CEDAR FALLS – The Iowa Board of Regents on Thursday approved pay raises for Iowa State University President Gregory Geoffroy and University of Northern Iowa President Ben Allen.

They also discussed selling a Jackson Pollock painting to help with flooding costs at the University of Iowa, and approved an $8 million Iowa State basketball practice facility.

With the regents’ approval, Geoffroy will get a 6.3 percent increase this year, or $25,000. Allen’s increase is 6.7 percent, or $20,000.

University of Iowa President Sally Mason, who just completed her first year, won’t know her 2008-09 salary until at least September. That’s because of the regents’ ongoing investigation into the university’s handling of an alleged sexual assault on campus. Two former Iowa football players are accused in the case.

Deferring Mason’s annual evaluation was a decision she helped make along with Regents President David Miles, who said waiting was the best approach given the ongoing investigation.

Mason earned $450,000 with deferred compensation and bonuses worth an additional $110,000 in her first year.

Geoffroy, who has headed Iowa State since 2001, will earn $423,316 this year, up from a $398,316 base salary in 2007-08. He is also eligible for a bonus performance incentive of up to $50,000 and his deferred compensation package pays him $75,000 per year for each year he stays at the universitye.

UNI’s president since 2006, Allen will earn $320,000 this year, up from his $300,000 salary last year. His performance bonus could pay up to $25,000, and his deferred compensation package pays him $25,000 annually.

During Thursday’s meeting, the board also decided it would study the idea of selling a famous Jackson Pollock painting titled “Mural” to help cover flood damages at the University of Iowa which have been estimated so far at $231.75 million.

Iowa State University also won approval to move forward with the purchase of an $8 million basketball facility to be built by an Ames developer who would donate the land. Officials said the building is expected to be completed by next fall.