AURORA — The University of Colorado Board of Regents announced a $150,000 budget today for the search for a new university president.

In January, Hank Brown announced he will step down as CU president in a year. The former U.S. senator became president in August 2005 and led the school through several scandals.

The search committee will be chaired by Regent Steve Bosley and will be composed of members from the school system such as a dean and an alumni from CU. Bosley led the search for Brown’s hiring.

The committee will conduct a local and nationwide search for up to three nominations. The salary of the next president was not set.

Regents have outlined qualifications for the president such as knowledge and experience with the political process and leadership skills at an executive level.

In addition to the budget, the Regents also allowed money to be spent on a search firm to assist in finding a new president.

Before Brown was hired, the search committee was given a $300,000 budget to find a new president. The committee only spent $133,000, said Ken McConnellogue, spokesman for the CU system.

The Regents are scheduled to meet again on March 21.