President Robert Shelton’s new contract details do not end with his $50,000 raise.

The Arizona Board of Regents unanimously approved a contract extension on Friday that will keep Shelton at the UA until at least June 2012, giving him a $50,000 raise on top of his $420,000 salary.

Shelton said he will put the raise back into the UA system in the form of a fund that will assist students through such avenues as financial aid.

The contract extension also includes a $50,000 housing allowance and a $10,000 car allowance.

By comparison, ASU President Michael Crow also receives the same allowances in addition to his $475,000 salary. Arizona State University also provides Crow with life insurance coverage and a security system for his personal home, according to Board documents.

Shelton will also be eligible for a maximum of $150,000 for completing performance incentives that include increasing the following: student diversity, UA’s six-year graduation rate, funding for financial aid and the number of bachelor’s degrees awarded annually.

Shelton could not be reached for comment at his office Friday afternoon as to whether he would also be donating the incentive amounts to the university.

Crow could receive similar compensation for completing performance incentives that include improving freshman retention and ASU’s U.S. News and World Report Rankings.

Regents were full of praise for the UA president, whose term began in 2006.

“”We have been very, very pleased with the accomplishments you have made here,”” said Regent Robert Bulla.

“”I just want to thank the Board for its confidence and support. I’m glad to hear that the next few years will be much simpler,”” Shelton said to laughter from the regents and the audience.