Chancellor Randy Woodson will become the highest-paid chancellor in the UNC System this year, according to WRAL. A privately funded bonus provision included in his contract in July makes Woodson eligible for a $200,000 annual stipend paid for by the N.C. State University Foundation. The nonprofit foundation is used to raise money for the university privately and is closely tied to NC State.

The contract does not guarantee Woodson will receive the entire stipend each year, but paired with his current $520,000 taxpayer-funded salary, the potential $720,000 takeaway would be just shy of the $775,000 salary the Board of Governors recently agreed to pay newly elected UNC System President Margaret Spellings.

The contract runs through June 30, 2019. Woodson is the only chancellor in the UNC System to have a contract for a defined number of years rather than an open-ended “letter of appointment.”

Spellings may also receive a similar deal in the future, as her contract says she will have the “opportunity to earn performance-based deferred compensation tied to attainment of specific Board of Governors-assigned metrics/goals.”