The Arizona Board of Regents has approved performance-incentive bonuses for the presidents of Arizona State University and the University of Arizona.

ASU President Michael Crow and UA President Ann Weaver Hart will each receive $40,000 for their work in the 2012-13 school year.

They both have the potential to earn up to $260,000 in total bonuses over a three-year span.

To reach those totals, the presidents will need to meet a series of aggressive goals including increasing student-retention rates, the number of bachelor's degrees and research funding.

They also have to develop and implement initiatives such as a strategic plan for improving the state's health care.

The Arizona Republic reported that state regents have used limited bonuses in the past, but not in such high amounts.