[Scoutmaster]

The University of Texas' 'oil money' comes through the Permanent University Fund and has plenty of strings and requirements attached, given that the PUF was created by the 1876 Constitution of Texas.

As part of a way of funding public education in The University of Texas System, two million acres of land were placed in the PUF - one million of which were in west Texas and deemed too worthless to survey by the Texas & Pacific Railroad.

Initially, the only money in the PUF came from leasing grazing rights on PUF land.

However, it just so happens that a chunk of the west Texas PUF land sits on top of the Permian Basin . . . and the PUF now generates revenue from oil, gas, sulfur, and water royalties, rentals on mineral leases, and other sources.

The PUF funds are state funds. A portion of the revenue flows each year into the Annual University Fund. 2/3 of that amount goes to UT and 1/3 goes to Texas A&M.

Contrary to the idea that UT has its own money and doesn't get money from the State of Texas, all of the PUF/AUF money it receives is government money via the Texas State Constitution.

[okie01]

Contrary to the idea that UT has its own money and doesn't get money from the State of Texas, all of the PUF/AUF money it receives is government money via the Texas State Constitution.

Thanks for the clarification.