Money & TCU: The Financial Report of Texas Christian University for Fiscal Year 2013

Revenues were way up, expenses mostly flat, and our favorite university took several positive steps forward after a dismal year financially in 2012. - TCU Magazine

Revenues were way up, expenses mostly flat, and our favorite university took several positive steps forward after a dismal year financially in 2012.

(Read last year's report on TCU finances and employee pay, or the report on FY2013 athletics expenses)

Every year, TCU (as a registered 501 (c)(3)) reports its financials, along with compensation information, to the IRS. TCU does not make this information publicly available on its website, but does issues copies of this information upon request from the media.

The trick is: They don't just simply send an email out, you have to know to ask.

Last year, we first reported that TCU lost about $4 million dollars for the year, a relatively small hit considering the major cash windfalls that TCU has seen over the last decade, but nevertheless a sign that the University was starting to hit the skids a bit financially.

Well, they are back and rolling.

In FY2013, TCU realized net income of $96 million dollars, off of a record breaking year for revenue ($549 million) while seeing expenses stay relatively flat ($452 million).

Yes, you are reading that right. If TCU wasn't a not-for-profit, we would be looking at $93 million in pre-tax net earnings, representing a healthy 17% "profit" for the university.

I think it is safe to say, TCU is back in the black.

(REMEMBER: TCU's fiscal year runs June-May, this report is based off tax filings for FY 2013 which were filed on April 15th of 2014)

Overall

TCU reported $1.4 billion in gross receipts ($549 million in revenue) for FY2013... As part of that total, TCU also reported:

- $70 million in contributions or grants

- $404 million in program service revenue (tuition, fees, room/board)

- $50 million in investment income (endowment)

- $23 million in "other" revenue

For FY2013, TCU reported $452 million in expenses... As part of that total, TCU also reported:

- $99 million in grants (scholarships)

- $205 million in salaries, compensation and employee benefits

For FY2013, TCU reported a rise in Total Assets to $2.3 billion (from $2 billion last year), while also reporting a drop in Total Liabilities to $561 million (from $616 million). All in all, the numbers add up to a new Net Asset balance of $1.7 billion, an all-time high for TCU.

Revenue

Here is a breakdown of revenues, as provided by TCU for FY2013:

Membership Dues: $258, 845

Fundraising Events: $528,479

Government Grants: $13,154,336

Tuition: $324,021,197

Residential Services: $26,204,950

Dining Services: $16,415,785

Athletics/Campus Rec: $25,819,320

University Bookstore: $1,256,555

Investment Income (University, not the endowment): $3,442,675

Royalties: $20,000,914

Brite Admin Maintenance Fee: $902,803

Annuity Income: $1,125,901

Alumni Events: $442,328

Expenses

Here is a breakdown of expenses, as provided by TCU for FY2013:

Grants/Scholarships: $99,705,544

Compensation of "Key Officers and Employees": $6,276,397

Other Salaries/Wages: $147,630,210

Pension Plan Accruals & Contributions: $15,837,052

Other Employee Benefits: $25,806,802

Payroll Taxes: $9,845,152

Accounting Services: $685,179

Legal Services: $564,636

Fundraising Services: $136,266

Advertising & Promotion: $1,760,553

Office Expenses: $14,768,694

IT Expenses: $2,424,869

Occupancy (Hotels): $15,791,804

Travel: $16,027,238

Conferences/Conventions: $1,048,655

Insurance: $2,110,938

Dues/Subscriptions: $5,560,710

Food Services: $13,723,988

Balance Sheet

Here is TCU's end of year balance sheet, as provided by TCU for FY2013:

Cash: $3,398,963

Savings: $8,854,069

Grants Receivable: $44,122,419

Accounts Receivable: $25,317,472

Accounts Payable: $59,768,006

Bond Liabilities: $398,442,583

Endowment Funds

Here is TCU's report on endowment funds at the end of the year, as provided by TCU for FY2013:

Beginning of Year Balance: $1.1 billion

Net Investment Gains: $184 million

End of Year Balance: $1.256 billion

Of this balance, the following assets were held at years end:

Interest Rate Cap & Derivative: $1,043,041

Hedge Funds: $283,031,981

Limited Partnerships: $303,452,794

Funds Held In Trust By Others: $77,577,177

Mineral Interests: $143,330,000

TCU has the following long term liabilities:

Government Loans: $8,074,244

Funds Held In Trust: $10,669,619

Post Retirement Benefits: $32,353,455

Interest Rate Swap Liability: $27,236,806

Compensation

Victor Boschini (Chancellor)

2011 Base Pay: $791,051
2011 Total Compensation: $1,234,823

2012 Base Pay: $930,077
2012 Total Compensation: $1,486,299

Chris Del Conte (Athletic Director)

2011 Base Pay: $408,546
2011 Total Compensation: $632,213

2012 Base Pay: $509,435
2012 Total Compensation: $811,527

Nowell Donovan (Provost)

2011 Base Pay: $407,681
2011 Total Compensation: $482,770

2012 Base Pay: $515,186
2012 Total Compensation: $603,834

Brian Gutierrez (Vice Chancellor of Finance and Administration)

2011 Base Pay: $371,180
2011 Total Compensation: $529,466

2012 Base Pay: $411,115
2012 Total Compensation: $$578,787

James Hille (Chief Investment Officer)

2011 Base Pay: $482,831
2011 Total Compensation: $935,815

2012 Base Pay: $510,235
2012 Total Compensation: $1,401,973

Larry Lauer (Vice Chancellor for Government Affairs)

2011 Base Pay: $171,760
2011 Total Compensation: $216,045

2012 Base Pay: $176,703
2012 Total Compensation: $230,377

Don Mills (Professor)

2011 Base Pay: $182,144
2011 Total Compensation: $254,248

2012 Base Pay: $180,466
2012 Total Compensation: $214,808

Tracy Syler-Jones (Vice Chancellor of Marketing/Communications)

2011 Base Pay: $185,734
2011 Total Compensation: $256,758

2012 Base Pay: $198,592
2012 Total Compensation: $339,266

Don Whelan Jr. (Vice Chancellor for University Advancement)

2011 Base Pay: $334,907
2011 Total Pay: $411,852

2012 Base Pay: $362,153
2012 Total Compensation: $445,217

Cheryl Wilson (Associate Vice Chancellor/Controller)

2011 Base Pay: $188,461
2011 Total Pay: $211,890

2012 Base Pay: $198,721
2012 Total Compensation: $222,417

Trent Johnson (Head Men's Basketball Coach)

2012 Base Pay: $1,096,870
2012 Total Compensation: $2,213,784

Gary Patterson (Head Football Coach)

2011 Base Pay: $2,587,557
2011 Total Compensation: $3,120,760

2012 Base Pay: $2,987,885
2012 Total Compensation: $4,008,150

Jim Schlossnagle (Head Baseball Coach)

2011 Base Pay: $298,309
2011 Total Compensation: $452,472

2012 Base Pay: $335,275
2012 Total Compensation: $466,303

Notes

- James Hille received $444k in deferred compensation in FY2013

- Gary Patterson received $473k in deferred compensation in FY2013

- Chris Del Conte received a $41k bonus for meeting performance goals and a $100k bonus for exemplary service.

- Gary Patterson received a $150k bonus and Jim Schlossnagle received a $32k bonus.

- Trent Johnson's 2012 salary reflects payments from April-December... If you do the math, this puts his base salary at $1.46 million annually. Also, Trent's large "other" compensation includes payments TCU had to make to buy out his LSU contract as well as moving expenses to DFW.

There is tons more, I just don't have time to comb through it all this year. Here are links to the last two year's filings, in full. You won't find them anywhere else on the web.

FY2012 Filing

To view Part 1 of the FY2012 TCU Form 990, click here.

To view Part 2 of the FY2012 TCU Form 990, click here.

FY2013 Filing

To view Part 1 of the FY2013 TCU Form 990, click here.

To view Part 1 of the FY2013 TCU Form 990, click here.

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