Was I out of line or was I within my rights?

Question

So here is the scenario. I was hired in July to improve a vocational colleges student enrollments. In less than 3 months I increased enrollments 200% from the previous enrollment period. The bosses were very happy and impressed. However, just last week they called an emergency staff meeting and said that because 2013 has been a non-profitable year so far, every staff member, including me, had to take a non-paid day off per week. That equates to a 20% pay cut. Otherwise, the school could possibly close down.
In a private meeting with the bosses, I objected to my pay cut. I said that I shouldn't be punished for circumstances that happened prior to my arrival. At the time of my hire, they never notified me that a pay cut was a possibility. In fact, if anything, since I increased enrollments (ie the only source of  revenue) for the school, I should be given a raise -not a pay-cut! Furthermore, how do they expect to get out of their financial situation, if they also penalize the one person who increased the revenue?
They accused me of being overly arrogant, that even though I increased enrollments and revenue that it wasn't enough to overcome the bad year. They even remarked that I should be lucky that I was not laid-off, since the last hired is usually the first to go. 
I gave my two-weeks notice. Did I over react or was sticking to my principles the right move?
Your thoughts please.

Baron · Accepted Answer

I can tell you my child had a similar situation.  She was the one producing; yet, no raises were being given (a longstanding tradition at this company).  She submitted again in writing for a raise, based on her personal achievement (similar to your story).  The company issued a blanket letter stating that the only raises would be cola.  I told her to march back in, this time making an appointment with the vp.  Now, things shook up.  The guy above her quit.  I told her to get in there yet again, and take his job!  Long story short:  she got the promotion and she got the raise as well as that crappy cola increase!
With that as background, it doesn't look like you had much room to maneuver.  In your case, your achievements being touted were regarded as arrogance, even though they had documentation to PROVE your numbers out.  In other words, you were a cow meant to produce, and don't expect any reward!
I say they backed you into a corner and were unappreciative.  I say they could have quietly given you a raise or not even subjected you to that one day  furlough every week.  The line about being lucky to have a job was the kicker.  
I hope you get another job.  And you showed more professionalism than they did when you gave 2 weeks notice.
On your next job, pls be careful of going to those for-profit colleges.  I wonder if you were in one of them.  They are being looked at hard by the Obama administration for sucking in students then they cannot get hired, but are saddled with loans.  I wonder if it's across the board....

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Was I out of line or was I within my rights?

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