(Read our reports on TCU's finances for FY2014, FY2013 and FY2012)

Well, here we are again folks: Another financial report for TCU. Every year when I receive my Form 990 filing in the mail, I always open the package with anticipation knowing that yes, it's true, TCU has all of the money.

And this years report, covering the fiscal year of 2014-2015, shows once again that TCU is a money making machine.

With record revenues, a growing endowment, and new projects on the horizon (See: Medical School), TCU couldn't be better positioned to survive the likely storm coming towards higher education. As they say, only the strong survive, and TCU has over $2 billion in assets in their storm shelter.

We also have some interesting compensation data to share this year, including the second to last year of Trent Johnson's career at TCU (WE GAVE HIM A RAISE) as well as new salary data for then new Offensive Coordinator, Doug Meacham. Just a reminder, while the financial data below covers TCU's fiscal year (June - May), the compensation data covers the 2014 calendar year.

So, here you go, the FY2015 TCU Financial Report.

Revenues & Expenses



FY2015 FY2014 FY2013 FY2012 Revenue $701,404,157 $637,593,857 $549,758,910 $441,642,790 Expenses $549,516,191 $483,096,425 $452,917,777 $445,774,825 Profit $151,887,966 $154,497,432 $96,841,133 -$4,132,035

Revenue grew 10% while expenses were up 13%... As you will see below, the majority of that expense growth came from scholarships, salaries, and some other oddities like the travel budget.

Revenues



FY2015 FY2014 FY2013 FY2012 Tuition & Fees $371,675,418 $349,288,369 $324,021,197 $295,513,724 Contributions, Grants, & Gifts $89,546,203 $88,125,905 $70,469,133 $57,591,543 Net Gain (Securities) $84,265,168 $53,345,722 $47,503,921 -$17,006,143 Athletics & Campus Rec $38,841,814 $31,275,446 $25,819,320 $11,337,701 Royalties $32,840,010 $35,309,121 $20,000,914 $22,909,729 Residential Administration $29,208,841 $28,097,477 $26,204,950 $25,251,638 Dining Services $18,578,852 $17,928,982 $16,415,785 $16,046,587 Investment Income $17,757,646 $17,584,982 $3,442,675 $13,884,772 Other $12,530,900 $11,222,465 $10,921,990 $11,032,074 Bookstore $1,293,792 $1,199,587 $1,256,555 $1,357,569 Rental Income $825,214 $993,082 $795,634 $723,992

Tuition growth was as expected, 6%, based on tuition increases. Contributions held steady while the net gain from investments was up almost 58%... I am not sure if that signals a change in investment management policy, or if it is a one year anomaly.

Expenses



FY2015 FY2014 FY2013 FY2012 Salaries and Wages $165,553,582 $155,973,730 $147,630,210 $138,295,140 Grants/Scholarships $126,005,167 $110,794,219 $99,705,544 $91,482,695 Depreciation $44,697,223 $41,262,456 $37,646,790 $34,533,477 Employee Benefits $27,268,516 $25,076,026 $25,806,802 $22,849,746 Other $25,038,241 $21,650,172 $19,312,869 $17,073,049 Investment Mngt Fees $21,468,867 Travel (Flights & Rentals) $19,033,743 $16,105,171 $16,027,238 $14,521,612 Occupancy (Hotels) $18,043,112 $16,682,272 $15,791,804 $17,704,508 Office Expenses $17,574,646 $15,642,580 $14,768,694 $14,912,066 Food Services $15,110,293 $14,860,185 $13,723,988 $13,142,758 Pension Plan Accruals $14,953,759 $13,960,978 $15,837,052 $31,254,161 Interest $12,920,107 $12,081,994 $8,868,652 $10,663,156 Payroll Taxes $10,999,116 $10,579,053 $9,845,152 $9,181,171 Compensation for Officers,

Directors, Trustees $7,621,556 $6,790,584 $6,276,397 $5,727,890 Dues & Subscriptions $6,234,401 $5,930,707 $5,560,710 $5,647,396 Advertising/Marketing $2,838,389 $2,047,065 $1,760,553 $1,608,285 Information Technology $2,759,972 $2,824,207 $2,424,869 $2,366,005 Insurance $2,390,354 $2,344,515 $2,110,938 $1,999,187 Instructional, Research $1,605,483 Conferences & Conventions $980,416 $994,309 $1,048,655 $861,102 Legal $943,971 $670,199 $564,636 $665,782 Accounting $455,960 $382,540 $685,179 $564,528 Professional Fundraising $261,970 $52,064 $136,266 $138,567

Nothing significantly interesting for me here, besides two new expense categories that the university had previously not disclosed: Investment management fees and Institutional/Research. I believe the investment management fees indicate fees paid to external providers of hedge funds and other investment tools TCU owns. Based off of a endowment value of $1.5 billion, that gives TCU an external expense ratio of 1.4%.

Balance Sheet

Cash/Receivables

FY2015 FY2014 FY2013 FY2012 Cash $8,785,949 $3,486,602 $3,398,963 $11,799,319 Savings $12,874,632 $63,965,365 $8,854,069 $38,772,248 Accounts Receivable (net) $25,332,059 $28,784,057 $25,417,472 $24,329,631 Pledges/Grants Receivable (net) $61,732,177 $54,773,167 $44,122,419 $65,181,207

So a roughly $50mm draw down in short-term savings... I wonder if that has to do with the recent investment in the new TCU medical school? (See: TCU Invests $50mm in new medical school)

Assets & Liabilities



FY2015 FY2014 FY2013 FY2012 Total Assets $2,823,981,380 $2,606,377,356 $2,301,635,724 $2,085,935,294 Accounts Payable $77,356,769 $66,342,308 $59,768,006 $66,895,486 Deferred Revenue $27,254,431 $24,433,490 $25,280,101 $21,774,621 Bond Liabilities $519,844,772 $475,925,771 $398,442,583 $394,312,090 Other Liabilities $96,219,257 $78,286,294 $78,334,124 $133,595,180 Total Net Assets $2,103,306,151 $1,961,389,493 $1,739,810,910 $1,469,357,917

Endowment Funds



FY2015 FY2014 FY2013 FY2012 Beginning of Year Balance $1,393,241,318 $1,256,029,327 $1,110,867,981 $1,191,899,686 Contributions $16,447,929 $14,406,762 $17,494,442 $11,024,191 Net Investment Gain/Loss $133,486,273 $179,244,836 $184,348,844 -$35,526,500 End of Year Balance $1,486,003,520 $1,393,241,318 $1,256,029,327 $1,110,867,981

At $1.5b, TCU's endowment is roughly 60th nationally just ahead of SMU. It grew 6% last year, outpacing a flat S&P 500.

Other Notes

TCU reported 5,761 paid employees, up from 5,601 in FY2014, 5,416 in FY2013 and 5,236 in FY2012.

Of TCU's more than five thousand employees, 339 are paid $100,000 or more per year. That is up from 303 in FY2014, 276 in FY2013 and 250 in FY2012.

In addition to employees making $100k or more, TCU also paid 87 separate contractors more than $100k in FY2015. The largest were Linbeck Group ($43 million), HC Beck ($32 million), Sodexo ($15 million), Austin Commercial ($10 million), and Hahnfeld Hoffer Stanford ($5 million).

As part of its $126 million in grants and scholarships, TCU allocated those funds in the following manner: Undergraduate Financial Aid ($99 million), Graduate Financial Aid ($14 million), Grants in Aid ($3 million), Stipends ($4 million), and Tuition Equalization Grants ($4 million).

TCU took out a $120 million loan in 2010 to finance construction of Amon G. Carter Stadium; $55 million was retired during FY2015.

Compensation

Gary Patterson (Head Football Coach)

CY2014 CY2013 CY2012 CY2011 Base Pay $3,488,901 $3,489,284 $2,987,885 $2,587,557 Bonuses $72,000 $150,000 $184,000 Total Compensation $4,014,723 $3,940,026 $4,008,150 $3,120,760

Victor Boschini, Jr. (Chancellor)

CY2014 CY2013 CY2012 CY2011 Base Pay $1,042,233 $1,021,744 $930,077 $791,051 Bonuses $100,000 Total Compensation $1,754,540 $1,742,196 $1,486,299 $1,234,823

James Hille (Chief Investment Officer)

CY2014 CY2013 CY2012 CY2011 Base Pay $541,413 $521,840 $510,235 $482,831 Bonuses $160,312 $122,889 $95,438 $173,756 Total Compensation $1,619,361 $1,114,351 $1,401,973 $935,815

Trent Johnson (Head Men's Basketball Coach)



CY2014 CY2013 CY2012 CY2011 Base Pay $1,843,907 $1,644,022 $1,096,870* Bonuses Total Compensation $2,037,834 $1,672,345 $2,213,784

Chris Del Conte (Athletic Director)

CY2014 CY2013 CY2012 CY2011 Base Pay $552,880 $534,244 $509,435 $408,546 Bonuses $32,500 $133,250 $141,772 $80,666 Total Compensation $1,092,681 $830,853 $811,527 $632,213

Jim Schlossnagle (Head Baseball Coach)

CY2014 CY2013 CY2012 CY2011 Base Pay $427,735 $374,065 $335,275 $298,309 Bonuses $57,500 $2,500 $32,500 $55,410 Total Compensation $846,253 $480,093 $466,303 $452,472

Doug Meacham (Co-Offensive Coordinator)



CY2014 CY2013 CY2012 CY2011 Base Pay $367,158 Bonuses $62,500 Total Compensation $548,457

Compensation Notes

For most employees in the 990 filing, total compensation is a combination of the following: Base, bonuses, deferred comp from earlier years (to encourage retention), other compensation (country clubs, private jets, etc.), and nontaxable benefits.

Private/charter jet travel was provided to the wives of Victor Boschini, Gary Patterson, Jim Schlossnagle, and Trent Johnson.

Memberships to Colonial were provided to Victor Boschini, Chris Del Conte, Donald Whelan, James HIlle, Trent Johnson, Jim Schlossnagle, Nowell Donovan, Gary Patterson, and Doug Meacham.

Chris Del Conte received a $17,500 bonus for meeting performance based contract stipulations and a $15,000 bonus for significant contributions to TCU.

Doug Meacham received a $62,500 contract bonus.

Gary Patterson received a $72,000 bonus for performance based contract stipulations. (This was the Peach Bowl season)

Jim Schlossnagle received a $57,500 bonus for performance based contract stipulations.