This story was corrected to show that $4.1 million is the amount that expenses exceeded revenue for FY2012.
TCU had $4.1 million more expenses than revenue in FY2012, a stark contrast to its $145 million surplus in FY2011, according to TCU’s newly released 990 form.
The form is required to be submitted to the IRS every year by 501(c)(3) nonprofit organizations.
According to the tax form and an article on TCU blog site frogsowar.com, TCU saw $441 million in revenue during the last fiscal year, down almost $100 million from FY2011. This is due largely in part to an $83.5 million decrease in grants and contributions from FY2011 to FY2012.
Other information included in the tax document revealed that every TCU employee listed in the 990 filing, led by Chancellor Victor Boschini and Head Football Coach Gary Patterson, saw a rise in some type of compensation during FY2012. By the end of FY2012, over 250 employees were making at least $100,000. Nearly $140 million in salaries and wages went to full or part-time employees.
Expenditures went up $45 million from $400 million in FY2011 to $445 million in FY2012, and tuition and fee revenue increased by nearly $30 million.
TCU received $295 million in tuition, $25 million for room and board, $16 million for dining services, $11 million from athletics and campus recreation and $1.3 million from the University Bookstore, according to the Frogs O’ War article.
Vice Chancellor for Finance and Administration Brian Gutierrez and Chancellor Boschini were unavailable for comment.
See below for a full copy of the university’s filing.