UNIVERSITY OF THE VIRGIN ISLANDS

Board of Trustees

Executive Session Minutes Excerpt

March 12, 2005



Compensation Plan FY04-05



President Ragster gave an overview of the issue and the feedback received from

the Ad Hoc Committee on the Compensation Proposal that was approved at the

October 2004 Board meeting. She reported that the Executive Committee met

and discussed the issue and recommended that the full Board discuss and

determine action on an amendment to the resolution.



President Ragster outlined through a PowerPoint presentation the challenges

being faced by the University, the general assumptions of the compensation

strategies and presented viable options that facilitate compensation of

employees. President Ragster also outlined the pros and cons of addressing

Compensation issues at this time.



The three options presented by the Administration for compensation included:

Option 1:

Implement Equity, Market & Part-Time Faculty Adjustment up to $.7M and

$1.3M as One-Time Payout.



Option 2:

$1M as One-Time Payout and $1M as Base Salary Adjustment



Option 3:

$3M for One-Time Payout as 100% of Calculated Merit



After the presentation and discussion, the trustees voted to adopt option 3, $3M

for One-Time Payout as 100% of calculated merit.



President Ragster thanked the members of the Board for their support.

CERTIFICATION

The undersigned do hereby certify that the foregoing represents a true and



correct excerpt of minutes from the Executive Session of the March 12, 2005

regular meeting of the Board of Trustees of the University of the Virgin Islands.



AK. 3\2i\05



Chairman of thd Board ‘Date



Niarsk 2h, 2605

Secretary of t Date