LITTLE ROCK—Lu Hardin is campaigning for something, but he’s not sure what his goal is.

Elected office? Maybe. Restoring his reputation? Definitely.

The former state senator turned University of Central Arkansas president knows how to grab attention, heading up a school that’s become so synonymous with his profile that it’s jokingly referred to “Lu-C-A.”

He insists he’s not eyeing a run at elected office—though he won’t completely shut the door on a run for governor in 2014—but he is already learning two political arts: the scandal and the mea culpa.

Returning a bonus he received from the school after questions were raised about its legality and faculty complained, Hardin last week hoped to shut the door on what’s been the most high-profile controversy he’s faced in his six years as the Conway school’s president.

Trustees had approved a deferred compensation plan for Hardin three years ago and agreed to set aside $60,000 a year for Hardin if he stayed five additional years as president. This year, the trustees instead voted to give Hardin the money two years early out of its Endowment Fund, which was originally created to fund scholarships and other university operations.

Problem is, meeting minutes and notes did not reflect the package, only that the board voted on a series of personnel decisions in a single block—a possible violation of the state’s Freedom of Information Act.

That, plus questions over whether the money funding the bonus came from private or public funds, prompted explanations from Hardin of a situation that, in its worst light, made him look secretive and arrogant.

Hardin says he’s not making excuses.

“If there’s one thing I take out of this, it’s that in the future to do what I already knew and that’s to err on the side of disclosure,” Hardin said last week. “I’m very disgusted that I hesitated at all in thinking there was an exemption.”

Now, Hardin says he won’t accept the bonus unless he’s certain it’s from private funds—a question that may have to be resolved with an opinion from the attorney general’s office—and only after the school’s faculty receives raises.

His handling of the bonus controversy offers hints at what to expect from someone who may be one of the last remaining hopes for a Republican Party that’s seen its bench depleted as Democrats tighten their control in the state.

It also shows a potential candidate who knows to admit an error, but only after two weeks of hedging and backtracking.

A former Democrat himself who ran unsuccessfully for the U.S. Senate in 1996, Hardin switched to the Republican Party in 1997 and was appointed by then-Gov. Mike Huckabee to serve as the state’s director of higher education. In 2002, he was tapped to lead the University of Central Arkansas—a post he says he has no plans to leave.

The widespread assumption is that Hardin hasn’t completely shaken the political bug and is preparing for a run for governor in 2014—avoiding a run against Gov. Mike Beebe, a Democrat and Hardin pal.

When asked about the possibility, Hardin says it’s not something he’s looking at. But he offers the rhetorical equivalent of a doorstop to leave his options open—in other words, he says never say never.

“It’s not something I think about. Is there’s a possibility that at that particular point in my life it could be something that could occur? Yes,” Hardin said. “It is not an ambition of mine. It’s not something I’m preparing for. I fully expect to end my career at UCA.”

He’s not as equivocal when asked if he’d ever run for the U.S. Senate again, and says it’s never a possibility.