NU regents to consider increasing Project Health budget by $557M, extending president’s contract

OMAHA — The University of Nebraska Board of Regents this week will consider extending NU President Jeff Gold’s contract by three years, to mid-2032, and increasing the $2.19 billion budget for NU’s “Project Health” by 25%.

The amended agenda for Friday’s meeting proposes extending Gold’s contract from June 30, 2029, until June 30, 2032. His base salary has remained at $1.06 million since he became president on July 1, 2024.

Gold’s base salary is about $31,000 more than his final salary when he was chancellor of the University of Nebraska Medical Center, which he led for 10 years. Gold previously served as chancellor of the University of Nebraska at Omaha between May 2017 and June 2021. He then became NU’s chief academic officer in July 2021 until he became president.

Former NU President Ted Carter’s base salary when he started Jan. 1, 2020, was $962,000.

Friday’s vote could also eliminate eligible performance-based merit pay for Gold, up to 15% of Gold’s base salary ($159,386). Instead, Gold could be eligible for merit-based salary increases only if NU is offering a merit-based salary pool systemwide.

For example, if NU can pay employees a 2.5% increase, Gold would receive the same increase unless the regents offer him a different percentage.

Regents will also consider increasing Gold’s deferred compensation from 11.5% of his base salary to 21.5%. Each year, NU places those additional funds, plus possible interest, in a separate pot for Gold that he can access if he stays as president for multiple years.

Should Gold leave his position before June 30, 2031, what would be the final year of the amended contract, he would need to pay NU at the following rates:

• Before June 30, 2027 — $250,000.
• Between July 1, 2027, and June 30, 2028 — $250,000.
• Between July 1, 2028, and June 30, 2029 — $125,000.
• Between July 1, 2029, and June 30, 2030 — $75,000.
• Between July 1, 2030, and June 30, 2031 — $50,000.
• After July 1, 2031 — $0.

Gold has continued to help lead NU through major changes at UNMC. This includes Project Health, the multibillion-dollar endeavor to set up the next generation of healthcare training, and the transaction this year to transfer NU’s partner with the Nebraska Medicine nonprofit from Clarkson Regional Health Services to the Omaha Community Foundation.

The other major item for Friday’s meeting is a proposed $557 million increase to Project Health. That’s an increase of about 25% over the projected $2.191 billion cost, up to $2.748 billion.

The increase is partially to construct an additional level for the 1.54-million-square-foot building. The meeting agenda states this is “essential to deliver the full strategic solution, providing the capacity and critical adjacencies needed to expand surgical and intervention services, modernize and consolidate clinical laboratory services, strengthen education and research, and support future growth.” 

Project Health’s increase would also account for increased costs since 2024. The building is anticipated to open in 2033.

Friday’s meeting is set for 9 a.m. Friday at the University of Nebraska at Kearney.