Executive Compensation at the University of Texas (2024)

The University of Texas which is also known as “UT” (note:  UT Austin is the flagship school of the University of Texas system which includes 13 UT institutions) has about 55,000 students (44,000 undergraduate and 11,000 graduate) where tuition, room and board for in-state students total approximately $35,000 annually while out-of-state students pay approximately $70,000 for tuition, room and board.

UT is often in the news or on the list of the top largest university endowments because systemwide, UT has a $47 billion endowment (as of 2024) which is second to Harvard who has more than $50 billion. It’s a big job to manage a $47 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 2024, UTMCO reported total revenue of $75 million with the primary source of revenue being “management fees” which appears to be paid from institutions that make up the University of Texas system.

Expenses totaled $61 million with the largest expense reported to be compensation ($46 million).

UTMCO reported net assets of $41 million at year-end.

153 employees received $46 million which equates to an average compensation of $300,000.  However, only 109 employees received more than $100,000 in compensation, with the 24 most highly compensated reported to be:

• $5,340,513:  Richard L Hall, President ,CEO and CIO
• $2,783,465:  Rodney R Ruebsahm, Senior Managing Director
• $2,758,557:  Thomas Britton Harris IV, President and CEO
• $2,136,547:  Susan Chen, Senior  Managing Director
• $2,048,544:  Patrick Pace, Managing Director
• $2,007,621:  Edward Lewis, Senior Managing Director
• $1,839,706:  Courtney Powers, Senior Director
• $1,623,109:  Anthony Caruso, Managing Director
• $1,408,861:  Amanda Hopper, Managing Director
• $1,282,643:  Mukund Joshi, Managing Director
• $1,236,039:  James B Milliken, Director, Vice Chair for Policy*
• $1,176,728:  Kenneth Standley, Senior Director
• $1,110,901:  Craig Thomas, Managing Director
• $1,106,496:  Uziel Yoeli, Managing Director
• $1,096,520:  Timothy Jones, Sr Director, Risk Management
• $1,087,096:  Carolina De Onis, General Counsel and Chief Compliance Officer
• $1,069,039:  Joan Moeller, COO, Corporate Sect’y, and Treasurer
• $1,016,977:  James R Kampfe, Managing Director
• $1,006,872: Kyle Burhop, Senior Director
• $  995,531:  Edward Morris, Senior Director, Investments
• $  935,044:  Brad McCarter, Senior Director, Investments
• $  740,436:  Gus Deering, Managing Director
• $  649,252:   Gary Hill, Managing Director
• $  506,198:  Alison Rogers-McCoy, Managing Director and Chief HR Officer

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

The 24 most highly compensated employees received $37 million in compensation ($1 million of which was paid from a related organization) which means the remaining 129 employees received $10 million in compensation.

18 of the 24 (75%) most highly compensated employees are male while 6 of the 24 (25%) 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 most highly compensated employee was Richard Hall, the President and CEO who received more than $5 million in compensation in 2024.  

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

• $1,189,801:  Bloomberg LP, of Boston, MA for financial services
• $  359,144:  National Systems America, of Plano, TX for IT consulting
• $  105,970:  David Barrett Partners, of NY, NY for hiring consultants
• $  109,699:  The Burgess Group, of Hoboken, NJ for online data/subscription services

Notable is the above 4 independent contractors received $1.8 million in compensation, yet fees for outside services reported on Schedule IX of the Form 990 reported only $700,000 was used for outside n0n-employee services (and $4 million to online research and data subscriptions).

To read the IRS Form 990 (2023 for the year ending August 31, 2024), click here.