Executive Compensation at the University of Texas (2025)

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 2025, UTMCO reported total revenue of $83 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 $76 million with the largest expense reported to be compensation ($58 million).

UTMCO reported net assets of $35 million at year-end.

151 employees received $58 million which equates to an average compensation of $384,000.  However, only 113 employees received more than $100,000 in compensation, with the 24 most highly compensated reported to be:

• $5,162,911:  Richard L Hall, President ,CEO and CIO
• $2,833,573:  Rodney R Ruebsahm, Senior Managing Director
• $2,504,016:  Susan Chen, Senior  Managing Director
• $2,203,894:  Edward Lewis, Senior Managing Director
• $2,160,852:  Patrick Pace, Senior Managing Director
• $1,939,008:  Courtney Powers, Managing Director
• $1,853,523:  Anthony Caruso, Managing Director
• $1,715,016:  Amanda Hopper, Managing Director
• $1,576,019:  Joan Moeller, COO, Corporate Sect’y, and Treasurer
• $1,507,359:  Mukund Joshi, Managing Director
• $1,488,267:  Craig Thomas, Managing Director
• $1,400,663:  Uziel Yoeli, Managing Director
• $1,285,430:  James B Milliken, Director, Vice Chair for Policy*
• $1,281,987:  Carolina De Onis, General Counsel and Chief Compliance Officer
• $1,233,659:  James R Kampfe, Managing Director
• $1,026,497:  Kenneth Standley, Senior Director
• $1,005,391:  Timothy Jones, Senior Director
• $  995,874:  Edward Morris, Senior Director, Investments
• $  994,845:  Gus Deering, Managing Director and Chief Technology Officer
• $  963,047: Kyle Burhop, Senior Director
• $  950,487:  Harland Doak, Senior Director
• $  927,374:  Alison Rogers-McCoy, Managing Director and Chief HR Officer
• $  860,526:   Gary Hill, Managing Director
• $  729,973:  Jonathan Pruitt, Director

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

The 24 most highly compensated employees received $39 million in compensation ($1 million of which was paid from a related organization) which means the remaining 127 employees received $19 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, 8 of the 12 (67%) directors of UTMC listed on the Form 990 are male while 4 of the 12 (25%) are female.

The most highly compensated employee was Richard Hall, the President and CEO who received more than $5 million in compensation in 2025.  

6 independent contractors received more than $100,000 in compensation with the 5 most highly compensated reported to be:

• $1,352,340:  Bloomberg LP, of Boston, MA for financial services
• $  250,243:  Jackson Walker, of Dallas,TX for legal services
• $  242,346:  National Systems America, of Plano, TX for IT consulting
• $  168,430:  Alvarez & Marsal Holdings, of NY, NY for professional fees
• $  152,000:  The Burgess Group, of Hoboken, NJ for online data/subscription services

Notable is the above 5 independent contractors received $2.2 million in compensation, yet fees for outside services reported on Schedule IX of the Form 990 reported only $1.3 million was used for outside n0n-employee services (and $5 million for online research and data subscriptions and other services).

To read the IRS Form 990 (2024 for the year ending August 31, 2025), click here.