The IRS is examining the University of Texas at Austin for executive compensation and matters related to taxable income, preliminary offering documents show. Mack Brown, head football coach, the highest-paid state employee at $5.1 million per year, earns almost seven times more than Francisco Cigarroa, who’s paid $750,000 as chancellor of the University of Texas System.
… The IRS mailed questionnaires to 400 nonprofit colleges and universities in October 2008, seeking data on endowments, compensation and income from businesses unrelated to their missions of teaching and research. It picked more than 30 institutions to audit on the basis of answers…