Board approves $200,000 incentive payment for President Corcoran after committee recommendation

The New College of Florida Board of Trustees unanimously approved a $200,000 annual incentive payment for President Corcoran on Thursday after the Presidential Evaluation Standing Committee recommended the full award.

Vice Chair Ron Cristaldi told trustees the committee — which included the board chair, trustees Anderson, Baldonado, Jaquat, Karp and Patterson — reviewed the president's performance across eight contract criteria and found each was met. "The committee's recommendation is to award a $200,000 bonus to President Corcoran under the contract," Cristaldi said.

A motion to approve the full incentive compensation was made, seconded and passed with multiple recorded "aye" responses. The chair said the Board of Governors had been informed of the board's action.

President Corcoran thanked trustees after the vote, praising his staff and the campus community for their work. "If you look at the list of things that those are achieved, en masse by just... they're just doing an absolute amazing job," he said.

The board's action implements a discretionary payment set out in the president's contract (effective February 2023), which allows up to $200,000 annually based on performance criteria. The decision came after a committee meeting in which trustees reviewed the president's submittal and supporting metrics.

What happens next: The board approved the payment at the public meeting; further administrative steps to process the incentive will follow the board's vote.