The Kentucky Technical University Corporation has adopted the following LFI Compensation Policy.
The Executive Director of the Leffler Foundation Inc (the “Nonprofit”) is the principal representative of the Leffler Foundation Inc, and the person responsible for the efficient operation of the Nonprofit. Therefore, it is the desire of the Nonprofit to provide a fair yet reasonable and not excessive compensation for the Executive Director (and any other highly compensated employees and consultants).
The annual process for determining compensation is as follows: The Nonprofit shall, either the full board or a compensation committee annually evaluate the Executive Director on his/her performance, and ask for his/her input on matters of performance and compensation.
The executive committee will obtain research and information to make a recommendation to the full board for the compensation (salary and benefits) of the Executive Director (and other highly compensated employees or consultants) based on a review of comparability data. For example, the Executive Committee will secure data that documents compensation levels and benefits for similarly qualified individuals in comparable positions at similar organizations. This data may include the following:
To approve the compensation for the Executive Director (and other highly compensated employees and consultants) the board must document how it reached its decisions, including the data on which it relied, in minutes of the meeting during which the compensation was approved. Documentation will include:
The Chair of the board of directors, who is a volunteer and not compensated by the Nonprofit, will operate independently without undue influence from the Executive Director.
No member of the Executive or Human Resources Committee will be a staff member or the relative of a staff member.