University Of Texas' Executive Salaries Under Investigation By IRS

06/23/2010 11:00 am ET | Updated May 25, 2011

The University of Texas System, which has the fifth-highest endowment among U.S. colleges, sold $520 million in Build America Bonds as its flagship campus is audited by the Internal Revenue Service.

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. By contrast, Texas Governor Rick Perry receives $150,000 a year.

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