CONWAY — The Coastal Educational Foundation board agreed Wednesday afternoon to fund a retirement annuity up to $1 million for CCU president Dave DeCenzo.

The Foundation was asked by the university’s Board of Trustees to fund the annuity at annual contributions of $100,000 through July 1, 2021. DeCenzo may elect to convert the annuity into cash at the end of the agreement.

Trustee chairman Wyatt Henderson said in a letter to the Foundation board that the State Ethics Commission ruled the annuity could not be paid from CCU auxiliary funds. The first payment was made retroactive to July 1.

DeCenzo is currently paid $307,000 a year by the university and the Coastal Carolina University Housing Foundation in a combination of base salary, housing allowance and stipends from the university and Housing Foundation, according to his employment contract with the Board of Trustees. In addition, the university pays for DeCenzo’s wife to accompany him on international trips he makes for the university.

DeCenzo also gets the use of an automobile as well as insurance and maintenance for it from the Educational Foundation.

Henderson said in his letter to the Educational Foundation that based on trustees assessment of DeCenzo’s performance, his total compensation package including the annuity “would not result in a total compensation package for Dr. DeCenzo this is excessive or outside the range of fair market value.”

Contact STEVE JONES at 444-1765.