Permanent University Fund
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The Permanent University Fund (PUF) is one of the ways the state of Texas funds its universities.
The PUF was formed by the 1876 Texas Constitution, from which proceeds from leases and royalties on state land would be deposited. The discovery of huge oil reserves in the early 1900's dramatically increased the size of the PUF.
The PUF principal in the fall 2005 was approximately $15 billion, second only to Harvard's endowment. The PUF primarily serves The University of Texas System with two thirds of its proceeds. The PUF also funds the Texas A&M University System with the remaining third.
Other Texas public universities outside these two systems, notably University of Houston and Texas Tech University, are prohibited by law from sharing in the income from this endowment. At one time, the PUF was the chief source of income for Texas A&M University at College Station and The University of Texas at Austin, but today its revenues account for less than ten percent of the universities' annual budgets. This has challenged both schools to increase sponsored research and private donations.
[edit] See also
[edit] External links
- Hechinger, John. "When $26 Billion Isn't Enough." The Wall Street Journal. December 17, 2005.
- "PUF Distribution details" The University of Texas System.
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