Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $0

• 1b · Membership dues

  $69,243

• 1c · Fundraising events

  $493,877

• 1d · Related organizations

  $0

• 1e · Government grants (contributions)

  $16,682,755

• 1f · All other contributions, gifts and grants

  $110,333,424

• 1g · Noncash contributions included above

  $15,997,897

• 2a · Program service revenue: TUITION AND FEES

  total $640,808,414 · related or exempt $640,808,414 · unrelated business $0 · excluded $0

• 2b · Program service revenue: RESIDENTIAL ADMINISTRATION

  total $47,273,258 · related or exempt $47,273,258 · unrelated business $0 · excluded $0

• 2c · Program service revenue: DINING SERVICES

  total $30,388,620 · related or exempt $30,388,620 · unrelated business $0 · excluded $0

• 2d · Program service revenue: ATHLETICS AND CAMPUS REC

  total $69,756,379 · related or exempt $69,236,744 · unrelated business $519,635 · excluded $0

• 2e · Program service revenue: UNIVERSITY BOOKSTORE

  total $1,782,700 · related or exempt $1,782,700 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $13,691,468 · related or exempt $13,673,979 · unrelated business $17,489 · excluded $0

• 3 · Investment income

  total $64,329,332 · related or exempt $0 · unrelated business $11,510 · excluded $64,317,822

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $18,978,373 · related or exempt $0 · unrelated business $0 · excluded $18,978,373

• 6a · Gross rents

  real property $1,280,932 · personal property $0

• 6b · Less rental expenses

  real property $0 · personal property $0

• 6c · Rental income or loss

  real property $1,280,932 · personal property $0

• 6d · Net rental income or loss

  total $1,280,932 · related or exempt $0 · unrelated business $0 · excluded $1,280,932

• 7a · Gross sales of assets other than inventory

  securities $1,640,683,000 · other assets $291,816

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

  securities $1,559,300,935 · other assets $6,121

• 7c · Gain or loss

  securities $81,382,065 · other assets $285,695

• 7d · Net gain or loss

  total $81,667,760 · related or exempt $0 · unrelated business $3,339,657 · excluded $78,328,103

• 8a · Fundraising events: gross income

  $433,038

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

  $493,877

• 8b · Fundraising events: direct expenses

  $395,674

• 8c · Net income from fundraising events

  total $37,364 · unrelated business $0 · excluded $37,364

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 10a · Gross sales of inventory

  $305,216

• 10b · Cost of goods sold

  $181,548

• 10c · Net income from sales of inventory

  total $123,668 · related or exempt $0 · unrelated business $0 · excluded $123,668

• 11a · Other revenue: BRITE ADMINISTRATION MAINTENANCE FEE

  total $1,171,092 · related or exempt $0 · unrelated business $0 · excluded $1,171,092

• 11b · Other revenue: ANNUITY INCOME

  total $876,213 · related or exempt $0 · unrelated business $0 · excluded $876,213

• 11c · Other revenue: ALUMNI EVENTS

  total $173,768 · related or exempt $0 · unrelated business $0 · excluded $173,768

• 11d · All other revenue

  total $3,437,980 · related or exempt $0 · unrelated business $0 · excluded $3,437,980

• 11e · Other revenue, total

  $5,659,053

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $100,000 · program services $100,000

• 2 · Grants to domestic individuals

  total $284,342,894 · program services $284,342,894

• 3 · Grants to foreign organizations and individuals

  total $28,000 · program services $28,000

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $13,238,231 · program services $1,948,127 · management and general $10,181,768 · fundraising $1,108,336

• 6 · Compensation of disqualified persons

  total $0 · program services $0 · management and general $0 · fundraising $0

• 7 · Other salaries and wages

  total $254,290,582 · program services $226,408,502 · management and general $20,481,787 · fundraising $7,400,293

• 8 · Pension plan contributions

  total $16,444,802 · program services $13,875,193 · management and general $1,983,383 · fundraising $586,226

• 9 · Other employee benefits

  total $45,771,538 · program services $39,295,482 · management and general $4,877,392 · fundraising $1,598,664

• 10 · Payroll taxes

  total $14,757,058 · program services $12,189,092 · management and general $2,056,014 · fundraising $511,952

• 11a · Fees: management

  total $0 · program services $0 · management and general $0 · fundraising $0

• 11b · Fees: legal

  total $1,464,340 · program services $486,155 · management and general $969,628 · fundraising $8,557

• 11c · Fees: accounting

  total $314,240 · program services $0 · management and general $314,240 · fundraising $0

• 11d · Fees: lobbying

  total $1,460 · program services $0 · management and general $1,460 · fundraising $0

• 11e · Fees: professional fundraising services

  total $243,163 · fundraising $243,163

• 11f · Fees: investment management

  total $33,664,160 · program services $0 · management and general $33,664,160 · fundraising $0

• 11g · Fees: other

  total $37,282,060 · program services $34,649,935 · management and general $1,879,256 · fundraising $752,869

• 12 · Advertising and promotion

  total $3,647,295 · program services $1,935,853 · management and general $1,707,740 · fundraising $3,702

• 13 · Office expenses

  total $22,366,717 · program services $20,508,422 · management and general $1,211,998 · fundraising $646,297

• 14 · Information technology

  total $4,176,895 · program services $2,876,777 · management and general $1,237,220 · fundraising $62,898

• 15 · Royalties

  total $0 · program services $0 · management and general $0 · fundraising $0

• 16 · Occupancy

  total $27,420,556 · program services $25,092,601 · management and general $2,295,663 · fundraising $32,292

• 17 · Travel

  total $37,693,551 · program services $35,499,893 · management and general $1,188,264 · fundraising $1,005,394

• 18 · Travel or entertainment for public officials

  total $0 · program services $0 · management and general $0 · fundraising $0

• 19 · Conferences, conventions and meetings

  total $1,578,584 · program services $1,273,810 · management and general $234,539 · fundraising $70,235

• 20 · Interest

  total $31,555,078 · program services $25,636,288 · management and general $5,916,220 · fundraising $2,570

• 21 · Payments to affiliates

  total $0 · program services $0 · management and general $0 · fundraising $0

• 22 · Depreciation, depletion and amortization

  total $80,849,904 · program services $74,097,621 · management and general $5,971,822 · fundraising $780,461

• 23 · Insurance

  total $4,920,635 · program services $4,670,203 · management and general $244,931 · fundraising $5,501

• 24a · Other expenses: DUES AND SUBSCRIPTIONS

  total $9,379,767 · program services $8,378,927 · management and general $860,931 · fundraising $139,909

• 24b · Other expenses: FOOD SERVICES

  total $19,069,552 · program services $18,659,823 · management and general $349,260 · fundraising $60,469

• 24c · Other expenses: INSTR., RESEARCH, & LAB

  total $3,321,542 · program services $3,252,510 · management and general $60,352 · fundraising $8,680

• 24d · Other expenses: INDIRECT COSTS

  total $1,838,821 · program services $1,838,821 · management and general $0 · fundraising $0

• 24e · All other expenses

  total $11,180,464 · program services $4,890,392 · management and general $6,281,735 · fundraising $8,337

• 26 · Joint costs (an allocation of the lines above)

  total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $16,181,187 · end of year $8,264,068

• 3 · Pledges and grants receivable

  beginning of year $38,636,107 · end of year $32,766,882

• 4 · Accounts receivable

  beginning of year $36,206,903 · end of year $33,762,410

• 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 $872,080 · end of year $812,271

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,973,218 · end of year $6,443,688

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

  $2,295,079,102

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

  $824,486,206

• 10c · Land, buildings and equipment, net

  beginning of year $1,395,716,566 · end of year $1,470,592,896

• 11 · Investments: publicly traded securities

  beginning of year $825,429,491 · end of year $983,586,729

• 12 · Investments: other securities

  beginning of year $1,794,949,922 · end of year $1,842,542,345

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $136,145,996 · end of year $162,527,788

• 17 · Accounts payable and accrued expenses

  beginning of year $86,604,593 · end of year $105,062,384

• 19 · Deferred revenue

  beginning of year $40,141,095 · end of year $41,511,105

• 20 · Tax-exempt bond liabilities

  beginning of year $165,609,720 · end of year $157,010,316

• 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 $711,983,656 · end of year $832,092,827

• 25 · Other liabilities

  beginning of year $99,673,320 · end of year $153,896,037

• 27 · Net assets without donor restrictions

  beginning of year $1,935,242,055 · end of year $1,998,058,716

• 28 · Net assets with donor restrictions

  beginning of year $1,210,857,031 · end of year $1,253,667,692

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. SOCIAL CLUB DUES AND INITIATION FEES WERE PROVIDED IN ACCORDANCE WITH EMPLOYMENT CONTRACTS OR APPROVAL BY THE CHANCELLOR IN ACCORDANCE WITH THE PERSON'S POSITION. THE VICE CHANCELLOR FOR FINANCE AND ADMINISTRATION AND THE INTERIM 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 1a Travel for companions

TRAVEL FOR COMPANIONS WAS PROVIDED TO JAMES P. DIXON II, JEREMIAH DONATI, AND SONNY DYKES, 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 $169,809.

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

SOCIAL CLUB DUES WERE PROVIDED FOR VICTOR BOSCHINI, KATHRYN CAVINS TULL, JAMES P. DIXON, JEREMIAH DONATI, STUART FLYNN, JENNIFER RAEGAN PEBLEY, 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 TERESA ABI-NADER DAHLBERG, SONNY DYKES, 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 INTERIM 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 $512,056 IN DEFERRED COMPENSATION DURING 2022. $150,000 WAS PAID OUT ON 06-30-22, AND $210,000 WILL BE PAYABLE AS OF 05/31/23. THE REMAINING BENEFIT OF $152,056 WILL BE PAID OUT AS OF 05/31/24, IF HE IS STILL EMPLOYED AS CHANCELLOR. $371,056 IN PREVIOUSLY EARNED DEFERRED COMPENSATION WAS PAID TO VICTOR BOSCHINI DURING 2022. PAYMENT OF THIS AMOUNT IS INCLUDED IN OTHER REPORTABLE COMPENSATION IN 2022. THE ACCRUAL OF $210,000 OF THIS AMOUNT WAS REPORTED IN FORM 990 IN PRIOR YEARS. BRIAN GUTIERREZ RETIRED AS VICE CHANCELLOR FOR FINANCE AND ADMINISTRATION ON 01/03/22; HE RECEIVED A DEFERRED COMPENSATION DISTRIBUTION OF $1,845,405, WHICH IS REPORTED AS OTHER REPORTABLE COMPENSATION IN 2022. OF THIS AMOUNT, $1,017,855 WAS REPORTED ON FORMS 990 IN PREVIOUS YEARS. BRYAN LUCAS ACCRUED $50,000 IN DEFERRED COMPENSATION DURING 2022; OF THIS AMOUNT, $16,667 WAS PAID OUT TO HIM DURING 2022 AS OTHER REPORTABLE COMPENSATION, AND THE REMAINDER WILL BE PAID TO HIM AS OF 05/31/24 IF STILL EMPLOYED AS CHIEF TECHNOLOGY OFFICER. HE ALSO RECEIVED A DEFERRED COMPENSATION DISTRIBUTION DURING 2022 OF $227,127, WHICH WAS REPORTED AS OTHER REPORTABLE COMPENSATION; OF THIS AMOUNT, $183,333 WAS PREVIOUSLY REPORTED ON FORMS 990. JASON R. SAFRAN RECEIVED $265,323 IN INCENTIVE COMPENSATION DURING CALENDAR YEAR 2022 AS CHIEF INVESTMENT OFFICER; THE PAYMENT IS INCLUDED IN BONUS & INCENTIVE COMPENSATION IN 2022. HE ALSO RECEIVED $56,376 PAYMENT OF PREVIOUSLY EARNED DEFERRED COMPENSATION DURING CALENDAR YEAR 2022; PAYMENT OF THIS AMOUNT IS INCLUDED IN OTHER REPORTABLE COMPENSATION IN 2022. NONE OF THESE AMOUNTS HAVE BEEN REPORTED PREVIOUSLY IN FORM 990 IN PRIOR YEARS. JEREMIAH DONATI ENTERED INTO A DEFERRED COMPENSATION AGREEMENT WITH TCU, AS PART OF HIS ORIGINAL EMPLOYMENT AGREEMENT, IN 2021. $75,000 IN DEFERRED COMPENSATION WAS ACCRUED BUT NOT PAID TO HIM DURING 2022; THE ACCRUED AMOUNT WILL BE VESTED AS OF 5/31/2023 IF STILL EMPLOYED AS DIRECTOR OF ATHLETICS.

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

NON-FIXED PAYMENTS WERE MADE AS FOLLOWS: VICTOR BOSCHINI RECIEVED A $500,000 PERFORMANCE BONUS. KATHRYN CAVINS-TULL RECEIVED A $300,000 PERFORMANCE BONUS. JAMES P. DIXON RECEIVED A $50,000 PERFORMANCE BONUS. JEREMIAH DONATI RECEIVED A $372,000 PERFORMANCE BONUS. SONNY DYKES RECEIVED A $375,000 PERFORMANCE BONUS. BRYAN LUCAS RECEIVED A $200,000 PERFORMANCE BONUS. KIRK C. SAARLOOS RECEIVED A $40,000 PERFORMANCE BONUS. DONALD WHELAN RECEIVED A $300,000 PERFORMANCE BONUS.

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

WILLIAM J. NUNEZ WAS HIRED AS VICE CHANCELLOR OF FINANCE AND ADMINISTRATION 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 2022. 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 2022. 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 2022.

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

OTHER REPORTABLE COMPENSATION FOR VICTOR BOSCHINI, KATHRYN CAVINS TULL, JAMES P. DIXON, JEREMIAH DONATI, STUART FLYNN, BRYAN LUCAS, JENNIFER RAEGAN PEBLEY, KIRK C. SAARLOOS, TRACY SYLER JONES, AND DONALD WHELAN INCLUDES PENSION RESTORATION STIPEND PAYMENTS SPECIFIED IN THEIR CONTRACTS FOR AMOUNTS IN EXCESS OF 403(B) MAXIMUM LIMITS. OTHER REPORTABLE COMPENSATION FOR KATHRYN CAVINS TULL, YOHNA CHAMBERS AND JEAN M. PICKETT INCLUDES A CELL PHONE STIPEND. OTHER REPORTABLE COMPENSATION FOR STUART FLYNN, WILLIAM J. NUNEZ, JENNIFER RAEGAN PEBLEY, KIRK C. SAARLOOS AND JASON R. SAFRAN INCLUDES AN AUTO STIPEND. OTHER REPORTABLE COMPENSATION FOR WILLIAM J. NUNEZ AND JOHATHAN BENJAMIN ALVARADO INCLUDES STIPENDS RELATED TO TEMPORARY LIVING EXPENSES. OTHER REPORTABLE COMPENSATION FOR JONATHAN BENJAMIN-ALVARADO, SONNY DYKES, AND WILLIAM J. NUNEZ INCLUDES TAXABLE RELOCATION EXPENSES.

Disregarded entities

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

• BELLAIRE ACQUISITIONS LLC

  REAL ESTATE · TX · income $0 · assets $2,820,173

  Directly controlled by TCU

• DASHROSE LLC

  REAL ESTATE · TX · income $219,811 · assets $16,506,619

  Directly controlled by TCU

• NEBRASKA REALTY PARTNERS IV LLC

  REAL ESTATE · TX · income $0 · assets $7,221,532

  Directly controlled by TCU

• WEXLER MCCOY LLC

  REAL ESTATE · TX · income $18,674 · assets $2,733,482

  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 · 93.69% owned · share of income $349,162 · share of assets $2,516,654

  Directly controlled by NONE

• TRITIUM I-A LP

  Excluded · INVESTMENTS · DE · 52.63% owned · share of income $1,550,613 · share of assets $7,430,587

  Directly controlled by NONE

• BREAKWATER CREDIT OPPORTUNITIES FUND III LP

  Excluded · INVESTMENTS · DE · 75.69% owned · share of income $1,207,154 · share of assets $4,102,780

  Directly controlled by NONE

• Virtual Holding Investors LLC

  Excluded · INVESTMENTS · DE · 61.75% owned · share of income $0 · share of assets $5,596,755

  Directly controlled by NONE

Related corporations and trusts

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

• Permian Nautilus Fund Ltd

  C Corporation · INVESTMENTS · CJ · 74% owned · share of assets $81,501,577 · controlled entity

  Directly controlled by NA

• All Africa Cayman Feeder Ltd

  C Corporation · Investments · CJ · 32.2% owned · share of assets $14,716,555 · controlled entity

  Directly controlled by NA

• Charitable Remainder Trusts (12)

  Trust · Support · TX

  Directly controlled by NA