Executive Compensation at the University of Texas (2022)

The University of Texas at Austin  is also known as “UT Austin” (note:  Austin is the flagship school of the University of Texas System which includes 13 UT institutions). With about 51,000 students (42,000 undergraduate and 9,000 graduate), tuition, room and board for in-state students are  approximately $35,000 annually while out-of-state students pay approximately $65,000 for tuition, room and board.

UT Austin is often in the news or on the lists of the top largest university endowments because they have a $43 billion endowment (as of 2021) which is second to Harvard who has $50 billion. It’s a big job to manage a $43 billion endowment and that task falls upon The University of Texas Texas A & M Investment Management Company (UTMCO), a tax-exempt, non-profit 501 (c) 3 that is overseen by 9 voting members (directors) of the governing body, 8 of whom are independent This post addresses the executive compensation of those employed at UTMCO.

In 2022, UTMCO reported total revenue of $61 million with the primary source of revenue being “management fees” which appears to be paid from istitutions that make up the University of Texas System.

Expenses totaled $53 million with the largest expenses reported to be compensation ($39 million) and office-related expenses ($5 million).

UTMCO reported net assets of $27 million at year-end.

149 employees received $39 million which equates to an average compensation of $262,000.  However, only 85 employees received more than $100,000 in compensation, with the 23 most highly compensated reported to be:

• $7,055,774:  Thomas Britton Harris IV, President, CEO and CIO
• $5,018,939:  Richard L Hall, Deputy CIO
• $2,461,273:  Rodney R Ruebsahm, Managing Director
• $2,218,155:  Susan Chen, Managing Director
• $1,998,376:  Edward Lewis, Managing Director
• $1,836,171:  Patrick Pace, Managing Director
• $1,514,779:  Uziel Yoeli, Managing Director
• $1,497,223:  Courtney Powers, Senior Director
• $1,359,280:  James R Kampfe, Managing Director
• $1,324,313:  Amanda Hopper, Senior Director
• $1,244,512:  Harland Doak, Senior Director
• $1,156,916:  Scott Slayton, Managing Director
• $1,118,113:  Mukund Joshi, Senior Director
• $1,112,186:  Anthony Caruso, Senior Director
• $1,085,646:  Joan Moeller, Sr Managing Director, Corporate Sect’y, and Treasurer
• $1,064,361:  Kenneth Standley, Senior Director
• $  968,774:  James B Milliken, Director, Vice Chair for Policy*
• $  894,091:  Carolina De Onis, General Counsel and Chief
• $  801,783:  Michael Sjolander, Chief Technology Officer
• $  626,138:  William Mirshak, Senior Director
• $  606,242: Gary Hill, Managing Director
• $  604,503:  Michael Dean, Managing Director
• $  281,208:  Anna Cecilia Gonzalez, Corporate Counsel and Chief Compliance Officer

A “*” indicates compensation was paid by a related organization.

The 23 most highly compensated employees received $38 million in compensation ($1 million of which was paid from a related organization) which means the remaining 126 employees received $2 million in compensation which appears to be an error.  If 85 employees received more than $100,000 in compensation in 2022 and 22 received $37 million of the $39 million total compensation paid, than 62 employees received at least $6.2 million.  Then there are the remaining 64 employees who received less than $100,000 in compensation.  So, the total compensation number appears to be an error.

17 of the 23 (74%) most highly compensated employees are male while 6 of the 23 (26%) are female (note:  the Form 990 does not report gender; determinations were based on name and google searches).  Interestingly, 7 of the 10 (70%) directors of UTMC listed on the Form 990 are male while 3 of the 10 (30%) are female.

The 10 most highly compensated employees in 2022 received nearly $100 million in compensation from 2017-2022:

Thomas Britton Harris IV:  Total Compensation 2018-2022:  $22 million

• 2022:  $7,055,774
• 2021:  $6,512,442
• 2020:  $4,313,756
• 2019:  $3,216,078
• 2018:  $  873,225

Richard L Hall:  Total Compensation 2019-2022:  $15 million

• 2022:  $5,018,939
• 2021:  $4,019,742
• 2020:  $2,672,369
• 2019:  $3,091,712

Rodney R Ruebsahm:  Total Compensation 2017-2022:  $10 million

• 2022:  $2,461,273
• 2021:  $1,975,033
• 2020:  $1,672,959
• 2019:  $1,603,445
• 2018:  $  873,225
• 2017:  $1,490,009

Edward Lewis:  Total Compensation 2017-2022:  $9 million

• 2022:  $1,998,376
• 2021:  $1,889,748
• 2020:  $1,575,019
• 2019:  $1,348,762
• 2018:  $1,090,484
• 2017:  $   912,754

Patrick Pace:  Total Compensation 2018-2022:  $6 million

• 2022:  $1,836,171
• 2021:  $1,512,242
• 2020:  $1,079,198
• 2019:  $  789,965
• 2018:  $  723,357

Susan Chen:  Total Compensation 2017-2022:  $11 million

• 2022:  $2,218,155
• 2021:  $2,018,593
• 2020:  $1,738,450
• 2019:  $1,594,967
• 2018:  $1,478,438
• 2017:  $1,511,393

Uziel Yoeli:  Total Compensation 2017-2022:  $7 million

• 2022:  $1,514,779
• 2021:  $1,298,454
• 2020:  $1,241,017
• 2019:  $   907,215
• 2018:  $  901,976
• 2017:  $  863,393

Courtney Powers:  Total Compensation 2017-2022:  $6 million

• 2022:  $1,497,223
• 2021:  $1,138,734
• 2020:  $1,001,070
• 2019:  $  933,355
• 2018:  $  880,280
• 2017:  $  871,781

James R Kampfe:  Total Compensation 2017-2022:  $6 million

• 2022:  $1,359,280
• 2021:  $1,122,724
• 2020:  $  943,411
• 2019:  $  906,940
• 2018:  $  915,277
• 2017:  $  911,662

Amanda Hopper:  Total Compensation 2017-2022:  $6 million

• 2022:  $1,324,313
• 2021:  $1,146,930
• 2020:  $1,000,890
• 2019:  $  881,553
• 2018:  $  822,058
• 2017:  $  815,620

5 independent contractors received more than $100,000 in compensation:

• $1,037,516:  Bloomberg LP, of Boston, MA for financial services
• $  840,814:  DPR Construction, of Austin, TX for construction
• $  839,900:  Ernst and Young, of Seacaucus, NJ for consulting
• $168,738:  Vinson and Elkins, LLP, of Houston, TX for professional services (law firm)
• $107,719:  Deloitte and Touche, of Dallas, TX for auditing

To read the IRS Form 990 (2021 for the year ending August 31, 2022), click here.