Executive Compensation at Texas Christian University (2024)

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 2024 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 $7 million to the head football coach), give out $320 million in cash scholarships, and add nearly $200 million to the general fund (that had more than $3.4 billion in net assets at year-end).

TCU has 50 voting members (trustees) of its governing body, 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 2024 reported by TCU includes:

• Total revenue was $1.2 billion (compared to $1.1 billion in 2023, $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 ($707 million), gains on the sale of assets and investment income ($203 million), contributions, gifts, and grants ($105 million), athletics, dining, residential, and bookstore ($164 million), and royalties and other sources ($19 million).
• Expenses totaled $1 billion (including $82 million in depreciation) with the largest expenses reported to be compensation ($376 million), grants and other assistance ($317 million), fees for services – primarily investment management ($90 million), office-related expenses ($53 million), travel and conferences ($39 million), and food services ($19 million).
• The largest recipient of grants were undergraduate and graduate students. 9,714 students received $317 million in cash grants, or an average of $33,000.
• Net assets were $3.4 billion at year-end:  a $1 billion increase since 2020.

In short, TCU spent $165 million less than they received in 2024 (and $142 million less than in 2023; $250 million less than they received in 2022). What is particularly interesting is they took in $707 million in tuition and fees and gave out $317 million in cash grants to students, covered all expenses and made $165 million.  In essence, the full pay students paid for the grants to other students, allowing TCU to add $165 million to savings.

With regards to compensation, TCU’s largest expense, 6,557 employees received $376 million in compensation, an average of $57,000.  792 employees received more than $100,000 in compensation with the  23 most highly compensated reported to be:

• $7,036,,013:  Sonny Dykes, Head Football Coach
• $4,365,321:  James P Dixon, Mens Basketball Coach
• $3,199,429:  Victor J Boschini Jr, Chancellor
• $1,999,400:  Jeremiah Donati, Athletic Director
• $1,553,328:  Kendal Briles, Offensive Coordinator
• $1,546,102:  Jason Safran, Chief Investment Officer
• $1,280,450:  Kirk C Saarloos, Head Baseball Coach
• $1,040,434:  Donald J Whelan, VC, University Advancement
• $1,037,263:  Medianvita Kazadi, Asst AD FB Human Performance
• $  965,490:  Daniel Pullin, President
• $  779,896:  Teresa Abi-Nader Dahlberg, Provost VC, Academic Affairs
• $  702,754:  William Nunez, VC, Finance and Administration
• $  547,027:  Bryan C Lucas, Chief Technology Officer
• $  531,201:  Tracy D Syler-Jones, VC, Marketing and Communication
• $  473,274:  Yohna J Chambers, VC, Human Resources
• $  458,438:  Kathryn M Cavins Tull, VC, Student Affairs
• $  427,234:  Kimberly K Adams, Interim Associate VC and Controller
• $  348,470:  Raymond Nowell Donovan, Former Provost Emeritus, Professor
• $  340,580:  Floyd Wormley, Jr, Interim Provost and VC for Academic Affairs
• $  315,890:  Jonathan Benjamin-Alvarado, Chief Inclusion Officer
• $  311,311:  Cheryl Kennon, Associate VC and Controller
• $  307,436:  Jean M Pickett, Board Secretary
• $  279,035:  Todd S Waldvogel, Associate VC, Facilities and Campus Planning

As illustrated above, the 23 most highly compensated employees received $30 million in compensation in 2024.

14 of the 23 (61%) most highly compensated employees are male while 8 of the 23 (39%) are female. 9 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, Kendal Briles,  Teresa Abi-Nader Dahlberg, James Dixon, Jeremiah Donati, Sonny Dykes, Daniel Wayne Pullin, Kirk Saarloos, and Donald Whelan.  Social club dues for business purposes were provided for William Nunez and Jason Safran.

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

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.

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

• $31 million:  Sodexo Inc and Affiliates, of Atlanta, GA for dining services
• $42  million:  Linbeck Group LLC, of Fort Worth, TX for construction services
• $23  million:  HC Beck, of Dallas, TX for construction services
• $ 5 million:  Infinity Contractors International, of Fort Worth, TX for construction services
• $ 4 million:  Jeff Eubank Roofing Co, of Ft Worth, TX for construction services

In summary, TCU raised $1.2 billion in 2024 with the largest source reported to be tuition and fees (about $707 million). Tuition and fees are about $80,000 annually although about 10,000 of the 13,000 students received an average cash grant of $33,000 (approximately $317 million was awarded to both undergraduate and graduate students).  Expenses were $1 billion or about $165 million less than the organization raised, contributing to TCU’s accumulation of $3.4 billion in net assets.  In other words, TCU raised enough revenue to cover all expenses (including $317 million in cash grants to students) and still had $165 million left over at the end of the year to add to the general fund.

The 23 most highly compensated employees received $30 million in 2024.

To read the Form 990 (2023 for the year ending June 30, 2024), click here.