P-U-F. Three uncomplicated letters that in Texas government-converse equate to billions of pounds. PUF stands for Long lasting College Fund.
The PUF was developed in 1876. It can be described by the University of Texas Program as such: “The Long-lasting College Fund (PUF) is one of our state’s most one of a kind, crucial, and enduring aggressive advantages.”
In 1876, the Texas Structure set aside land in West Texas to assistance The College of Texas and Texas A&M systems of bigger instruction. Right now, that land – encompassing 2.1 million acres – is leased to oil and fuel firms whose wells create income that flows into the PUF. Land also is leased for grazing, wind farms and other revenue-producing actions.
As demonstrated beneath, the PUF straight rewards the College of Texas Procedure (2/3 gain) and the Texas A&M University Process (1/3 profit), in an unequal manner.
With the new news of the College of Texas leaving the Huge 12 Convention for the SEC, and in the approach, leaving powering Texas Tech, Baylor and TCU, there is certainly now a motion on social media to change 1 of the largest strengths for Texas and Texas A&M.
As of Tuesday morning at 10:45 a.m., a Transform.org petition to amend the PUF has about 2,200 signatures. You can simply click on the link in the past sentence and include your voice to the petition.
The creator of the petition sums it up quite simply: “It’s prolonged earlier time the Texas PUF (Long-lasting College Fund) is dispersed a lot more evenly amongst ALL Texas point out funded universities, not just the University of Texas and Texas A&M techniques.”
Some of the university techniques excluded from the PUF include things like: the Texas Tech University Procedure the University of Houston Program the Texas Condition University System the College of North Texas System and the Traditionally Black Faculty in Texas.
The PUF has established an virtually 150-year advantage in terms of lengthy-term funding for Texas and Texas A&M.
Altering the PUF is an uphill struggle: amongst receiving expenses passed in the Texas Legislature and then acquiring voters move the desired condition constitutional amendments, the conversation has to start off someplace for the adjust to happen some working day.
Everlasting College Fund (PUF) Swift Details:
- The Texas constitution stipulates that The College of Texas process will get two-thirds of the benefits of the PUF and the Texas A&M system receives one particular-3rd.
- The PUF endowment is managed by The College of Texas Investment decision Administration Corporation (UTIMCO), less than the authority of the UT Process Board of Regents, and the land is managed by the University Lands workplace.
- The Structure enables the UT Method to problem bonds guaranteed by the AUF in an amount of money equivalent to 20% of the guide value of the PUF.
- PUF bonds might be issued for the reward of all 14 UT Method institutions, but could only be applied to finance capital expenditures.
- From 2004 to 2013 on your own, PUF appropriations funded practically $1.5 billion worthy of of projects – every little thing from a UT Permian Basin Kinesiology Setting up to a research park advanced at UT Wellness in Houston.
- The PUF also added benefits the UT and A&M institutions by means of an once-a-year distribution of earnings from PUF financial investment returns to the Out there College Fund (AUF). The dimension of the distribution is commonly five p.c or a lot less of the sector price of PUF investments, and the distribution may not exceed seven p.c.
- The Texas Constitution requires that AUF initially be utilized to pay out principal and fascination on PUF bonds, but the remainder could be made use of to guidance and manage UT Austin and UT Technique Administration. The Constitution does not allow AUF to be used for operational charges for the other UT Technique establishments.
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