ST. PAUL (AP) - The Minnesota State Colleges and Universities system has reached a deal with the system's next president that will pay a base salary of $360,000 plus up $50,000 a year in performance bonuses.

The system trustees agreed to the contract with Steven Rosenstone on Wednesday during the board's regular monthly meeting.

They picked him in February to succeed retiring Chancellor James McCormick.

The contract runs from Aug. 1 through July 31, 2014, although the board may terminate him at any time.

The fringe benefits include a housing allowance of up to $3,000 a month for the use of the chancellor's residence for official functions, $1,000 a month for transportation costs and $833 per month for expenses.

Rosenstone is a vice president at the University of Minnesota.

(Copyright 2011 by The Associated Press. All Rights Reserved.)