Executive Compensation at Texas Christian University (2023)

Texas Christian University (TCU) is a private, tax-exempt non-profit research university in Fort Worth, Texas that is affiliated with the Christian Church (Disciples of Christ).  Approximately 11,000 undergraduate and 2,000 graduate students are pursuing 114 undergraduate areas of study and 98 graduate degrees on the 300 acre campus a few miles from downtown Fort Worth.

Tuition, room and board are approximately $80,000 annually for an undergraduate student (with about 80% receiving financial aid). With an acceptance rate of 40% (20,000 applications in 2023 of which 8,000 were accepted, and about 3,000 chose to attend), TCU counts about 55% of its students coming from out of state.

The bottom line:  TCU took in enough revenue to pay all university expenses (including $5 million to the head football coach), give out nearly $300 million in cash scholarships, and add more than $140 million to the general fund (that had more than $3 billion in net assets at year-end).

TCU has 49 voting members (trustees) of its governing body, although 50 are listed on the Form 990 which appears to be due to timing differences.  47 of the trustees are independent. 36 of the 50 (72%)are male while 14 of the 50 (28%) are female (note:  the Form 990 does not report gender; determinations were made based on name and google searches).

Key financial information in 2023 reported by TCU includes:

• Total revenue was $1.1 billion (compared to $1.2 billion in 2022. $956 million in 2021, $895 million in 2020, and $904 million in 2019) with most revenue from tuition and fees ($641 million), gains on the sale of assets and investment income ($146 million), contributions, gifts, and grants ($128 million), athletics, dining, residential, and bookstore ($150 million), and royalties and other sources ($38 million).
• Expenses totaled $961 million (including $81 million in depreciation) with the largest expenses reported to be compensation ($345 million), grants and other assistance ($284 million), fees for services – primarily investment management ($73 million), office-related expenses ($70 million), travel and conferences ($39 million), and food services ($19 million).
• The largest recipient of grants were undergraduate and graduate students. 10,174 students received $285 million in cash grants, or an average of $28,000.
• Net assets were $3.3 billion at year-end:  a $900 million increase since 2020.

In short, TCU spent $142 million less than they received in 2023 (and $250 million less than they received in 2022). What is particularly interesting is they took in $641 million in tuition and fees and gave out $284 million in cash grants to students, covered all expenses and made $142 million.  In essence, the full pay students paid for the grants to other students, allowing TCU to add $142 million to savings.

With regards to compensation, TCU’s largest expense, 6,409 employees received $345 million in compensation, an average of $54,000.  678 employees received more than $100,000 in compensation with the  22 most highly compensated reported to be:

• $5,008,404:  Sonny Dykes, Head Football Coach
• $4,106,441:  James P Dixon, Mens Basketball Coach
• $3,085,606:  Victor J Boschini Jr, Chancellor
• $1,927,401:  Brian G Gutierrez, VC, Finance and Administration
• $1,476,371:  Jeremiah Donati, Athletic Director
• $1,248,131:  Jason Safran, Chief Investment Officer
• $1,128,371:  Donald J Whelan, VC, University Advancement
• $1,079,006:  Kirk C Saarloos, Head Baseball Coach
• $  957,527:  Stuart D Flynn, Dean of Medical School
• $  903,886:  Bryan C Lucas, Chief Technology Officer
• $  869,912:  Teresa Abi-Nader Dahlberg, Provost VC, Academic Affairs
• $  843,485:  Jennifer Pebley, Head Womens Basketball Coach
• $  842,971:  Kathryn M Cavins Tull, VC, Student Affairs
• $  773,273:  William Nunez, VC, Finance and Administration
• $  429,371:  Tracy D Syler-Jones, VC, Marketing and Communication
• $  400,152:  Yohna J Chambers, VC, Human Resources
• $  381,497:  Kimberly K Adams, Interim Associate VC and Controller
• $  323,,016:  Raymond Nowell Donovan, Former Provost Emeritus, Professor
• $  296,496:  Cheryl Kennon, Associate VC and Controller
• $  267,974:  Todd S Waldvogel, Associate VC, Facilities and Campus Planning
• $  251,979:  Jean M Pickett, Board Secretary
• $  237,791:  Jonathan Benjamin-Alvarado, Chief inclusion Officer

As illustrated above, the 22 most highly compensated employees received $27 million in compensation in 2023.

14 of the 22 (64%) most highly compensated employees are male while 8 of the 22 (36%) are female. 10 of the 10 most highly compensated employees are male.

TCU paid for first class or charter travel. Specifically, charter travel was provided to Chancellor Boschini, Vice Chancellors (VC’s), the Athletic Director, and coaches for purposes of travel to certain athletic events. In addition, charter travel was provided to the Chancellor and VC’s for donor visits, visits to other universities, and funeral services.

TCU paid for social club dues and initiation fees in accordance with employment contracts or approval by the chancellor in accordance with the person’s position. Social club dues were provided for Victor Boscini, Kathryn Cavins Tull, James Dixon, Jeremiah Donati, Stuart Flynn, James Hills Gary Patterson, Jennifer Raegan Pebley, Kirk Saarloos, and Donald Whelan.  Social club dues for business purposes were provided for teresa Abi-Nader Dahlberg and Jason Safran.

TCU paid for companion travel.Travel for companions was provided to James Dixon, Jeremiah Donati, and Sony Dykes.

TCU paid for personal services (i.e. maid, chauffeur, chef). Specifically, the Chancellor received limited housekeeping services.

TCU provided a residence for personal use or a housing allowance. Specifically, the Chancellor was provided a residence for personal use.

For more information and details on contributions to deferred compensation plans, see the Form 990, Schedule J, Part III Supplemental Information.

114 independent contractors received more than $100,000 in compensation with the five most highly compensated reported to be:

• $23 million:  Sodexo Inc and Affiliates, of Atlanta, GA for dining services
• $16  million:  Linbeck Group LLC, of Fort Worth, TX for construction services
• $ 5 million:  Hoefer Welker, of Leawood, KS for architecture services
• $ 4 million:  Hahnfeld  Hoffer Stanford, of Fort Worth, TX for architecture services
• $ 2 million:  HC Beck, of Dallas, TX for construction services

In summary, TCU raised $1.1 billion in 2023 with the largest source reported to be tuition and fees (about $640 million). Tuition and fees are about $80,000 annually although about 10,000 of the 13,000 students received an average cash grant of $28,000 (approximately $285 million was awarded to both undergraduate and graduate students).  Expenses were $960 million or about $140 million less than the organization raised, contributing to TCU’s accumulation of $3.3 billion in net assets.  In other words, TCU raised enough revenue to cover all expenses (including $285 million in cash grants to students) and still had $140 million left over at the end of the year to add to the general fund.

The 22 most highly compensated employees received $27 million in 2023.

To read the Form 990 (2022 for the year ending June 30, 2023), click here.