The UM System Board of Curators announced Wednesday that it approved an extension of UM President Tim Wolfe’s contract, which was previously scheduled to run until February 15, 2015.

The new contract took effect July 1 and will keep Wolfe as president through June 30, 2018.

Wolfe joined the UM System in February 2012 and is the 23rd president of the system.

His base salary and performance pay will stay the same.

“The president’s base pay remains $459,000 annually,” UM System spokesman John Fougere said. “His performance incentive that he has the opportunity to earn each year remains at $100,000, based on his performance and longevity in the position.”

The board’s chairman Don Downing said enrollment and donations have substantially increased under Wolfe’s watch.

“He has also been a tireless ambassador, traveling to all areas of the state promoting the value of higher education and how the University of Missouri makes a difference in the lives of Missourians every single day,” Downing said in a news release.

Fougere said the board was pleased to extend Wolfe’s contract to show its support for the president’s performance as the system’s chief administrative officer.

“During his tenure, the president’s top priorities have included increasing overall awareness of the role the system’s four campuses play in advancing the education, economy, health, innovation, arts, culture and the overall quality of life across the state of Missouri; leading the campuses in a strategic planning process that sets a clear strategy for success in the next five to ten years,” according to the release.