“We are extremely pleased with the direction of Missouri State University under President Smart’s guidance,” said Board Chair Carrie Tergin. “His leadership has been invaluable in helping the university successfully navigate through a difficult year of budget reduction and uncertainty.”
The board completes its evaluation each year during the summer months following an annual self-assessment presented by Smart at the June Board meeting.
“I look forward to serving as president of Missouri State for the next 8 years,” said Smart. “I am proud of our accomplishments since starting as president in 2011. I’m certain we will continue to expand and elevate the university and its reputation as we provide a quality and affordable higher education option for Missouri.”
Despite a favorable evaluation, Smart will not receive a salary increase for the 2018-19 year. His current base salary is $334,981.
“President Smart was adamant that he should not receive a raise in a year when faculty and staff do not receive across-the-board raises,” noted Tergin. “The board thought it important to honor his wishes.”
Smart has similarly declined raises in past years when faculty and staff did not receive salary increases.
The contract extension raises Smart’s salary to no less than $380,000 effective July 1, 2022.
Smart currently earns $50,000 each year as part of a deferred compensation plan. This will fully vest in 2022. Effective June 30, 2023, Smart will be eligible to earn an annual cash retention bonus of $50,000, in lieu of deferred compensation.
“We want to provide a strong incentive for President Smart to serve the entirety of the contract extension,” said Tergin, “while also ensuring that the university is positioned well for the future.”
Smart’s tenure at Missouri State
Smart joined Missouri State as general counsel on Dec. 1, 2007, after a successful 20-year legal career. He was named interim president June 27, 2011, and became the 11th president of Missouri State on Oct. 16, 2012.
The Missouri Open Meetings, Open Records law, also known as the Sunshine Law, requires that personnel decisions made in executive session be reported within 72 hours.