MADISON, Wis. (AP) -- The University of Wisconsin-Madison's business school dean will be paid entirely with private donations starting next year.
The arrangement is made possible with a donation from UW-Madison alum Albert Nicholas and his wife. The school's deans will now be known as the "Albert O. Nicholas Dean of the Wisconsin School of Business."
Nicholas was among a group of 13 donors who gave $85 million to the business school last year to ensure its name remains unchanged for 20 years. The money for the endowment will come from that pot.
Dean Michael Knetter currently earns $326,000 and private money covers $50,000 of it.
Starting in July, Nicholas' endowment will pick up the entire salary. A similar endowment was created for the law school dean in 2004.
(Copyright 2008 by The Associated Press. All Rights Reserved.)