Permanent University Fund
Encyclopedia
The Permanent University Fund (PUF) is one of the methods by which the State of Texas
funds public higher education within the state. A portion of the returns from the PUF are annually directed towards the Available University Fund (AUF), which distributes the funds according to provisions set forth by the 1876 Texas Constitution
, subsequent constitutional amendments, and the Boards of Regents
of the University of Texas System
and Texas A&M University System
.
lands bordering the railroads (UT Austin was granted 1 million acres (4,046.9 km²) in West Texas as compensation) as well as 1 million acres (4,046.9 km²) additional. In addition, the 1876 Constitution organized the University of Texas System, under which governance of Texas A&M University
and UT Austin was placed. The original Constitution provided for preference in PUF investment in Texas and U.S. bonds. In 1883, Texas and Pacific Railroad returned 1 million acres (4,046.9 km²), deemed too worthless to survey, to the State Government, which turned the land over to the PUF. Initially, the little revenue PUF earned from its lands were from grazing
leases.
The terms of the annexation of the Republic of Texas
in 1845 meant that Texas kept its public lands. The 1894 discovery of oil in Corsicana, Texas
and the 1901 discovery of oil at Spindletop
in Beaumont, Texas
, began a subsequent oil boom in Texas and the western U.S. In 1901, the Texas Legislature authorized UT Austin to "sell, lease and otherwise control" oil and mineral rights for PUF land. In late 1916, after a report was submitted to the Land Commission of the UT Board of Regents, the Board forbade the sale of any University lands, including those of the PUF. On 28 May 1923, the Santa Rita No. 1 oil well
, in Reagan County
discovered the first oil on PUF land; in the following decades, the PUF's revenue made UT Austin among the best-endowed in the nation. In 1924, the UT Regent Robert Story requested that the legislature direct oil rights revenue directly into the AUF; the 29th legislature complied on 3 April 1925 by passing House Bill 246. The March 10, 1926, Texas Supreme Court case State ex rel
Attorney General, v. Hatcher, decided against State Treasurer W. Gregory Hatcher, who refused to comply with Attorney General Dan Moody's demands that oil rights revenue be placed into the PUF rather than the AUF. The Texas Supreme Court concluded that the 1876 Constitution directed subterranean revenue to be "corpus of the estate" rather than UT Austin disposable income.
In 1928, State Attorney General Claude Pollard issued a legal opinion that the UT Board of Regents could issue bonds against the AUF, the account that holds the annual distributions of the PUF. In 1931, the legislature authorized UT Regent-requested bonds to improve UT Austin's buildings and campus in general. As the provision was repealed in 1932, it granted the only time ever that PUF principal was spent. The AUF's distributions were directed, in 1931, by the legislature such that 2/3 of the money would go to UT Austin and 1/3 to Texas A&M, and also extended to be available for purchase of equipment and building construction. In 1947, after World War II
and during the education boom from the Servicemen's Readjustment Act of 1944, a constitutional amendment was passed that authorized the issuance of $15 million in AUF bonds, $10 million to the UT System and $5 million to the Texas A&M System.
1956 saw another amendment to the state constitution, this time setting the maximum bond issuance equal to the PUF's total asset value excluding land, as well as allowing Southwestern Medical School, Health Science Center at Houston
, and M. D. Anderson Cancer Center
, all of the UT System, access to AUF funds. In addition, the 1956 amendment guaranteed the 2/3 UT, 1/3 A&M AUF split that the Legislature had directed in 1931. In 1968, the PUF constitution was amended again to include a broader range of both corporate bonds and investments available to PUF, as well as applying a "prudent person" standard for some amendments.
The State Attorney General in 1978 issued an opinion that interest accruing in the PUF should be used to pay outstanding bonds and finance permanent educational improvements, per the PUF constitution. In 1984, the bond issuance capacity of the PUF was raised to 30% and the issuance of AUF funds was expanded to all existing University of Texas System and Texas A&M University System schools; another voter-approved amendment the same year authorized the creation of the Higher Education Assistance Fund, to help all public higher education institutions not covered by the PUF. As oil rights revenue was dropping from $262 million in 1981 to $57 million in 1995, the 1991 Texas Legislature reduced funding for the UT and Texas A&M University Systems by about one-quarter. This placed increased pressure for the PUF to make up much of the difference, even after the 1984 expansion of the PUF's list of beneficiaries. On 1 March 1996, the UT System Board of Regents authorized the nonprofit University of Texas Investment Management Company (UTIMCO) to manage UT System assets, including all of the PUF.
A 1988 constitutional amendment eliminated all investment restrictions related to the PUF for the UT Board of Directors in favor of adopting the "prudent person" standard for all investments, which was subsequently amended in 1999 to the "prudent investor" standard for investments. Another 1999 statewide vote adopted an amendment that made further changes to the PUF. The first was that distributions to the AUF would equal both realized (income return) and unrealized (capital gain
s) PUF assets. The second directed payments to PUF expenses come from PUF assets; the third directed the establishment of an investment and return policy that would preserve both a stable AUF distribution and the real value of the investments.
In 2001, PUF annual distribution to the AUF was changed from 4.50% to 4.75%. On 7 February 2008, after months of study, the UT Board of Regents authorized an increase in AUF annual transfers, from 4.75% of the PUF value to 5.00%, citing recent PUF growth of more than 10% per year and unrest over the large annual increases in tuition at UT Austin. The Texas A&M System chancellor lauded the increased distribution, which now matched other Texas A&M endowment distributions.
In 1900, the Permanent University Fund earned approximately $40,000, mostly from grazing leases; by 1925, income had increased to $2,000 per day (about $700,000 per year), and by 1943 was just under $1 million per year. In the late 1950s, the PUF earned about $8,513,000 per year and was valued above $283,642,000; in 1990, the PUF was valued at $3,541,314,800 and earned $266,119,000 in income. Currently, PUF land assets deliver proceeds through oil, gas, sulfur, and water royalties, rentals on mineral leases, and gains on fiduciary investments. Grazing leases and other surface rights income are distributed to the AUF.
As of December 2008 figures, the PUF holds approximately $8.8 billion in investments and 2100000 acres (8,498.4 km²) of land located in 21 counties, mostly in West Texas
. Each year, five percent of the PUF's value is transferred to the AUF, which then distributes the money. The PUF primarily serves eligible institutions in the University of Texas System
, which receives two-thirds of its proceeds. The remaining one-third goes to eligible institutions in the Texas A&M University System
. As of 2008, the University of Texas System received the fifth-largest endowment in the nation, and the Texas A&M System received the tenth-largest. At one time, the PUF was the chief source of income for The University of Texas at Austin, but today its revenues account for less than twenty percent of the university's annual budgets. Of the 2007-08 year's $1 billion core academic budget of UT Austin, the AUF's funding accounted for $143 million.
and Chief Investment Officer appointed by the Board and a President appointed by the CEO and Board; all employees of UTIMC except the nine-member Board of Directors receive a salary and are eligible for annual bonuses.
In February 2009, UTIMC drew criticism from the state's legislative and executive branches for awarding bonuses to employees despite the global financial crisis of 2008–2009. Robert Rowling, chairman of UTIMC and vice chairman of the UT Austin Board of Regents, insisted that the bonuses he authorized were for the fiscal year ending 31 July 2008, in which the PUF net fiduciary assets decreased by 3.26%, or $383 million, as compared to nearly 14% for the Dow Jones Industrial Average. The Chairman of the Board of Regents defended Rowling, stating that the contracts obligated bonus payment and the large amounts, $1.05 million for the UTIMC CEO and $2.3 million for other employees combined, were fairly inflexible.
Governor Rick Perry
and Lieutenant Governor David Dewhurst
criticized "[W]e can’t imagine how such compensation is justified considering that in the same month this meeting was held, reports surfaced that UTIMCO’s earnings for the year had dropped an estimated 23 percent." Perry's spokeswoman attacked the contracts, stating, "The compensation structure ought to incorporate the health of the fund, whereby incentives are not immediately paid out if the fund is in the red." State Senator Kevin Eltife criticized CEO Bruce Zimmerman's bonus. "Most people out there on the street are scared to death and we just paid you a million-dollar bonus [...] If there's that much money floating around, maybe there's too much." After heated interrogation by the State Senate Finance Committee, Rowling resigned from both his chairmanship of UTIMC and vice chairmanship of UT Austin's Board of Regents.
Other Texas public universities—notably all institutions in the Texas State University System
, Texas Tech University System
, University of Houston System
, University of North Texas System
and some UT System and Texas A&M System institutions—are prohibited by law from sharing the income from this endowment, but since 1984 have been served by the Higher Education Assistance Fund, a much smaller fund. Addition of the other university systems or individual institutions to the Permanent University Fund would require an amendment to the Texas Constitution
.
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
funds public higher education within the state. A portion of the returns from the PUF are annually directed towards the Available University Fund (AUF), which distributes the funds according to provisions set forth by the 1876 Texas Constitution
Texas Constitution
The Constitution of the State of Texas is the document that describes the structure and function of the government of the U.S. State of Texas.Texas has had seven constitutions: the constitution of Coahuila y Tejas, the 1836 Constitution of the Republic of Texas, the state constitutions of 1845,...
, subsequent constitutional amendments, and the Boards of Regents
Board of governors
Board of governors is a term sometimes applied to the board of directors of a public entity or non-profit organization.Many public institutions, such as public universities, are government-owned corporations. The British Broadcasting Corporation was managed by a board of governors, though this role...
of the University of Texas System
University of Texas System
The University of Texas System encompasses 15 educational institutions in Texas, of which nine are academic universities and six are health institutions. The system is headquartered in Austin and has a total enrollment of over 190,000 students...
and Texas A&M University System
Texas A&M University System
The Texas A&M University System is one of the largest systems of higher education in the United States. Through a statewide network of eleven universities, eight state agencies and a comprehensive health science center, the Texas A&M System educates over 100,000 students, conducts more than $600...
.
History
The Permanent University Fund was established by the 1876 Constitution of the State of Texas. Initially, its assets included one-tenth of University of Texas at AustinUniversity of Texas at Austin
The University of Texas at Austin is a state research university located in Austin, Texas, USA, and is the flagship institution of the The University of Texas System. Founded in 1883, its campus is located approximately from the Texas State Capitol in Austin...
lands bordering the railroads (UT Austin was granted 1 million acres (4,046.9 km²) in West Texas as compensation) as well as 1 million acres (4,046.9 km²) additional. In addition, the 1876 Constitution organized the University of Texas System, under which governance of Texas A&M University
Texas A&M University
Texas A&M University is a coeducational public research university located in College Station, Texas . It is the flagship institution of the Texas A&M University System. The sixth-largest university in the United States, A&M's enrollment for Fall 2011 was over 50,000 for the first time in school...
and UT Austin was placed. The original Constitution provided for preference in PUF investment in Texas and U.S. bonds. In 1883, Texas and Pacific Railroad returned 1 million acres (4,046.9 km²), deemed too worthless to survey, to the State Government, which turned the land over to the PUF. Initially, the little revenue PUF earned from its lands were from grazing
Grazing
Grazing generally describes a type of feeding, in which a herbivore feeds on plants , and also on other multicellular autotrophs...
leases.
The terms of the annexation of the Republic of Texas
Republic of Texas
The Republic of Texas was an independent nation in North America, bordering the United States and Mexico, that existed from 1836 to 1846.Formed as a break-away republic from Mexico by the Texas Revolution, the state claimed borders that encompassed an area that included all of the present U.S...
in 1845 meant that Texas kept its public lands. The 1894 discovery of oil in Corsicana, Texas
Corsicana, Texas
Corsicana is a city in Navarro County, Texas, United States. It is located on Interstate 45 some fifty-five miles south of downtown Dallas. The population was 24,485 at the 2000 census...
and the 1901 discovery of oil at Spindletop
Spindletop
Spindletop is a salt dome oil field located in the southern portion of Beaumont, Texas in the United States. The Spindletop dome was derived from the Louann Salt evaporite layer of the Jurassic geologic period. On January 10, 1901, a well at Spindletop struck oil . The new oil field soon produced...
in Beaumont, Texas
Beaumont, Texas
Beaumont is a city in and county seat of Jefferson County, Texas, United States, within the Beaumont–Port Arthur Metropolitan Statistical Area. The city's population was 118,296 at the 2010 census. With Port Arthur and Orange, it forms the Golden Triangle, a major industrial area on the...
, began a subsequent oil boom in Texas and the western U.S. In 1901, the Texas Legislature authorized UT Austin to "sell, lease and otherwise control" oil and mineral rights for PUF land. In late 1916, after a report was submitted to the Land Commission of the UT Board of Regents, the Board forbade the sale of any University lands, including those of the PUF. On 28 May 1923, the Santa Rita No. 1 oil well
Oil well
An oil well is a general term for any boring through the earth's surface that is designed to find and acquire petroleum oil hydrocarbons. Usually some natural gas is produced along with the oil. A well that is designed to produce mainly or only gas may be termed a gas well.-History:The earliest...
, in Reagan County
Reagan County, Texas
Reagan County is a county located on the Edwards Plateau in the U.S. state of Texas. In 2000, its population was 3,326. The seat of the county is Big Lake. It is named in honor of John Henninger Reagan , who served as postmaster general of the Confederate States of America and also as a U.S....
discovered the first oil on PUF land; in the following decades, the PUF's revenue made UT Austin among the best-endowed in the nation. In 1924, the UT Regent Robert Story requested that the legislature direct oil rights revenue directly into the AUF; the 29th legislature complied on 3 April 1925 by passing House Bill 246. The March 10, 1926, Texas Supreme Court case State ex rel
Ex rel
Ex rel is an abbreviation of the Latin phrase "ex relatione" meaning "by the relation of" . The term is a legal phrase most commonly used when a government brings a cause of action upon the request of a private party who has some interest in the matter. The private party is called the relator in...
Attorney General, v. Hatcher, decided against State Treasurer W. Gregory Hatcher, who refused to comply with Attorney General Dan Moody's demands that oil rights revenue be placed into the PUF rather than the AUF. The Texas Supreme Court concluded that the 1876 Constitution directed subterranean revenue to be "corpus of the estate" rather than UT Austin disposable income.
In 1928, State Attorney General Claude Pollard issued a legal opinion that the UT Board of Regents could issue bonds against the AUF, the account that holds the annual distributions of the PUF. In 1931, the legislature authorized UT Regent-requested bonds to improve UT Austin's buildings and campus in general. As the provision was repealed in 1932, it granted the only time ever that PUF principal was spent. The AUF's distributions were directed, in 1931, by the legislature such that 2/3 of the money would go to UT Austin and 1/3 to Texas A&M, and also extended to be available for purchase of equipment and building construction. In 1947, after World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
and during the education boom from the Servicemen's Readjustment Act of 1944, a constitutional amendment was passed that authorized the issuance of $15 million in AUF bonds, $10 million to the UT System and $5 million to the Texas A&M System.
1956 saw another amendment to the state constitution, this time setting the maximum bond issuance equal to the PUF's total asset value excluding land, as well as allowing Southwestern Medical School, Health Science Center at Houston
The University of Texas Health Science Center at Houston
The University of Texas Health Science Center at Houston was created by the UT System Board of Regents and supported by the Texas Legislature in 1972...
, and M. D. Anderson Cancer Center
The University of Texas M. D. Anderson Cancer Center
The University of Texas MD Anderson Cancer Center is one of the nation's original three comprehensive cancer centers established by the National Cancer Act of 1971. It is both a degree-granting academic institution and a cancer treatment and research center located at the Texas Medical Center in...
, all of the UT System, access to AUF funds. In addition, the 1956 amendment guaranteed the 2/3 UT, 1/3 A&M AUF split that the Legislature had directed in 1931. In 1968, the PUF constitution was amended again to include a broader range of both corporate bonds and investments available to PUF, as well as applying a "prudent person" standard for some amendments.
The State Attorney General in 1978 issued an opinion that interest accruing in the PUF should be used to pay outstanding bonds and finance permanent educational improvements, per the PUF constitution. In 1984, the bond issuance capacity of the PUF was raised to 30% and the issuance of AUF funds was expanded to all existing University of Texas System and Texas A&M University System schools; another voter-approved amendment the same year authorized the creation of the Higher Education Assistance Fund, to help all public higher education institutions not covered by the PUF. As oil rights revenue was dropping from $262 million in 1981 to $57 million in 1995, the 1991 Texas Legislature reduced funding for the UT and Texas A&M University Systems by about one-quarter. This placed increased pressure for the PUF to make up much of the difference, even after the 1984 expansion of the PUF's list of beneficiaries. On 1 March 1996, the UT System Board of Regents authorized the nonprofit University of Texas Investment Management Company (UTIMCO) to manage UT System assets, including all of the PUF.
A 1988 constitutional amendment eliminated all investment restrictions related to the PUF for the UT Board of Directors in favor of adopting the "prudent person" standard for all investments, which was subsequently amended in 1999 to the "prudent investor" standard for investments. Another 1999 statewide vote adopted an amendment that made further changes to the PUF. The first was that distributions to the AUF would equal both realized (income return) and unrealized (capital gain
Capital gain
A capital gain is a profit that results from investments into a capital asset, such as stocks, bonds or real estate, which exceeds the purchase price. It is the difference between a higher selling price and a lower purchase price, resulting in a financial gain for the investor...
s) PUF assets. The second directed payments to PUF expenses come from PUF assets; the third directed the establishment of an investment and return policy that would preserve both a stable AUF distribution and the real value of the investments.
In 2001, PUF annual distribution to the AUF was changed from 4.50% to 4.75%. On 7 February 2008, after months of study, the UT Board of Regents authorized an increase in AUF annual transfers, from 4.75% of the PUF value to 5.00%, citing recent PUF growth of more than 10% per year and unrest over the large annual increases in tuition at UT Austin. The Texas A&M System chancellor lauded the increased distribution, which now matched other Texas A&M endowment distributions.
Assets
As of December 2008 figures, the PUF holds approximately $8.8 billion in investments and 2100000 acres (8,498.4 km²) of land located in 21 counties, mostly in West Texas
West Texas
West Texas is a vernacular term applied to a region in the southwestern quadrant of the United States that primarily encompasses the arid and semi-arid lands in the western portion of the state of Texas....
. Each year, five percent of the PUF's value is transferred to the AUF, which then distributes the money. The PUF primarily serves eligible institutions in the University of Texas System
University of Texas System
The University of Texas System encompasses 15 educational institutions in Texas, of which nine are academic universities and six are health institutions. The system is headquartered in Austin and has a total enrollment of over 190,000 students...
, which receives two-thirds of its proceeds. The remaining one-third goes to eligible institutions in the Texas A&M University System
Texas A&M University System
The Texas A&M University System is one of the largest systems of higher education in the United States. Through a statewide network of eleven universities, eight state agencies and a comprehensive health science center, the Texas A&M System educates over 100,000 students, conducts more than $600...
. As of 2008, the University of Texas System received the fifth-largest endowment in the nation, and the Texas A&M System received the tenth-largest. At one time, the PUF was the chief source of income for The University of Texas at Austin, but today its revenues account for less than twenty percent of the university's annual budgets. Of the 2007-08 year's $1 billion core academic budget of UT Austin, the AUF's funding accounted for $143 million.
Management
The PUF's land assets are managed by the UT System administration. The PUF's fiduciary assets are managed by the University of Texas Investment Management Company (UTIMCO), a nonprofit group formed to manage various assets of the UT System and governed by a volunteer Board of Directors. The Board is composed of three member of the UT System Board of Regents, one person selected from a Texas A&M University System Board of Regents list, the chancellor of the UT System, and four investment professionals selected by the UT System Board of Regents. In addition, UTIMC has a Chief Executive OfficerChief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
and Chief Investment Officer appointed by the Board and a President appointed by the CEO and Board; all employees of UTIMC except the nine-member Board of Directors receive a salary and are eligible for annual bonuses.
In February 2009, UTIMC drew criticism from the state's legislative and executive branches for awarding bonuses to employees despite the global financial crisis of 2008–2009. Robert Rowling, chairman of UTIMC and vice chairman of the UT Austin Board of Regents, insisted that the bonuses he authorized were for the fiscal year ending 31 July 2008, in which the PUF net fiduciary assets decreased by 3.26%, or $383 million, as compared to nearly 14% for the Dow Jones Industrial Average. The Chairman of the Board of Regents defended Rowling, stating that the contracts obligated bonus payment and the large amounts, $1.05 million for the UTIMC CEO and $2.3 million for other employees combined, were fairly inflexible.
Governor Rick Perry
Rick Perry
James Richard "Rick" Perry is the 47th and current Governor of Texas. A Republican, Perry was elected Lieutenant Governor of Texas in 1998 and assumed the governorship in December 2000 when then-governor George W. Bush resigned to become President of the United States. Perry was elected to full...
and Lieutenant Governor David Dewhurst
David Dewhurst
David Dewhurst is the 41st and current Lieutenant Governor of Texas, serving under Governor Rick Perry since January 21, 2003. A member of the Republican Party, he previously served as Texas Land Commissioner from 1999 to 2003. Dewhurst announced on July 18, 2011, that he was running for the...
criticized "[W]e can’t imagine how such compensation is justified considering that in the same month this meeting was held, reports surfaced that UTIMCO’s earnings for the year had dropped an estimated 23 percent." Perry's spokeswoman attacked the contracts, stating, "The compensation structure ought to incorporate the health of the fund, whereby incentives are not immediately paid out if the fund is in the red." State Senator Kevin Eltife criticized CEO Bruce Zimmerman's bonus. "Most people out there on the street are scared to death and we just paid you a million-dollar bonus [...] If there's that much money floating around, maybe there's too much." After heated interrogation by the State Senate Finance Committee, Rowling resigned from both his chairmanship of UTIMC and vice chairmanship of UT Austin's Board of Regents.
Member institutions
The following are all available beneficiaries, as of 7 February 2009, of the Available University Fund, which distributes the annual dividends and returns of the Permanent University Fund. The Texas Constitution (Article 7, Section 18) stipulates that most current institutions under the University of Texas System and Texas A&M System are eligible to receive PUF profits through the AUF, and that a two-third vote of each house in the State Legislature is necessary to create a new institution as part of either system, which would then be automatically eligible for funds.Other Texas public universities—notably all institutions in the Texas State University System
Texas State University System
The Texas State University System was created in 1911 to oversee the state's normal schools. Since its creation it has broadened its focus and comprises institutions of many different scopes. It is the oldest multi-system University System in Texas...
, Texas Tech University System
Texas Tech University System
The Texas Tech University System consists of three universities, Texas Tech University, Texas Tech University Health Sciences Center, and Angelo State University. Texas Tech University and Texas Tech University HSC together operate thirteen campuses, eleven of which are located in Texas. The...
, University of Houston System
University of Houston System
The University of Houston System is a state university system in Texas, encompassing four separate and distinct universities. It has two system centers, which operate as and distance learning course delivery sites for its universities...
, University of North Texas System
University of North Texas System
The University of North Texas System consists of four educational institutions in the Dallas/Fort Worth Metroplex area...
and some UT System and Texas A&M System institutions—are prohibited by law from sharing the income from this endowment, but since 1984 have been served by the Higher Education Assistance Fund, a much smaller fund. Addition of the other university systems or individual institutions to the Permanent University Fund would require an amendment to the Texas Constitution
Texas Constitution
The Constitution of the State of Texas is the document that describes the structure and function of the government of the U.S. State of Texas.Texas has had seven constitutions: the constitution of Coahuila y Tejas, the 1836 Constitution of the Republic of Texas, the state constitutions of 1845,...
.
| University of Texas System University of Texas System The University of Texas System encompasses 15 educational institutions in Texas, of which nine are academic universities and six are health institutions. The system is headquartered in Austin and has a total enrollment of over 190,000 students... |
Texas A&M University System Texas A&M University System The Texas A&M University System is one of the largest systems of higher education in the United States. Through a statewide network of eleven universities, eight state agencies and a comprehensive health science center, the Texas A&M System educates over 100,000 students, conducts more than $600... |
||
|---|---|---|---|
| University of Texas at Arlington University of Texas at Arlington The University of Texas at Arlington is a public research university located in Arlington, Texas, United States. The campus is situated southwest of downtown Arlington, and is located in the Dallas–Fort Worth metropolitan area. The university was founded in 1895 and served primarily a military... |
University of Texas Health Science Center at Houston | Texas A&M University Texas A&M University Texas A&M University is a coeducational public research university located in College Station, Texas . It is the flagship institution of the Texas A&M University System. The sixth-largest university in the United States, A&M's enrollment for Fall 2011 was over 50,000 for the first time in school... |
Texas AgriLife Extension Service |
| University of Texas at Austin University of Texas at Austin The University of Texas at Austin is a state research university located in Austin, Texas, USA, and is the flagship institution of the The University of Texas System. Founded in 1883, its campus is located approximately from the Texas State Capitol in Austin... |
University of Texas Health Science Center at San Antonio University of Texas Health Science Center at San Antonio The University of Texas Health Science Center at San Antonio is an institute of health science education and research, located in the South Texas Medical Center.... |
Prairie View A&M University Prairie View A&M University Prairie View A&M University is a historically black university located in Prairie View, Texas and is a member of the Texas A&M University System. PVAMU offers baccalaureate degrees in 50 academic majors, 37 master’s degrees and four doctoral degree programs through nine colleges and schools... |
Texas AgriLife Research |
| University of Texas at Dallas University of Texas at Dallas The University of Texas at Dallas, also referred to as UT Dallas or UTD, is a public research university in the University of Texas System. The main campus is in the heart of the Richardson, Texas, Telecom Corridor, north of downtown Dallas... |
University of Texas Health Science Center at Tyler | Tarleton State University Tarleton State University Tarleton State University is a public, coeducational, state university located in Stephenville, Texas. It is the largest non-land-grant university primarily devoted to agriculture in the United States.... |
Texas Engineering Extension Service Texas Engineering Extension Service Texas Engineering Extension Service, abbreviated TEEX, is a state agency that offers training programs and technical assistance to public safety workers, both in Texas and around the world. Established in 1940 as the Industrial Extension Service, the agency took on its current name when it joined... |
| University of Texas at El Paso University of Texas at El Paso The University of Texas at El Paso is a four-year state university, and is a component institution of the University of Texas System. Its campus is located on the bank of the Rio Grande in El Paso, Texas. The school was founded in 1914 as The Texas State School of Mines and Metallurgy,... |
University of Texas Institute of Texan Cultures at San Antonio Institute of Texan Cultures UTSA Institute of Texan Cultures is a museum and library located in HemisFair Park in downtown San Antonio, Texas. It serves as the state's primary center for multicultural education, with exhibits, programs, and events like the Texas Folklife Festival, an annual celebration of the many ethnicities... |
Texas A&M University at Galveston Texas A&M University at Galveston Texas A&M University at Galveston is an ocean-oriented branch campus of Texas A&M University offering undergraduate degrees in marine biology, marine fisheries, marine engineering technology, marine sciences, marine transportation, maritime administration, maritime studies, maritime systems... |
Texas Forest Service Texas Forest Service Texas Forest Service is an agency chartered by the Texas Legislature to manage the interests of Texas' forests. It is a part of the Texas A&M University System... |
| University of Texas of the Permian Basin University of Texas of the Permian Basin The University of Texas of the Permian Basin is located in Odessa, Texas. It was authorized by the Texas Legislature in 1969 and founded in 1973... |
University of Texas M. D. Anderson Cancer Center | Texas A&M Health Science Center Texas A&M Health Science Center The Texas A&M Health Science Center, a component of the Texas A&M University System, is an assembly of colleges devoted to educating health professionals and researchers of competence and integrity... |
Texas Transportation Institute Texas Transportation Institute The Texas Transportation Institute in College Station, Texas is the largest transportation research agency in the United States. Created in 1950, primarily in response to the needs of the Texas Highway Department , TTI has since broadened its focus to address all modes of transportation–highway,... |
| University of Texas at San Antonio University of Texas at San Antonio The University of Texas at San Antonio, commonly referred to as UTSA, is a state university in San Antonio, Texas. With an enrollment of more than 30,000 students, it is the third-largest of nine universities and six health institutions in the University of Texas System and the eighth-largest in... |
University of Texas Medical Branch University of Texas Medical Branch The University of Texas Medical Branch is a component of the University of Texas System located in Galveston, Texas, United States, about 50 miles southeast of Downtown Houston... |
Texas A&M University System administration | |
| University of Texas at Tyler University of Texas at Tyler The University of Texas at Tyler, also referred to as UT Tyler, is a coeducational public university located in Tyler, Texas. Founded in 1971, it is a component institution of the University of Texas System.... |
University of Texas Southwestern Medical Center University of Texas Southwestern Medical Center The University of Texas Southwestern Medical Center is one of the biomedical research institutions of the University of Texas System, incorporating three degree-granting institutions, four affiliated hospitals, including Parkland Memorial, the teaching hospital, and biomedical research... |
||
| University of Texas System administration | |||
| source: Texas Constitution, Article 7, Section 7.18(a) and Section 7.18(b) | |||
See also
- List of U.S. colleges and universities by endowment
- The Government Pension Fund of NorwayThe Government Pension Fund of NorwayThe Government Pension Fund of Norway comprises two entirely separate sovereign wealth funds owned by the Government of Norway:* The Government Pension Fund - Global...
- Alaska Permanent FundAlaska Permanent FundThe Alaska Permanent Fund is a constitutionally established permanent fund, managed by a semi-independent corporation, established by Alaska in 1976, primarily by the efforts of then Governor Jay Hammond...
- Earmark (finance)
External links
- Hechinger, John. "When $26 Billion Isn't Enough." The Wall Street JournalThe Wall Street JournalThe Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal....
. December 17, 2005. - "PUF Distribution details" The University of Texas System.