Lincoln University’s contract with an outside research firm could cost the university between $ 125,000 and $ 135,000, university officials said.
Greenwood / Asher & Associates, LLC was hired by Lincoln earlier this month to identify candidates in their search for a permanent president.
The recruiting firm has 29 years of experience in executive search, consulting and training, and will be responsible for identifying candidates from across the country.
Lincoln also named conservative Everidge Cade chair of its board’s presidential search committee, which will hold its first meeting on September 30.
Cade said the estimate for finding the president and another key administrative position is at the top of the projected costs, as some indirect expenses are still being worked out.
According to the university’s contract with Greenwood / Asher, the firm’s professional fees for the first research are 33.3% of the estimated first year cash compensation – determined by the consultant’s base salary, deferred compensation and bonuses paid in the first year – or $ 60,000, whichever is higher.
In addition to its presidential research, Lincoln University will use the research firm to identify candidates for the position of vice president of academic affairs and rector, a key administrative role overseeing the university’s academic programming, institutional research and the center for academic success.
For this second research, the company will charge the university 33.3% of the estimated first year cash compensation or $ 55,000, whichever is greater.
According to the contract, Greenwood / Asher bills its clients based on the combined professional fees of $ 115,000, which is divided into three monthly payments and can be adjusted later.
The university has already paid $ 41,641.67 during the execution of the contract.
The amount Lincoln pays Greenwood / Asher could end up being more or less than the estimate as the contract takes into account several variables including overhead expenses, consultant travel costs, and third party background checks or screenings. .
Cade said the cost would also be affected by the number of meetings required and the number of times the representative has to visit campus in person rather than attending meetings virtually, among other factors.
Cade said Greenwood / Asher was chosen because the company’s philosophy and understanding of needs was more aligned with Lincoln than other companies.
The Greenwood / Asher rep also made the interview more personal, Cade said.
“She took the time to get out, because she had a bit of time before her interview, to look around and get a feel for what was going on on campus,” Cade said. “They are small things, but small things mean a lot.”
In addition to the consultant’s personal touch and focused workload, Cade said curators appreciated Greenwood / Asher’s responses to questions and the firm’s experience in higher education research.
Cade said the research is still on track with its initial timeline, and the search committee is working to put together the requirements and qualities it seeks in Lincoln’s next president.
He said the university is also negotiating the number of candidates the recruiting firm should identify for each position.
“I want to see good candidates and that’s what I’m saying,” Cade said. “I’m not going to quantify this. If they have very good candidates, it can vary.
The presidential search committee of about 10 people, which includes representatives of faculty, staff, student body, alumni, the foundation and curators, will reduce the number of candidates identified by the research firm to four. .
These four candidates will then be interviewed by the entire Board of Conservatives, which will make a final hiring decision.
According to its initial schedule, the university hopes to have candidates available for interviews by November.
Cade said he is looking to find a president who is all encompassing in what they do, demonstrating competence in everything from academics to recruiting and securing investments.
“Our goal is to have a good president and someone who understands the community, the faculty, the students and our needs,” said Cade.
Lincoln University began searching for a president after former LU president Jerald Jones Woolfolk announced his resignation in May.
John Moseley, the university’s former athletic director and head coach of men’s basketball, began serving as interim president soon after. Moseley said he intended to run for the permanent post.