Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1b · Membership dues

  $75,570

• 1c · Fundraising events

  $306,094

• 1e · Government grants (contributions)

  $17,521,849

• 1f · All other contributions, gifts and grants

  $71,998,599

• 1g · Noncash contributions included above

  $9,456,118

• 2a · Program service revenue: Tuition and Fees

  total $783,288,946 · related or exempt $783,288,946

• 2b · Program service revenue: Residential Administration

  total $53,022,545 · related or exempt $53,022,545

• 2c · Program service revenue: Dining Services

  total $31,788,523 · related or exempt $31,788,523

• 2d · Program service revenue: Athletics and Campus Rec

  total $62,985,354 · related or exempt $62,372,301 · unrelated business $613,053

• 2e · Program service revenue: University Bookstore

  total $1,199,692 · related or exempt $1,199,692

• 2f · All other program service revenue

  total $16,463,317 · related or exempt $16,240,609 · unrelated business $222,708 · excluded $0

• 3 · Investment income

  total $59,933,975 · unrelated business $10,623 · excluded $59,923,352

• 5 · Royalties

  total $15,348,459 · excluded $15,348,459

• 6a · Gross rents

  real property $790,880 · personal property $374,493

• 6c · Rental income or loss

  real property $790,880 · personal property $374,493

• 6d · Net rental income or loss

  total $1,165,373 · unrelated business $0 · excluded $1,165,373

• 7a · Gross sales of assets other than inventory

  securities $2,225,961,000 · other assets $250,000

• 7b · Less cost or other basis and sales expenses

  securities $2,095,330,292 · other assets $96,260

• 7c · Gain or loss

  securities $130,630,708 · other assets $153,740

• 7d · Net gain or loss

  total $130,784,448 · unrelated business $13,738,042 · excluded $117,046,406

• 8a · Fundraising events: gross income

  $376,215

• 8a · Fundraising events: contributions included on line 1c

  $306,094

• 8b · Fundraising events: direct expenses

  $356,017

• 8c · Net income from fundraising events

  total $20,198 · excluded $20,198

• 10a · Gross sales of inventory

  $285,845

• 10b · Cost of goods sold

  $59,566

• 10c · Net income from sales of inventory

  total $226,279 · excluded $226,279

• 11a · Other revenue: Brite Administration and Maintenance Fee

  total $1,281,276 · excluded $1,281,276

• 11b · Other revenue: Annuity Income

  total $1,041,572 · excluded $1,041,572

• 11c · Other revenue: Service Revenue

  total $703,430 · excluded $703,430

• 11d · All other revenue

  total $863,154 · related or exempt $0 · unrelated business $61,466 · excluded $801,688

• 11e · Other revenue, total

  $3,889,432

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $121,342 · program services $121,342

• 2 · Grants to domestic individuals

  total $344,935,748 · program services $344,935,748

• 3 · Grants to foreign organizations and individuals

  total $20,000 · program services $20,000

• 5 · Compensation of officers, directors and key employees

  total $13,915,667 · program services $1,938,533 · management and general $11,076,293 · fundraising $900,841

• 7 · Other salaries and wages

  total $289,902,104 · program services $260,045,065 · management and general $20,951,137 · fundraising $8,905,902

• 8 · Pension plan contributions

  total $20,605,251 · program services $17,849,802 · management and general $2,028,921 · fundraising $726,528

• 9 · Other employee benefits

  total $59,429,907 · program services $52,260,297 · management and general $4,989,379 · fundraising $2,180,231

• 10 · Payroll taxes

  total $19,436,749 · program services $16,631,996 · management and general $2,103,221 · fundraising $701,532

• 11b · Fees: legal

  total $1,351,379 · program services $283,445 · management and general $985,266 · fundraising $82,668

• 11c · Fees: accounting

  total $339,912 · management and general $339,912

• 11d · Fees: lobbying

  total $1,365 · management and general $1,365

• 11e · Fees: professional fundraising services

  total $339,347 · fundraising $339,347

• 11f · Fees: investment management

  total $38,671,326 · management and general $38,671,326

• 11g · Fees: other

  total $42,746,992 · program services $39,769,997 · management and general $2,308,846 · fundraising $668,149

• 12 · Advertising and promotion

  total $3,790,517 · program services $1,652,144 · management and general $2,129,193 · fundraising $9,180

• 13 · Office expenses

  total $14,521,597 · program services $12,342,970 · management and general $1,505,499 · fundraising $673,128

• 14 · Information technology

  total $6,392,591 · program services $4,443,548 · management and general $1,547,406 · fundraising $401,637

• 16 · Occupancy

  total $28,253,772 · program services $25,348,478 · management and general $2,871,212 · fundraising $34,082

• 17 · Travel

  total $38,708,994 · program services $36,166,737 · management and general $1,424,556 · fundraising $1,117,701

• 19 · Conferences, conventions and meetings

  total $1,776,269 · program services $1,516,276 · management and general $230,485 · fundraising $29,508

• 20 · Interest

  total $26,245,214 · program services $21,349,976 · management and general $4,893,341 · fundraising $1,897

• 22 · Depreciation, depletion and amortization

  total $85,225,914 · program services $78,390,700 · management and general $6,069,621 · fundraising $765,593

• 23 · Insurance

  total $6,904,831 · program services $6,645,763 · management and general $251,698 · fundraising $7,370

• 24a · Other expenses: Food Services

  total $20,936,324 · program services $20,827,501 · management and general $100,921 · fundraising $7,902

• 24b · Other expenses: Dues & Subscriptions

  total $10,569,437 · program services $9,769,730 · management and general $672,853 · fundraising $126,854

• 24c · Other expenses: Indirect Costs

  total $2,032,032 · program services $2,032,032 · management and general $0 · fundraising $0

• 24d · Other expenses: Instruction Research & Lab

  total $3,421,522 · program services $3,362,998 · management and general $50,144 · fundraising $8,380

• 24e · All other expenses

  total $11,049,974 · program services $3,159,581 · management and general $7,856,642 · fundraising $33,751

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $30,844,182 · end of year $45,241,162

• 3 · Pledges and grants receivable

  beginning of year $27,589,408 · end of year $17,667,362

• 4 · Accounts receivable

  beginning of year $33,801,050 · end of year $42,796,645

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $651,664 · end of year $839,740

• 9 · Prepaid expenses and deferred charges

  beginning of year $10,943,107 · end of year $9,944,890

• 10a · Land, buildings and equipment: cost or other basis

  $2,563,536,815

• 10b · Land, buildings and equipment: accumulated depreciation

  $945,562,799

• 10c · Land, buildings and equipment, net

  beginning of year $1,569,415,752 · end of year $1,617,974,016

• 11 · Investments: publicly traded securities

  beginning of year $1,077,446,241 · end of year $1,072,008,498

• 12 · Investments: other securities

  beginning of year $1,809,876,543 · end of year $1,953,397,286

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $107,042,161 · end of year $121,928,578

• 17 · Accounts payable and accrued expenses

  beginning of year $94,904,297 · end of year $94,640,467

• 19 · Deferred revenue

  beginning of year $49,173,950 · end of year $44,616,830

• 20 · Tax-exempt bond liabilities

  beginning of year $150,779,912 · end of year $153,211,044

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $832,201,998 · end of year $832,311,169

• 25 · Other liabilities

  beginning of year $95,980,260 · end of year $87,926,332

• 27 · Net assets without donor restrictions

  beginning of year $2,043,264,383 · end of year $2,225,422,675

• 28 · Net assets with donor restrictions

  beginning of year $1,401,305,308 · end of year $1,443,669,660

The filer's explanations (Part III)

Schedule J, Part I, Line 1a First-class or charter travel

CHARTER TRAVEL WAS PROVIDED TO CHANCELLOR VICTOR BOSCHINI, VICE CHANCELLORS, ATHLETIC DIRECTOR, AND COACHES FOR PURPOSES OF TRAVEL TO CERTAIN ATHLETIC EVENTS AS APPROVED. CHARTER TRAVEL WAS PROVIDED TO CHANCELLOR BOSCHINI AND VICE CHANCELLORS FOR DONOR VISITS, VISITS TO OTHER UNIVERSITIES, AND FUNERAL SERVICES FOR UNIVERSITY CONSTITUENTS, AS APPROVED.

Schedule J, Part I, Line 1a Travel for companions

TRAVEL FOR COMPANIONS WAS PROVIDED TO JAMES P. DIXON II AND JEREMIAH DONATI, AND WAS TAXED TO THEM AS A PERSONAL FRINGE BENEFIT.

Schedule J, Part I, Line 1a Housing allowance or residence for personal use

TCU PROVIDES THE CHANCELLOR WITH A HOUSE AND REQUIRES HIM TO USE IT AS A CONDITION OF EMPLOYMENT FOR THE CONVENIENCE OF THE UNIVERSITY. THEREFORE, NO COMPENSATION HAS BEEN INCLUDED FOR SUCH USE. AN INDEPENDENT THIRD PARTY WAS ENGAGED TO VALUE THE HOUSING BENEFIT OF THE RESIDENCE; THE ESTIMATED THE VALUE OF THE BENEFIT IS $170,000. DANIEL W. PULLIN ALSO RECEIVED A HOUSING ALLOWANCE OF $22,000 DURING 2023.

Schedule J, Part I, Line 1a Health or social club dues or initiation fees

SOCIAL CLUB DUES WERE PROVIDED FOR VICTOR BOSCHINI, KENDAL BRILES, KATHRYN CAVINS TULL, TERESA ABI-NADER DAHLBERG, JAMES P. DIXON, JEREMIAH DONATI, SONNY DYKES, DANIEL WAYNE PULLIN, KIRK SAARLOOS, AND DONALD WHELAN. THE PERSONAL VALUE OF THE CLUB DUES WAS TAXED AS A PERSONAL FRINGE BENEFIT. SOCIAL CLUB DUES FOR BUSINESS PURPOSES WERE PROVIDED FOR WILLIAM J. NUNEZ, AND JASON R. SAFRAN.

Schedule J, Part I, Line 1a Personal services

THE CHANCELLOR RECEIVES LIMITED PERSONAL HOUSEKEEPING SERVICES AND WAS TAXED AS A PERSONAL FRINGE BENEFIT FOR THE VALUE OF THE PERSONAL SERVICES.

Schedule J, Part I, Line 1b Written policy regarding payment or reimbursement of expenses

CHARTER TRAVEL AND SOCIAL CLUB DUES ARE APPROVED IN ACCORDANCE WITH THE PERSON'S POSITION. THE VICE CHANCELLOR FOR FINANCE AND ADMINISTRATION AND THE ASSOCIATE VICE CHANCELLOR AND CONTROLLER REVIEW THE CHANCELLOR'S EXPENSES. OTHER BENEFITS LISTED IN LINE 1A WERE PROVIDED FOLLOWING WRITTEN POLICIES AND EMPLOYMENT CONTRACTS.

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

IN TOTAL, VICTOR BOSCHINI ACCRUED $338,750 IN DEFERRED COMPENSATION DURING 2024. OF THIS AMOUNT, $233,750 WILL BE PAID OUT AS OF 05/31/25, AND $105,000 WILL BE PAID OUT AS OF 05/31/26, IF HE IS STILL EMPLOYED BY TCU. $571,042 IN PREVIOUSLY EARNED DEFERRED COMPENSATION WAS PAID TO VICTOR BOSCHINI DURING 2024. PAYMENT OF THIS AMOUNT IS INCLUDED IN OTHER REPORTABLE COMPENSATION IN 2024. THE ACCRUAL OF $308,125 OF THIS AMOUNT WAS REPORTED IN FORM 990 IN PRIOR YEARS. $98,077 IN PREVIOUSLY EARNED DEFERRED COMPENSATION WAS PAID TO BRYAN LUCAS DURING 2024. PAYMENT OF THIS AMOUNT IS INCLUDED IN OTHER REPORTABLE COMPENSATION IN 2024. THE ACCRUAL OF $86,111 OF THIS AMOUNT WAS REPORTED IN FORM 990 IN PRIOR YEARS. JASON R. SAFRAN ACCRUED $234,961 IN DEFERRED COMPENSATION DURING 2024. OF THIS TOTAL AMOUNT, $198,875 WAS PAID TO HIM ON 10/31/25; THE BALANCE OF $38,086 WILL BE PAID TO HIM AS OF 5/31/2026, IF STILL EMPLOYED AS CHIEF INVESTMENT OFFICER. ALSO, $220,097 IN PREVIOUSLY EARNED DEFERRED COMPENSATION WAS PAID TO JASON R. SAFRAN DURING 2024; PAYMENT OF THIS AMOUNT IS INCLUDED IN OTHER REPORTABLE COMPENSATION. ADDITIONALLY, $457,034 OF DEFERRED COMPENSATION WAS AWARDED TO JASON SAFRAN DURING 2024; THIS AMOUNT WAS INCLUDED AS BONUS & INCENTIVE COMPENSATION. OF THE TOTAL PAID OUT OF $677,131, $556,385 WAS REPORTED ON FORM 990 IN PRIOR YEARS. DONALD WHELAN ACCRUED $133,333 IN DEFERRED COMPENSATION DURING 2024; THIS AMOUNT WILL BE PAID TO HIM AS OF 05/31/26 IF STILL EMPLOYED AS VICE CHANCELLOR FOR ADVANCEMENT. DANIEL PULLIN ACCRUED $85,069 IN DEFERRED COMPENSATION DURING 2024. OF THIS AMOUNT, $48,611 WILL BE PAID OUT AS OF 05/31/27, AND $36,458 WILL BE PAID OUT AS OF 05/31/28, IF HE IS STILL EMPLOYED BY TCU.

Schedule J, Part I, Line 7 Non-fixed payments

NON-FIXED PAYMENTS WERE MADE AS FOLLOWS: VICTOR BOSCHINI RECIEVED A $750,000 PERFORMANCE BONUS. KATHRYN MARY CAVINS-TULL RECEIVED A 56,691.21 PERFORMANCE BONUS. JAMES P. DIXON RECEIVED A $25,000 PERFORMANCE BONUS. JEREMIAH DONATI RECEIVED A $218,000 PERFORMANCE BONUS. SONNY DYKES RECEIVED A $25,000 PERFORMANCE BONUS. WILLIAM J. NUNEZ RECEIVED A $94,500 PERFORMANCE BONUS. JEAN M. PICKETT RECEIVED A $41,250 PERFORMANCE BONUS. DANIEL W. PULLIN RECEIVED A $132,188 PERFORMANCE BONUS. KIRK C. SAARLOOS RECEIVED A $5,000 PERFORMANCE BONUS. JASON R. SAFRAN RECEIVED A $457,034 PERFORMANCE BONUS.

Schedule J, Part I, Line 8 Payments on contract that is subject to the initial contract exception

KIRK C. SAARLOOS WAS PROMOTED TO MEN'S HEAD BASEBALL COACH IN 2021 AND ENTERED INTO A CONTRACT WITH TCU IN 2021, WHICH WAS THE FIRST CONTRACT THAT HE SIGNED WITH TCU. HE WAS STILL UNDER THAT CONTRACT IN 2024. SONNY DYKES WAS HIRED AS MEN'S HEAD FOOTBALL COACH IN 2021 AND ENTERED INTO A CONTRACT WITH TCU IN 2021, WHICH WAS THE FIRST CONTRACT THAT HE SIGNED WITH TCU. HE WAS STILL UNDER THAT CONTRACT IN 2024.

Schedule J, Part II, Column (B)(iii) SCHEDULE J PART II, COLUMN B(III)

OTHER REPORTABLE COMPENSATION FOR VICTOR BOSCHINI, KATHRYN CAVINS TULL, JAMES DIXON, JEREMIAH DONATI, BRYAN LUCAS, KIRK C. SAARLOOS, TRACY SYLER JONES, AND DONALD WHELAN INCLUDES PENSION RESTORATION STIPEND PAYMENTS FOR AMOUNTS IN EXCESS OF 403(B) MAXIMUM LIMITS. OTHER REPORTABLE COMPENSATION FOR KATHRYN CAVINS TULL INCLUDES A CELL PHONE STIPEND. OTHER REPORTABLE COMPENSATION FOR KENDAL R. BRILES, TERESA ABI-NADER DAHLBERG, MUADIANVITA KAZADI, WILLIAM J. NUNEZ, DANIEL W. PULLIN, JASON R. SAFRAN AND TRACY SYLER-JONES INCLUDES AN AUTO STIPEND. OTHER REPORTABLE COMPENSATION FOR KENDAL R. BRILES INCLUDES TAXABLE RELOCATION EXPENSES.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• DASHROSE LLC

  REAL ESTATE · TX · income $268,075 · assets $18,949,940

  Directly controlled by TCU

• WEXLER MCCOY LLC

  REAL ESTATE · TX · income $0 · assets $2,733,482

  Directly controlled by TCU

• BERRY STREET PO LLC

  REAL ESTATE · TX · income $0 · assets $2,810,345

  Directly controlled by TCU

• FDP TEXAS HOLDINGS A LLC

  REAL ESTATE · TX · income $0 · assets $754,713

  Directly controlled by TCU

• 812 WOOD STREET HOLDCO LLC

  REAL ESTATE · TX · income $0 · assets $754,218

  Directly controlled by TCU

• RUBIK'S RETAIL HOLDINGS LLC

  REAL ESTATE · TX · income $61,544 · assets $5,859,108

  Directly controlled by TCU

• Nebraska Realty Holdings LLC

  REAL ESTATE · DE · income $0 · assets $0

  Directly controlled by TCU

• Future Development Partners (Texas) Series VI LLC

  INVESTMENTS · TX · income $0 · assets $10,015,109

  Directly controlled by TCU

• BELLAIRE ACQUISITIONS LLC

  REAL ESTATE · TX · income $0 · assets $0

  Directly controlled by TCU

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• GCM GROSVENOR - TCU INVESTMENT FUND LP

  Excluded · INVESTMENTS · DE · 94.729% owned

  Directly controlled by NONE

• TRITIUM I-A LP

  Excluded · INVESTMENTS · DE · 52.933% owned

  Directly controlled by NONE

• BREAKWATER CREDIT OPPORTUNITIES FUND III LP

  Excluded · INVESTMENTS · DE · 71.07% owned

  Directly controlled by NONE

• Virtual Holding Investors LLC

  Excluded · INVESTMENTS · DE · 63.195% owned · share of income $0

  Directly controlled by NONE

• ACADIAN ALL COUNTRY WORLD EX US LONG-SHORT FUND

  Excluded · INVESTMENTS · DE · 60.738% owned · share of income $531,707

  Directly controlled by NONE

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• Charitable Remainder Trusts (11)

  Trust · Support · TX

  Directly controlled by NA