This University of South Florida Morsani College of Medicine Clinical Faculty Compensation Policy has been established to assure appropriate University oversight and uniform guidelines for the determination of total compensation for clinical faculty employed by the of the University of South Florida ("University") Morsani College of Medicine ("College"). This Policy statement supersedes and replaces the Compensation Policy statement dated June 4, 2002 (effective July 1, 2002), and shall be effective July 1, 2008 for all clinical faculty in all clinical departments of the College.
As used in this Policy statement, the term "clinical faculty" means physician and non-physician faculty members employed by the University who (i) are engaged in the provision of care and treatment to patients and the generation of clinical income pursuant to their performance of assigned duties on behalf of the College; and (ii) hold a faculty appointment with the College at the rank of Instructor, Assistant Professor, Associate Professor, or Professor; and (iii) hold a faculty appointment with the College with the status modifier of Regular, Clinical, Research, Courtesy, Visiting, or Adjunct.
The clinical faculty of the College may receive compensation pursuant to their employment by the University from a variety of sources. These sources may include (i) compensation paid by State of Florida warrant; and (ii) compensation paid by the University of South Florida Morsani College of Medicine Academic Support Fund ("ASF"), a separate payroll fund under the direction and control of the University. In addition, Courtesy (but not Collateral Courtesy) faculty of the College may receive compensation pursuant to their approved employment by affiliated entities such as the Veterans Administration Hospital. It is the College's policy that (i) a clinical faculty member's total full-time equivalency (F.T.E.), including appointments with all affiliated entities, may not exceed 1.00; (ii) in the aggregate, the compensation paid to clinical faculty by the University shall not exceed fair market value for the services provided by the clinical faculty member; and (iii) the total compensation (i.e. Maximum Potential Salary) paid to clinical faculty by the University shall be set in advance (at the beginning of each fiscal year).
Definitions and General Policies
Total compensation for clinical faculty is comprised of salary and benefits. The salary element consists of five components: (1) University Contracted Salary [Annual Base Salary + an Administrative Stipend(s) supported with State appropriate funds], (2) ASF Pay, (3) VA Pay, (4) ASF Administrative Stipend(s), and (5) Bonus Pay. These components are defined below.
University Contracted Salary
The portion of Budgeted Total Salary (BTS) which is funded by legislative appropriations or funds transferred to a University account, in an amount which is specified in the clinical faculty member's annual employment contract with the University. The University Contracted Salary includes the Annual Base Salary and any Administrative Stipend(s) that are supported with State appropriated funds. University contracted salary is paid by the University by means of a University warrant electronically deposited to the employee's designated banking institution every two weeks. Sources of non-appropriated funds which may be transferred to a University account to support University contracted salary include: contract and grant funds (e.g. clinical trials, sponsored research, affiliated insitutions, continuing medical education); College Faculty Practice Plan funds; and USF Foundation endowment or other gift funds.
ASF Incentive Pay is a non-guaranteed, variable component of BTS which is subject to the individual clinical faculty member's achievement of performance criteria and goals as determined by the department chairperson or his/her designee. The payment of ASF Pay is subject to the availability of department/divisional funds to support the ASF Pay and is subject to reduction if such reduction is determined necessary or desirable by the department chairperson in his/her discretion. ASF Pay is paid by means of an ASF check/electronic deposit, and is paid monthly.
VA Pay is salary discretely paid by the Veteran's Administration to College Courtesy faculty who are employed on a part-time or full-time basis by the Veteran's Administration Hospital(s).
Administrative Stipend is the portion of BTS that is supplemental compensation in recognition of the assignment of a specific administrative role and duties to the clinical faculty member. The Administrative Stipend may be supported with State appropriated funds and included in the University warrant, or it may be paid as part of compensation through the ASF. If any portion of the Administrative Stipend(s) is supported with State appropriated funds, such portion is considered to be a part of the individual's University Contracted Salary. The Administrative Stipend, regardless of whether it is supported with State appropriated funds or paid through the ASF, is removed in the event the College or Department discontinue the clinical faculty member's related administrative assignment at any time during the year.
Bonus Pay is an additional amount of compensation (any and all types) that may be paid to a clinical faculty member based upon individual productivity and applicable financial conditions. All Bonus Pay must be approved by the College Dean or designee, and Division/Departmental bonuses may only be approved for payment following the end of the University Fiscal Year and the issuance of audited financial statements for such Fiscal Year.
Determination of Budgeted and Maximum Potential Salary
The Budgeted Total Salary for a clinical faculty member is the sum of their University Contracted Salary, ASF Pay, VA Pay, and any Administrative Stipend for the fiscal year. The Maximum Potential Salary for a clinical faculty member is the sum of their Budgeted Total Salary and any Bonus Pay for the fiscal year. Each clinical faculty member's Budgeted Total Salary and Maximum Potential Salary for each fiscal year is normally determined through an annual assignment/salary conference between the clinical faculty member and their department chairperson or his/her designee. The salary determination will be guided by College and departmental compensation policies/performance criteria, subject to ultimate review and approval by the College Dean/Vice President for Health Science. Several factors, including but not limited to rank, experience, special expertise, local, regional and national market conditions, and the clinical faculty member's productivity and contributions to the College's/Department's educational, research, service, and administrative activities are considered in the process of establishing the individual's Budgeted Total Salary and Maximum Potential Salary for each fiscal year. In accordance with Federal law, the total compensation paid to clinical faculty members shall not be determined in a manner that take into account the volume or value of any referrals or other business generated by a clinical faculty member as a referring physician within the College or any of its affiliated hospitals. The department chairperson or his/her designee(s) will create performance goals and criteria which will be used to evaluate and measure the performance and productivity of individual clinical faculty members in their respective department/division. Performance criteria must include consideration of performance in the areas of teaching, research and creative activities, community service, clinical practice, and administration. Performance criteria for ASF Pay and Division/Department Bonus Pay shall focus on clinical practice productivity.
Benefits consist of: (i) State of Florida employment benefits for University faculty; (ii) University of South Florida College of Medicine Flexible Benefit Plan benefits; and (iii) University of South Florida Morsani College of Medicine Academic Support Fund Defined Contribution Employee Retirement Plan. Such benefits are further defined by applicable laws, rules, plan documents, policies, and contracts.
(1) In determining the clinical faculty member's Budgeted Total Salary and Maximum Potential Salary for each fiscal year, the department chairperson will compare the proposed salary amount with the salary information for the clinical faculty member's rank and specialty published in the most current American Association of Medical Colleges Report on Medical School Faculty Salaries (for all medical schools) (the "AAMC Report"). Recognizing the passage of time, the salary information in the AAMC Report will be adjusted for inflation by the National Consumer Price Index (CPI) for the previous calendar year from the date of the AAMC Report to the date of the compensation determination. For any fiscal year, a clinical faculty member's Maximum Potential Salary amount [i.e. the sum of Budgeted Total Salary and Bonus Pay] shall not exceed 150% of the 75th percentile for the relevant specialty/subspecialty (adjusted for inflation) for all medical schools in the most recently published AAMC Report, unless approved by the Dean/Vice President prior to the beginning of the fiscal year based upon the appropriate justification and determination that the proposed Maximum Potential Salary amount does not exceed fair market value for the services provided by the clinical faculty member. The Dean's office will distribute the applicable AAMC Report tables to the department chairpersons in advance of the commencement of each fiscal year.
(2) Each department chairperson will establish a minimum level for the Annual Base Salary component of the University Contracted Salary applicable to all clinical faculty members by rank in the department to assure equity and consistency among the faculty. The minimum Annual Base Salary component of the University Contracted Salary for each department will be expressed as a percentage of the 25th percentile for all medical schools in the most recently published AAMC Report, adjusted for inflation, and shall be subject to the approval of the College Dean. The maximum allowable Annual Base Salary for newly recruited clinical faculty members shall be the 25th percentile by discipline for all medical schools in the most recently published AAMC Report adjusted for inflation.
(3) The payment of accrued sick and annual leave in the event of termination or resignation of a clinical faculty member will be made in accordance with University rule and policy, and will be calculated on the basis of the higher of either (i) the clinical faculty member's University Contracted Salary at the time of termination or resignation, or (ii) 50% of the 25th percentile for the relevant specialty/subspecialty for all medical schools in the most recently published AAMC Report, adjusted for inflation by the CPI for the previous calendar year from the date of the AAMC Report to the date of the determination of accrued leave payment.
(4) Each division/department will be required to maintain an operating reserve margin at the level determined by the College Dean in order for clinical faaculty members in the department to be paid ASF Pay or Division/Department Bonus Pay, unless a waiver of this requirement is expressly approved in advance by the College Dean.
(5) The VP/Dean will determine the Budgeted Total Salary and Maximum Potential Salary and set the criteria for evaluating performance of department chairpersons and any other physicians who serve in administrative capacities reporting to the VP/Dean. The VP/Dean may approve the payment of any Administrative Stipend(s) to faculty members with assigned administrative responsibilities.
(6) Each clinical faculty member's compensation is required to be approved in accordance with this Policy statement before any compensation may be paid to the individual. There shall be no exceptions to this Policy statement and no "grandfathering" of any groups or members of the clinical faculty of the College. This Policy is subject to all University rules, policies, and management functions, and this Policy shall not limit the University from adopting or altering rules or policies or otherwise exercising the functions of management as provided by Florida law and University rules and policies.