The New Jersey Fiscal Crisis
Case Study of Union County School Superintendent Contracts - 07/16/2010 last updated

By Horace Corbin, - "A Working Document, In Progress with Your Input" Email to:
Feedback Received as of
- 07/16/2010 last updated Assemble information (click here to view all the current documents)

Jul 15, 2010 Trenton - Gov. Christie proposed to trim school superintendent salaries. Right now, superintendents in districts with over 1,000 students earn an average of $192,764, while superintendents in districts with fewer than 1,000 students earn an average of $152,764. The Governor says these salaries are out of proportion with the private sector, current economic realities and district demands. Under the current proposal, the base pay of superintendents would be capped according to a sliding scale that takes into account the student enrollment of the district(s) overseen, with an increment of $5,000 for each additional district served by a single superintendent, and an increment of $2,500 if the district(s) include(s) at least one high school.

Student Enrollment of District(s) - Maximum
0 – 250: --- $120,000
251 – 750: --- $135,000
751 – 1,500: -- $150,000
1,501 – 3,000 --- $165,000
3,001 – 10,000 --- $175,000
Over 10,000; Superintendent compensation in the sixteen districts with student enrollment over 10,000 would be subject to separate rules developed by the Department of Education.

School boards would not be permitted to increase a superintendent’s base pay (for example, with longevity increases) beyond these salary caps. Additionally, no superintendent contract that includes a compensation package above these salary caps could be extended; at its expiration, the new compensation package of the superintendent would need to conform to this new policy.
March 26,2010 - Keansburg Abuse Settled - More background

See editorial page www.goleader.com/08aug21/07.pdf

See front page www.goleader.com/08aug21

NJ Dept. of Education Administrative Salaries Study Spreadsheet August 18, 2008

July 2008 Articles

Introduction: The State of New Jersey is in a financial crisis in that it has bond debt of $35 billion and $60 billion of unfunded liabilities for employee retirement. Governor Jon Corzine says that the crisis is worsening and that the current total of unfunded liabilities is about $110 billion (reference). Although the NJ population of 8.5 million ranks it 11th in the nation, the state debt ranks 3rd highest. The state also has the highest property tax in the nation (twice the national average), high sales tax (7%) and high income tax.

Debt: The Governor says that no payments are being made to reduce the principal on the $35 billion in bonded debt and that interest payments at 8% are draining the operating budget at a rate of about $2.5 billion per year. The state 2009 operating budget is about $33 billion.

Unfunded Retirement Liabilities: The Governor says that the unfunded liabilities for retirement are growing at about 10% per year ($6 billion this year). Based on the current age distribution of employees, the Governor says that a large portion will be entering the retirement system soon, causing the cost to further rise. Healthcare is also a significant cost and is growing at about 15% per year for government employees.

For a decade, the retirement system has been under-funded, or ignored, by government. Funding for retirement comes from three sources: taxes, employee deductions and interest income. Police and fire unions are suing the state over the lack of the funding and are questioning where their employee contributions have gone; contending the funds have been squandered by government for other purposes. Teachers, police officers, firefighters and county employees are paid mostly through property taxes. State employees are paid through state revenues.

Defined Benefits: State, county, local and school employees are provided with defined benefits for retirement and health care, regardless of what the actual cost may be. Most, but not all, employees contribute to the plan with a deduction from their salaries of about 5-7% depending on category. We have been advised by a local firefighter union that their personnel contribute 8.5% of their salary to the pension system. The public at-large guarantees the plan and pays all costs above and beyond that of other sources. This system, along with how it's been managed and abused combined with sky rocketing costs, has led to the current $60 billion liability. To prevent system collapse, local towns are told to increase pension payments from revenue derived from property taxes. Thus property taxes go up further.

Property Taxes: Most of the property taxes (about 60%) go to teachers and public education. The counties and municipalities receive about 20% of the property taxes respectively. The towns collect the property taxes and distribute them to the school districts, the counties and themselves. This distribution array varies from region to region as low income areas such as Newark and Camden receive significant state aid and have lower property taxes, whereas high income areas such as Westfield and Summit receive very little aid and have higher property taxes. The Abbott School Districts state aid program is a controversial example and has been the subject of criticism for malfeasance and abuse.

Other Liabilities: Public indebtedness occurs from other sources as well including borrowing by school districts, municipalities, counties, sewer authorities and many other agencies. These bonds and their impacts are complex subjects not addressed in this commentary.

Impact on Taxes and Employees: Despite rhetoric by elected officials of budget cutting and spending limits; the spending, costs, debt and taxes continue to rise. Many cost increases are being passed down the line resulting in property taxes continuing to rise at a high rate. For example: In Westfield, NJ with a population of 30,000 with 10,000 homeowners, property taxes are projected to rise by about 9% in August 2008 from the current level of about $11,200 per year to over $12,000 average. Westfield residents will be paying about $125 million in property taxes this coming year. As towns deal with rising costs, employee layoffs are arising. Fanwood Borough sent a letter to all employees of possible layoffs. All towns in the region are experiencing similar impacts.

Saying One Thing But Doing the Other: Borrowing continues. The Governor and the Legislature claimed there would be no more borrowing without voter approval and are offering a referendum to the voters to enact this into law in November 2008. Yet, on July 9, 2008, the Governor approved an additional $3.9 billion of borrowing for school construction. This tops off the infamous $8 billion of borrowing for the School Construction Corporation where elected officials admit they have no accounting of where the money went.

Fraud and Abuse: It is widely publicized that New Jersey is afflicted by fraud and abuse in government. (Video reference) and (newspaper reference). There are attempts by some to stop this. It is not known whether the state has turned the corner on the "Culture of Corruption." The retirement system and the costs to the public suffer as a result. Retirement benefits are determined by the average of the last three years of pay in government service. One can be a part time employee making as little as $1,500 per year, but only the last three years earnings count in determining retirement pay. This results in abuse by many of those clever and powerful.

March 21, 2005: Acting Governor Richard Codey's brother: The flap over first brother Robert Codey, 55, a deputy attorney general, arose after it was disclosed that Attorney General Peter Harvey and then-acting state Personnel Commissioner Marjorie Schwartz - both of whom were later appointed to Codey's cabinet - signed off on waivers that boosted Robert Codey's salary to $140,000. That was well above the state guideline of some $115,000 a year and qualified Robert Codey for a lifetime pension of $95,000 a year.

Too common a practice has been part time legislators, at the point of their retirement, being appointed to some commission with a salary of over $100,000 per year for the purpose of retirement enrichment at the expense of the public.

With much fanfare, legislators proposed this year to change the pension rules to stop abuse and bring legitimate costs under control. In the end, only few changes were made, including: to require minimum earnings of $7,500 per year and one must be 62 years old, rather than 60. The last three years calculation provision stands, perpetuating the open door of abuse, in our opinion.

Also, part time and full time employees can receive retirement benefits from more than one plan. It was also proposed by some legislators that an employee be only eligible for one retirement plan. This was defeated. So it seems, the public remains exposed to abuse.

Complexity and Accountability: In New Jersey, there are 566 municipalities, 611 school districts and 21 counties. Each entity has employee and management union contracts in addition to those of the state. In public education, the unions call themselves education associations. The task of oversight is gargantuan.

Complaints of School Superintendent Contracts: When it became public that retiring school superintendents in Keansburg and Hoboken where being given hundreds of thousands of dollars in severance pay in addition to the state retirement plan, Department of Education Commissioner Lucille Davy ordered all school superintendent contracts to be reviewed by the county school superintendents for signs of abuse. The Commissioner also urged the public to review these contracts. Of course, for the public to read these contracts, they must be available. The 23 superintendent contracts in Union County were obtained by this newspaper and are posted here for public review. Plainfield and Elizabeth in Union County are Abbott School Districts. There are 611 school districts in the state. It appears that just having just these contracts is not enough as several references are made in the contracts to other agreements: in accordance with the local education association agreements or as may be approved by the board.

May 28, 2008: Keansburg Superintendent Barbara Trzeszkowski is set to receive a $740,000 severance payment in addition to her $120,000-a-year pension. Jun 12 2008: The Star Ledger reported today that in January, Davy denied a request by the Hoboken Board of Education to void a consulting fee portion of a retirement deal for Hoboken Superintendent Patrick Gagliardi who retired in June 2007. Gagliardi received $495,000 for unused sick and vacation days along with a promise to be paid $996 per day as a consulting administrator for up to 100 days. These perks are in addition to his $128,400 per year pension. Revelation of the nearly $600,000 Hoboken deal comes on the heels of reports that the Keansburg Superintendent of Schools, Barbara Trzeszkowski, is retiring next month with a $740,000 severance package. Karrow pointed out that the State Commission of Investigation (SCI) released a report two and a half years ago calling into question school superintendent excessive contracts and benefit packages. The SCI is a non-partisan appointed agency. “For the last two and a half years, both Governor Corzine and Commissioner Davy sat on the SCI report and did absolutely nothing about these obscene superintendent salaries and benefit packages,” exclaimed Karrow. “This information was there in black and white. They had two and a half years to pull the plug on these highly excessive contracts, but they chose to ignore them. They have an awful lot of explaining to do.” Karrow noted the hypocrisy of Davy going to court now to oppose portions of Trzeszkowski’s deal while refusing to intercede in Gagliardi’s, saying it was only public pressure that forced Davy to pursue legal action against Trzeszkowski. Both Keansburg and Hoboken are Abbott School Districts.

Objectives of this Case Study:
To understand the workings of the pension system and contracts; enhance public awareness and encourage corrective action. To reduce abuse and corruption while protecting the interests of legitimate workers and the taxpayers.
Procedures:
Assemble information (click here to view all the current documents)
(The Union County School Superintendent Contracts will be used for this case study)
Develop analytical tools (cash flow and math calculators).
Obtain public input and expertise.
Email to:
Provide updates here and publish reports in the newspaper and online.
Link to the State Treasury website for information on pensions - Pension Handbook

Notes of Contracts for Superintendents of Schools;  References are made to local union contracts as they may exist now or in the future at time of effect, thus full details of superintendent contracts may not be assessable without obtaining and reviewing the local union contracts. In addition, contracts are subject to changes as may occur with local union contracts in the future; yet provisions in the contracts say that compensation cannot be reduced, which implies that they only can increase. Also, references are made to "at the discretion of the board" and "which shall not reasonable be withheld." Synopses of the contracts are below along with links to the complete contracts. Additions will be posted as they become complete. After the synopses complete, an assessment of the True Value of each of the 26 contracts will be made. Readers are requested to assist in this case study. See contracts and all documents here. Please provide your comments by Email to:

Editorial Comment: Upon scanning the contracts, many are "breath-taking" and are of similar theme. Some are "heart-stopping" such as that for the Superintendent Kim Coleman of the Morris-Union District. Few in the public know the district exists, and it is unclear who approves the contracts and how the expenses are paid.

Linden School District: Superintendent Joseph Martino, resident of Colonia.; Salary for the year July 1, 2009 through June 30,2010 shall be $199,900.; All Legal Fees paid; He may do paid consulting while employed as superintendent.; All conventions paid: meals, lodging, travel, time off, etc.; $4,000 per year for personal memberships.; Holidays (13): Independence Day, Labor Day, Thanksgiving Day (and the day following Thanksgiving, if school is not in session), December 24, Christmas Day, December 31, New Year's Day, Martin Luther King Day, Presidents' Day, Good Friday, Easter Monday, Memorial Day.; Agreement between the Linden Board of Education and the Linden Administrators and Supervisors Association (need copy to know details).; Funeral Leave entitlement, Medical Benefits, Pharmaceutical Insurance, Dental Insurance; Automobile Allowance: $300 per month plus mileage reimbursement for driving outside of county. In addition to the personal automobile Liability insurance which the Superintendent shall provide at his own personal cost and expense, the Board will provide full and appropriate insurance coverage to comply with the statutory mandate to indemnify the Superintendent for losses sustained in the course of his employment as is set forth in N.J.S.A. 18A: 16-6.; Communications Allowance: $200.00 per month for mobile and other telephone charges.; Annuity Payment: $9,500.00 per year.; Vacation: 26 days; Unused vacation days paid at $350 per day.; Sick Days accumulated: 264.5 unused sick days accrued from prior employment (Linden High School).; Sick days: 12 per year or as permitted by statute, which sick days shall be cumulative.; Unused sick days: paid at $150.00 per day at time of retirement.; Personal days: 3 per year.; Unused personal days: paid at $150.00 per day at time of retirement.; Should Superintendent resign, shall receive $150 for each accumulated sick days.; Continued Coverage: All hospitalization, medical, dental and prescription continue throughout retirement.; Payment to Estate: If the Superintendent dies, any payments due hereunder, including but not limited to payment for his accumulated unused vacation days and sick days shall be made to his designated beneficiary, or to the Superintendent's estate. Extended Leave of Absence: Benefits continue but not sick days.

Berkeley Heights School Superintendent Judith Ann Rattner; Salary: 2009 year of $200,000 Estimated; Base of $180,000 at 2007 increases each year for cost of living increase plus merit plus added payment for Pension Fund offset (6% ? of salary).; 25 vacation days; may carry over 35 or be paid for them; may take paid terminal leave of 60 days; holidays 13; sick days 13/year plus 50 extended sick days umbrella; personal days 3; Bereavement leave at full pay; All medical, dental and drugs paid plus $500 umbrella; $1500 per year travel plus mileage reimbursement; cell phone provided; tax deferred annuity option; accumulated sick days paid at salary at time of retirement; sick days at 1/3 salary up to $25,000; paid for union dues and associations; paid for tuition and books; May do consulting work while employed; In event of death, monies go to estate.

Cranford School Superintendent Lawrence S. Feinsod Salary in 2007/2008 = $201,020 plus $18,012 annuity payment. May do consulting work on company time; no reduction in salary or compensation permitted; 22 vacation days which carry over and accumulate and to be paid per Union Contract with Cranford Administrators and Supervisors (must get copy); all memberships paid; all health care paid; 15 sick days and can accumulate for payment at retirement; $500 per month car allowance; disability;

Clark Interim Superintendent Renae LaPrete salary is $172,000.00 for 2008-2009 school year.
Pre July 1, 2008: Interim Superintendent Vito Gagliardi; $168,000 yearly at 2007 plus $250 per month auto.

Elizabeth School Superintendent Pablo Munoz of Maplewood, current salary unknown; 2006 Salary was $214,000; escalated at 3% per year cost of living plus 3% merit plus other adjustments as may be made per the board; plus all other agreements per the Elizabeth Education Association union (must get copy) including payment for accumulated vacation and sick days; sick days = 13 days per year; vacation = 22 per year; all union dues, associations, tuition cost, etc. paid; auto paid at IRS rate for mileage; personal days, emergency paid; 10 professional days leave paid.

Westfield School Superintendent Margaret Dolan of Saddle River, who’s term will last not less than three or more than five years of service. Throughout the duration of her term, she may not partake in any other business activity for personal gain or pecuniary advantage. For the year 2007-2008, her salary was $175,000. For the year 2008-2009, her salary will be $181,650. For the year 2009-2010, her salary will be $188,553 and for the year 2010-2011, her salary will be $195,718. For the duration of her contract Dr. Dolan will have a board-owned and municipal-registered automobile for travel to and from work. For each year of the term, the board will pay on her behalf or reimburse her not more than $6,000 for professional development. The board will also reimburse her up to $2,100 annually. She will receive 25 vacation days per year and 18 sick days. There is a limitation of accumulation of vacation and sick days for later payment. See Westfield Association of Administrators and Supervisors Agreement. Dr. Dolan will receive the same Holidays and personal days as in affect for the Westfield Board of Education and the Westfield Association of Administrators and Supervisors. The board will provide and pay for continued medical insurance for her wife or husband. Her disability insurance premium is $800 per year.

Plainfield School Superintendent: Steve Gallon (newly hired for '08-09) $198,000. This contract is currently frozen for review by the New Jersey Department of Education. The Superintendent contract is for a four-year term, which will end June 30,2012. The Board will permit a reasonable amount of release time for the Superintendent, as he deems appropriate to attend the matters and pay all necessary travel, registration, meals, auto rentals and other expenses for no more than $500 per month and $6,000 per year for professional development. The salary for the 2008-2009 year will be $198,000 and the Superintendent will be reviewed for a raise on April 1 of each year. 23 vacation days are allotted per year and no more than five of these days may be carried over yearly. No more than three vacation days may be taken when school is in session without prior approval of the board. The superintendent will have a district cell phone paid for by the Plainfield BOE. The Board will provide no less than one half the health, dental, prescription, life insurance and pension benefits for the Superintendent, who is automatically entitled to life insurance in an amount equal to 3.5 times the annual salary. The Superintendent is provided with 12 sick days per year, and is given a car allowance of $350 per month. Moving-related expenses for the purpose of relocating to New Jersey will be paid for no more than $10,000. The board must notify the Superintendent at least one year prior that his or her contract will not be renewed.

Garwood School Superintendent Teresa Quigley through June 30, 2011. Salary for the 2008-2009 year will be $126,000, and will be reviewed at the conclusion of the 2008-2009 school year. The superintendent will not undertake consultative work, speaking engagements, writing, lecturing or other professional duties without the permission of the Board while under contract. She will be allotted 12 sick days per year, and unused sick days are cumulative. Her 60 previously-acquired 60 sick days will be reimbursed upon her retirement at the 2007-2008 rate of $45.00 per day. On July 1, 2008, upon retirement and notice to the Board, 20 days of unused sick days will be reimbursed at $525 per day (1/240 x annual salary), with a minimum of three years continuous CSA service to the district. The superintendent is reimbursed for expenses incurred at attendance at professional conferences and similar expenses while discharging the duties of Superintendent. The Superintendent is provided health benefits coverage, fully paid by district. She will receive vacation of up to 20 days per year. No more than 10 unused days can be carried over year-to-year. Three personal days with full pay are allotted during the work year. The Superintendent will be reimbursed for the actual mileage when using a vehicle for board business. The BOE will provide a monthly stipend of $200 per month for transportation. This contract will be automatically renewed for an additional three years, unless the BOE, by contract, reappoints the Superintendent for a different term or the BOE notifies the Superintendent in writing prior to July 1, 2010, that he or she will not be reappointed.

Scotch Plains-Fanwood Superintendent Margaret Hayes from September 1, 2006 to June 30, 2011. 2006-07 base salary was $175,000; 2007-08 base salary was $182,000 (a 4% increase). The contract grants; 25 paid vacation days, 12 sick days and 3 personal days annually; after six years, will receive 30 paid vacation days annually. The unused vacation. sick and personal days will be cumulative (“including sick days accrued while the Superintendent served as the Assistant Superintendent”). When leaving the district, will be paid $80 per sick day unused (up to 160 sick days/a maximum of $12,800); unused vacation days shall be paid at per diem salary in time of effect; The maximum amount for buyback on vacation days is $37,917. 30 sick days granted are ineligible for reimbursement. 15 days leave annually are granted while school is in session to attend meetings, operations and other programs with a budget of $6,000.

Family Dental and Health benefits are included, (expenses listed at $10,001 annually by the 2008-09 budget) and health benefits ($7,508 annually).

An additional $5,000 in “job expenses” is provided. Also provided is disability insurance ($1,237 annually, estimated by the 08-09 budget) and worker’s compensation (estimated at $388 annually). $8,400 tuition per year and a $4,500 allotment in professional membership dues per year are granted. The superintendent retains all tenure accrued in prior positions held in the district.

Summit Superintendent Nathan Parker: The salary for the 2008-2009 school year will be between the sums of $210,000 and $220,000 (negotiations currently underway). The Board shall provide the Superintendent and family with 80 percent of health and dental care, with the additional 20 percent coming from a payroll deduction. Vacation days are 30 per year after 15 years of service (25 days before 10 years; 27 days with 10-15 years). Vacation days cannot be carried over (unclear if unused vacation days are paid and at what rate). The Superintendent shall receive 10 sick days annually and 10 more sick days if the contract is renewed. If the Superintendent has worked for 10 years and at the time of retirement, he has unused accumulated sick days, the Board will pay the amount of unused sick days $125. This amount cannot exceed $15,000. The Superintendent may take up to five days, with pay, each year due to a serious illness of a relative living in the Superintendent’s household. The same situation is applicable in the event of a death in the immediate family. The Superintendent shall receive pay for 12 major holidays throughout the school year.

New Providence Superintendent David Miceli base salary for year 2007 was $158,000 and beginning July 1, 2007, will receive a 5 percent raise; contract is through June 30, 2011. He may, on his own time, serve as a consultant. He may attend two conferences, programs or activities per year, with pay and reimbursement for registration, tuition and travel. He receives reimbursement of tuition costs for books and fees for one college level course per semester.

The superintendent will receive 25 paid vacation days per year; 15 of the days must be used in a school year, and cannot be carried over or purchased. By July 1, the Superintendent must notify the school business Administrator and say how many days he wishes to purchase. The business administrator will compute the value of these days based on a per-diem rate of the current year’s base salary divided by 240. He can use up to five days while school is in session.

The Board provides the Superintendent with hospitalization coverage and medical and dental insurance coverage equivalent to that provided to the district’s teachers. The board will pay 100 percent of the Superintendent’s membership fees to professional groups. He will given 17 sick days per year, 15 are accumulative. If the Superintendent retires from the district after at least 20 years of service he will be compensated for unused accumulative sick days at the rate of 42.5 percent per diem salary rate at the time of retirement. He will be allowed five personal days per year that cannot be carried over.

If the superintendent dies before his contract ends, payment for accumulative vacation and sick days shall be made to his estate.

At the conclusion of his term, he will be automatically renewed for another contract for the same duration, unless the Board gives him one-year notice or a new contract is entered with a different duration.

Union Township Superintendent Theodore Jakubowski salary for 2008 is $207,544; 2009 will be $215,534; contract expires on June 30, 2010. The Superintendent will receive 25 vacation days annually, and the days may be carried over from one year to the next. Unused vacation days will be paid at per diem rate at which they where earned.

The Superintendent will receive pay on the holidays designated by the school calendar. The Superintendent will receive 12 annual sick days, which are cumulative, and six personal days which, if unused, may be transferred to sick days. Upon separation form the District; the Superintendent will be paid a maximum of 425 unused accumulated sick days at a rate of $175 per day.

The Board shall supply full family coverage for major medical/hospitalization fees and dental care. The Board will supply the Superintendent with a computer and other necessary technology for use at home including a cell phone, with monthly charges covered by the Board. At retirement, the Board will pay for insurance for both the Superintendent and spouse. In the event of the Superintendent’s death prior to expiration of the agreed upon contract, the Board will pay, to the estate, all unused sick and vacation days.

Rahway Superintendent Frank Bughone’s salary unknown; contract is a four-year contract, which began July1, 2006 and will expire on July1, 2011. His initial salary for 2006-2007 was $161,200. The salaries for the 2007-2011 school years are currently under negotiation. Future salaries are guaranteed not to be less than 3.6 percent annual increase (or increased by the CPI). Additionally, merit increases may be provided annually at the board’s discretion.

The Superintendent has 28 vacation days, 15 sick days and 14 holidays per year. Unused vacation days and sick days carry over from one year to the next. Upon retirement, payments for accumulated vacation days shall be at 100% of per diem salary rate at time of retirement (1/240th salary) and payment for accumulated sick days shall be at 65% of salary rate at time of retirement, monies of which shall be placed into a tax deferred account.

The board will provide full family coverage for major medical care, hospitalization, and dental care. The board will also arrange a co-payment plan for prescriptions.

The board will provide $6,000 per year to the superintendent for all car travel required to perform necessary official duties. The board shall pay for the cost of registration fees, tuition and textbooks for all graduate work at an institution of the superintendent’s choice.

In the event of the superintendent’s death, prior to the expiration of the agreed upon contract, all monies from unused sick and vacation days will be paid to the estate.

Roselle Superintendent Elnardo Webster current salary unknown; for 2007 was $145,000: Contract is from April 13, 2007 to June 30, 2011. Each year after the superintendent shall receive a minimum raise of five percent. Additional merit increases may be provided based on progress reached towards school district goals. Superintendent may also be paid for consulting work with others while in the employment of the district.

The superintendent will receive 20 vacation days; five of these days may be carried over into the next year. At the end of each year, the superintendent may be paid up to a maximum of 10 unused vacation days at his per diem rate (1/240th of then current salary). The superintendent  will also be given 12 annual sick days, which are cumulative and three paid personal days which are not cumulative.

The Board shall provide full family coverage for medical insurance plans, dental care, and prescription plans. The Board will reimburse the superintendent up to $500 annually for vision care or other medical costs not covered. The superintendent will be provided with a BlackBerry or other similar device for job related matters. In the event of death before the expiration of the contract, payment for all unused sick and vacation days shall be made to his estate. 

Roselle Park Superintendent Contract Patrick Spangnoletti Salary for July 1, 2008 to June 30, 2009 is $160,225; for 2009/10 will be $170,225; for 2010/11 will be $180,225; for 2011/12 will be $190,225. During the term of this contract, including any extension thereof, the superintendent shall not be reduced in compensation and/or benefits.

The superintendent receives 25 vacation days, 12 sick days, 13 paid holidays, 5 days bereavement and 3 personal days per year. Vacation and sick days are cumulative, may be carried over and will be paid for them at time of separation.

The Superintendent shall receive medical, heath, vision and dental care benefits plus tuition and memberships; $50 per month for cellular phone allowance. The superintendent receives a laptop. Upon separation from employment, the superintendent will be paid for all accumulated vacation and sick days. If the death of the Superintendent occurs prior to the expiration of the contract, the Board will pay to the estate all unused accumulated sick and vacation days. 

Morris-Union Superintendent Kim Coleman salary is $222,960 (plus a 401 plan bonus each year); salary for the 2009/10 school year will be $235,557; salary for 2010/11 will be $248,630; salary for 2011/12 school year will be $262,429. In addition to yearly salary, each year superintendent will be paid 5 percent of his annual salary plus an additional $3,000 which will be transferred into a 401(a) plan. Superintendent shall not be reduced in compensation, including salary and benefits.

Superintendent is given 25 vacation days, 17 sick days, paid holidays (per attachment A, not provided), 3 personal days and bereavement days (details not attached). Unused vacation and sick days may be accumulated and will be paid to the superintendent; 15 vacation days paid per year at per diem salary at time of effect paid to the 410 plan; and sick days paid to the 401(a) plan at 34% of per diem salary at time of effect.

Superintendent will receive full family coverage for the following medical expenses and insurances: major medical/hospitalization, dental care, prescriptions, and vision care. The superintendent shall also be paid for all other medical expenses not covered above.

Superintendent will be given a leased automobile and $1,000 per year for related expenses. In addition, the superintendent will be paid for mileage at the IRS rate.

Superintendent will be paid for all association dues, registration fees, tuition and textbooks for grad work at an institution of choice. Upon retirement, Dr. Cole will be compensated for all unused vacation and sick days. In case of death, all money will go to the estate or named beneficiary.

Union County VoTech Superintendent Contract: Thomas Bistocchi, has agreed to a three year contract which commenced on July1, 2007 and will expire on June 30, 2010. The salary for the 2007-2008 school year was $187,744. The salary for the 2008-2009 school year will be $197,131 and the salary for the 2009-2010 school year shall be $206,988. The Superintendent shall receive all health benefits and may participate in any health benefit program. After retirement, the Board will also supply the Superintendent with husband and wife dental care. Each year the Superintendent is allotted 15 sick days, which are cumulative. The Superintendent will also receive 32 vacation days per annum, which may be carried over if unused. Upon retirement the Superintendent will receive payment for all unused accumulated sick and vacation days at 1/240th of his annual salary. In addition to the sick and vacation days, the Superintendent will also obtain five personal days to use at his discretion. Gasoline and automobile expenses will be paid for by the Board, and the Superintendent will also be provided with a home computer, complements of the Board, during the duration of employment. The Board promises to hold harmless, and indemnify the Superintendent from all demands, claims, suits, actions and legal proceedings brought against him. In the event of the Superintendent’s death prior to the expiration of the agreed upon contract, the Board will pay to the estate all monies from unused accumulated sick and vacation days. 

Mountainside Superintendent Contract: The 2008-2009 salary is $135,000. Sick days are 13 per year, and all unused sick days will accumulate year to year. Vacation days are 25 per year, and unused vacation days may be carried over into the next year. Upon termination of employment, the superintendent will receive payment for all accumulated/unused vacation time paid at the daily rate applicable at termination. The superintendent will be reimbursed $2,500 for all Board approved workshops and conventions, and the superintendent will receive an allowance of $3,000 for professional dues. The superintendent will be reimbursed for the use of her personal vehicle used for transportation related to official duties. The superintendent will receive a laptop computer. The superintendent will be given a cell phone, and phone expenses of $100 per month. If termination occurs before the contract expiration date, the superintendent shall be paid for all salary and fringe benefits until the contract expiration date. In the event of the superintendent’s death prior to the contract termination date, all payment for unused vacation days shall be made to her estate along with salary through date of death.

Hillside Superintendent Contract: The Superintendent Raymond Bandlow, has entered into a contract that commenced on July 1, 2006 and will expire on July 1, 2011. The salary for the 2006-2007 school year was $166,528. Each July 1 of employment the Board will increase the salary of the Superintendent by no less than four percent of the previous salary. Any additional merit benefits may be provided based on the Superintendent’s progress towards achieving goals set forth by the Board. Each year the Superintendent will be allotted 24 vacation days that may be carried over into the next year if unused, or the Superintendent may receive payment for up to 10 unused vacation days. The Superintendent will obtain pay for 13 school holidays marked on the school calendar, and will also receive 12 cumulative sick days. In addition, the Superintendent will be granted two personal days, three days for the illness of an immediate family member and five days for the death of an immediate family member. The Board will supply full family coverage for major medical/hospitalization fees, dental care, vision care and prescription plans. The Board will provide the Superintendent with $250 per month for travel expenses, a computer other necessary technological equipment, and a cell phone (expenses covered by Board). The Board promises to hold harmless, and indemnify the Superintendent from all demands, claims, suits, actions and legal proceedings brought against him. In the event of the Superintendent’s death prior to the expiration of the agreed upon contract, the Board will pay to the estate all monies from unused accumulated sick and vacation days. 

Springfield Superintendent Michael Davino current salary unknown; The Board shall establish the annual salary after consultation with the superintendent. Salary 2007/08 school year was $163,060. Contract commenced on July 1, 2007 and will expire on June 30, 2012.

Superintendent shall be given each year, 22 vacation days, 12 sick days, 2 personal days, 3 days off if family is sick, 5 bereavement days and the legal holidays off. At the end of each year, the superintendent shall be paid up to $5,000 for unused vacation days into a 403B annuity. The superintendent will be paid $105 per day up to $15,000 for unused accumulated sick days.

Superintendent shall be paid for professional expenses, dues for associations, attendance at conferences and similar expenses. Family Health care, vision care and dental care will be provided at a rate of 95 percent of cost by the Board.

The superintendent shall be paid on a per mile basis for use of his personal automobile for business use. The superintendent shall be paid $4,000 per year for insurances.

The superintendent shall not be reduced in compensation and shall be given a one-year notice if this contract is not to be renewed. Otherwise the contract is automatically renewed.
Union County Education Services Superintendent Contract: Please submit your review by Email to:
U.C. Education Services, William Presutti $173,056; bonuses indeterminate

Kenilworth Superintendent Contract: Lloyd Leschuk’s contract spans from July 1, 2006 and will expire on June 30, 2009. For the 2006-2007 school year, the salary for the Superintendent was $153,553. The salary for the 2007-2008 school year was $159.695. The salary for the 2008-2009 school year will be $166.082. In the 2006-2007 school year, the superintendent was entitled to 25 vacation days, with the allowance of 15 days to be carried over into the next year. In the 2007-2008 school year the superintendent was entitled to 30 vacation days, with 15 days allowed to carry over. The superintendent may only use three consecutive vacation days during the school year without board approval. In addition to vacation days, the superintendent is allotted 15 sick days, four personal days and all legal holidays.

The board shall provide complete health care and dental insurance. The board will also pay for life insurance and shall additionally purchase a disability policy naming the superintendent as beneficiary. The board will pay for or reimburse the superintendent for all reasonable expenses within the confines of the school’s budget. The superintendent will receive indemnity from civil and certain criminal charges brought against him in accordance with statutory provisions.

Upon retirement, the superintendent shall receive payment for all unused vacation days. In the event of the superintendent’s death prior to expiration of the contract, the board shall pay the estate all monies for accumulated unused sick and vacation days.

County Superintendent Contract: Please submit your review by Email to:
U.C. Executive, Carmen Centuolo $120,000 salary; also retired as Green Township Superintendent.
All Docs Directory: Please submit your review by Email to:
Other County Superintendent Contracts:

U.C. TEAMS, Sheila Thorpe (no response to inquiries)
Queen City Academy, RaShawn Adams $112,000 bonuses unknown
Central Jersey Arts, Benjamin Fox $ 92,000 bonuses unknown

From: Paul Peyton Editor 
The Westfield Leader and The Times
Sent: Wednesday, July 02, 2008 3:08 PM
To: Centuolo, Carmen; Forsyth, Kathryn; Davenport, Kathryn
Cc: Hart, John; Stolting, Brooke; Gentry, Mary
Subject: RE: OPRA #C36397/Peyton
Dr. Centuolo, Per our OPRA request and in reviewing the 23 Union County Superintendent contracts we have received, we noticed that three districts were not included: Central Jersey Arts Charter School, Queen City Academy Charter School, and Union County TEAMS (Technology, Engineering, Architecture, Math & Science) Charter School. Please send us those contracts. Are there any other districts in the county? Thank you for your assistance. 
Paul Peyton
---------------------------------------
To: Paul Peyton 
Sent: Monday, July 07, 2008 2:14 PM
Subject: RE: OPRA #C36397/Peyton
Hi Paul,
The regulations specifically exclude charter schools from contract review. See NJAC 6A: 23A 3.1(a). 
Carmen M. Centuolo, Ed D.
Executive County Superintendent
---------------------------------------
From: Paul Peyton
Sent: Monday, July 07, 2008 6:37 PM
To: Centuolo, Carmen
Subject: Re: OPRA #C36397/Peyton
Dr. Centuolo, Thanks for your response. Our question is not whether Charter School contracts are reviewable under state statute but if we can have a copy of these contracts so that we can report fully and accurately on these agreements . 
Paul Peyton
The Westfield Leader and The Times
---------------------------------------
From: Centuolo, Carmen 
To: Paul Peyton 
Sent: Tuesday, July 08, 2008 3:52 PM
Subject: RE: OPRA #C36397/Peyton 
Hi Paul,
I will try this time to answer your REAL question. We cannot require the Charters to submit their contracts to us; therefore we do not have them in our office. You can OPRA the districts directly.
Good luck,
Carmen Centuolo

Cash Flow Calculator

Periods (integer) Interest (%) Amount ($)
SPFV Future Value of $1 paid now = (1+x)^n
SPPV Present Value of $1 paid in future = 1/(1+x)^n
USFV Future Value of uniform future payments of $1 = ((1+x)^n)-1)/x
SFFV Payment required each period to achieve Future Value of $1 = x/((1+x)^n)-1)
CRPV Payment required each period to achieve Present Value of $1 = (x*(1+x)^n)/((1+x)^n)-1)
USPV Present Value of uniform future payments of $1 = ((1+x)^n)-1)/(x*(1+x)^n)
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Definitions:
n=number of periods, x=interest rate for a period.
Time note: if periods are in months and interest rate is per year, then x = [interest rate yearly/12].
SPFV example: (Future value of $100 in 7 years at 10% interest = $194.87)
SPPV example: (Present value of $500 received six years from now at 8% interest = $315)
USFV example: (Future value of $1,000 each year for 7 years at 9% interest = $9,200)
SFFV example: (Deposit required each month for 10 years at 15% interest to accumulate $200,000 = $603)
CRPV example: (Monthly payment on $300,000 mortgage for 20 years at 6% interest = $2,149)
USPV example: (Present value of $50,000 per year for 20 years at 7% interest = $529,700)
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Sci-Math Calcs by JavaScript Kit

Most often, cash flow problems are multi-part. Cash flows must be broken down into components and brought to same point in time. More than one iteration may be required.

Example Problem: At 8.2% interest, what is the present value of this cash flow? [$Y] = Uniform payments of $1500 each year for 5 years but the payments start 3 years from now. Also, [$Z] a final payment of $25000 will be made in the tenth year.
Solution:
Part A: Three years from now, [$Y] present value:
USPV = 3.972 factor; $1500, 5 periods at 8.2% per period = $5957
but today, present value $5958
SPPV = 0.789 factor; $5958, 3 periods at 8.2% per period = $4703 (answer part A)
Part B: Present value of [$Z] ten years from now:
SPPV = 0.455 factor; $25000, 10 periods at 8.2% per period = $11367 (answer part B)
Answer: (add the two results) $4703 + $11367 = $16,070 Present Value.

Solutions to problems may be subjective based on the assumptions used. Interest rate must be established by the evaluator. Risk and taxes are other considerations. 'What ifs' and 'trial and error' calculations may be required.
Caveat Emptor: How interest rates are stated by lenders can be tricky, leading one to believe the rate is lower than it is. That problem and other considerations are left to the evaluator.

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