.35 on the public portion of the president's contract. Those monies will be paid from the trustees' discretionary fund in a lump sum or over the 39-month term as structured by Vice President Tom Courtway. Please be reminded that these funds are generated by bookstore or other auxiliary revenues. Pursuant to the recent attorney general's opinion, no private or deferred compensation will be paid with those funds.
The president also has a private portion of his contract of $47,570.00 annually that decreases each year. The UCA Foundation has agreed to fund the current year private fund portion of the president's salary. Any future private fund portion to be paid would be at the discretion and consideration of the foundation board.
The president's compensation for the balance of this sabbatical year is already funded in our 2008-09 budget. This agreement will not impact our current year's budget in any way.
The severance package that is funded on July 1, 2009, or on terms suggested by Tom Courtway, will be paid with funds from the Trustees Discretionary Fund. Any payment for the private portion of the president's contract will be paid from private gifts restricted specifically for that purpose.
We wish the president well as he battles his health issues and we appreciate the fine work he has done on behalf of UCA."
Complete Coverage
Board of Trustees - University of Central Arkansas
UCA to investigate Hardin controversy - The Log Cabin Democrat
UCA Faculty Senate to discuss controversy surrounding Hardin - The Log Cabin Democrat
Hardin to treat cancer with surgery - The Log Cabin Democrat
UCA board to meet, discuss Hardin's future - The Log Cabin Democrat
Opinions of Lu sought at meeting - The Log Cabin Democrat
Hardin to have second surgery to treat eye cancer - The Log Cabin Democrat
Hardin requested $300K accelerated payment as incentive - The Log Cabin Democrat
AG says Hardin's bonus may have violated salary caps - The Log Cabin Democrat
Hardin to refund $300,000 bonus - The Log Cabin Democrat
Board member's daughter takes on role of UCA attorney - The Log Cabin Democrat
Hardin: Request for AG opinion necessary - The Log Cabin Democrat
UCA requests AG opinion on deferred-compensation - The Log Cabin Democrat
UCA board responsible for authorizing transactions from auxiliary fund - The Log Cabin Democrat
Hardin: Deferred-compensation payments should be handled differently in future - The Log Cabin Democrat
Hardin receives $300,000 incentive ahead of schedule - The Log Cabin Democrat
UCA Board to Meet to Discuss Hardin's Future - KATV
UCA to Investigate Hardin Controversy - KATV
UCA Faculty Senate to Discuss Hardin - KATV
UCA President Undergoes Surgery for Eye Cancer - KATV
Hardin to Treat Cancer With Surgery - KATV
UCA Board Hears From Campus Community on Hardin Bonus - KATV
Hardin Apologizes to UCA Board - KATV
UCA President to Undergo Surgery for Eye Cancer - KATV
Documents: Hardin Urged Secrecy for UCA Bonus - KATV
UCA President Says He'll Return $300K Bonus - KATV
Legal Opinion Sought on UCA Bonus - KATV
Hardin Says Board Should Say More About Raise - KATV
Update: Faculty Senate Discusses Lu Hardin Controversy - KTHV
How Lu Hardin didn't get a raise - Arkansas News Bureau
Can Lu Hardin Survive? Should He? - The Morning News
Oops. Hardin story just grew new legs: UPDATE - Arkansas Times
UCA Board, Lu Hardin Apologize for Bonus Secrecy - Arkansas Business
Lu Hardin's pattern - Arkansas News Bureau
Lu Hardin to Reimburse UCA for $300,000 Payment - Arkansas Business
UCA Faculty Senate Meets about Lu Hardin - KARK
Lu Hardin issue is all about discolsure - The Baxter Bulletin
Some UCA Employees Call for Resignation of Hardin - KLRT
Hardin to pay back $300,000 - Arkansas Democrat Gazette
UCA board to meet to discuss Hardin's future - KLRT
Beebe: Hardin Wrong To Conceal Bonus - The Morning News
UCA Board to meet to discuss Hardin's future - KFSM
FOI Law Illuminates UCA Deed - Times Record
UCA Board Hears Compus Community on Controversial Hardin Bonus - KAIT
