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UNDERSTANDING THE PUF
UNDERSTANDING
Established in the Texas Constitution of 1876 through the appropriation of land.
CONSTITUTION STATE OF TEXAS
PERMANENT UNIVERSITY FUND
UTSYSTEM.EDU/PUF
A constitutional permanent endowment that supports excellence in the The University of Texas and Texas A&M University Systems.
KEY FACTS Constitution gives management to UT SYSTEM Board;
THE UNIVERSITY OF TEXAS SYSTEM CONSTITUTIONAL USES OF AUF:
Grows from oil and gas production and investment income;
Supports construction and capital expenses at institutions of UT and TAMU Systems;
Corpus is not spent except for expenses of managing the land and the investment assets;
Support and maintenance of UT System Administration
Support and maintenance of UT Austin
Payment of principal and interest on PUF bonds
Constitution allows UT Austin and UT System to benefit from AUF for operational expenses.
AUF
TEXAS A&M UNIVERSITY SYSTEM
The Available University Fund is PUF surface income plus an annual distribution from the total return on PUF investments, constitutionally allocated 2/3 to UT System and 1/3 to Texas A&M University System.
The Texas A&M University System has similar constitutional restrictions on use of AUF. Some Texas A&M institutions are not eligible for PUF bonds.
UNIVERSITY LANDS
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