Welcome to the Millionaires Club – Lexington County Welcomes Dr. David Cole as its Newest Member

Welcome to the Millionaires Club

Lexington County is buzzing with the news of a new member joining the Millionaires Club. Dr. David Cole, the President of the Medical University of South Carolina (MUSC), has been making headlines with his impressive annual salary of $974,795. On top of that, he is also eligible for an additional performance-based pay of up to $150,000 and receives $80,000 in deferred compensation.

A Closer Look at the Income

Despite his hefty salary, Dr. Cole listed only $276,065 on his most recent Statement of Economic Interests (SEI). This discrepancy raised some eyebrows, but according to university spokeswoman Heather Woolwine, Dr. Cole’s annual salary comes from state dollars and MUSC practice plan funds. The practice plan funds are based on overall patient revenues and are not considered foundation income, which is why they were not reported on the SEI.

Reporting Requirements

The State Ethics Commission mandates that the chief administrative official of a state agency must report substantial monetary value received from a governmental entity. While reporting private income sources is not required, some public college and university presidents, like Dr. Cole, choose to disclose foundation income voluntarily.

Other Presidents’ Salaries

SEIs filed by the presidents of 9 public colleges revealed interesting salary structures. For instance, the president of the College of Charleston receives a state salary of $241,782 and a $200,000 foundation supplement. Similarly, the president of Lander University is paid a $211,285 state salary, along with $100,000 from the university’s foundation.

Legal Gray Area

State Ethics Commission Executive Director Meghan Walker noted that state law does not explicitly address whether foundation payments and benefits should be considered public income. While foundation income is generally regarded as private, the lines can sometimes blur, leading to questions about transparency and accountability.

As Dr. Cole settles into his role as the newest member of the Millionaires Club in Lexington County, the community continues to grapple with the complexities of executive compensation and reporting standards in the public sector.