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99-508: 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 Austin lands bordering the railroads (UT Austin was granted 1 million acres (4,000 km) in West Texas as compensation) as well as 1 million acres (4,000 km) additional. In addition, the 1876 Constitution organized

198-510: A grand jury on an aggravated assault with a deadly weapon charge but was not charged with any additional hate crime charge. A large student and faculty Pro-Palestinian protest occurred on April 24, 2024, demanding a ceasefire in the Israel-Hamas War and that the university divest from companies profiting from Israel's actions. The protests occurred amidst the ongoing nationwide demonstrations on college campuses . In response,

297-413: A 10 PM curfew for all protests, directly contradicting prior guidelines. Initially, the university told students and faculty that arrested protestors would no longer be allowed on campus, but retracted the statement two hours later, stating that they would be allowed "academic" access, only to then announce a change to full access for university affiliates. Additionally, the university temporarily suspended

396-684: 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 AUF-backed bond issuance equal to 20% of 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

495-624: A contentious dispute erupted between Texas Governor James E. Ferguson and the University of Texas over faculty appointments. Ferguson's attempt to influence these appointments led to a retaliatory veto of the university's budget, jeopardizing its operations. Subsequently, Ferguson was impeached by the Texas House of Representatives , convicted by the Senate on charges including misapplication of public funds, and removed from office. In 1921,

594-678: A general system of education when circumstances allowed. After Texas was annexed , the Seventh Texas Legislature passed O.B. 102 on February 11, 1858, allocating $ 100,000 in United States bonds from the Compromise of 1850 for the University of Texas. The Civil War delayed fund repayment, leaving the university with only $ 16,000 by 1865. Nevertheless, the Texas Constitution of 1876 reaffirmed

693-515: A historically black college, "a place where he is loved". The University of Texas at Austin has experienced a wave of new construction recently with several significant buildings. On April 30, 2006, the school opened the Blanton Museum of Art . In August 2008, the AT&;T Executive Education and Conference Center opened, with the hotel and conference center forming part of a new gateway to

792-695: 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 or a two-thirds vote in the legislature. A recently added institution to the list of allowed institutions is the University of Texas Rio Grande Valley , which was founded in 2013 with the merger of the University of Texas–Pan American and University of Texas at Brownsville and began full operation in 2015. The predecessor schools were not eligible for PUF allocations, but

891-462: A public school price, having been ranked in virtually every list of "Public Ivies" since Richard Moll coined the term in his 1985 book Public Ivies: A Guide to America's best public undergraduate colleges and universities . The seven other "Public Ivy" universities, according to Moll, were the College of William & Mary, Miami University, the University of California , the University of Michigan ,

990-724: 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

1089-593: A result of a student referendum passed in 2006 which raised student fees by $ 65 per semester. In 2012, the Moody Foundation awarded the College of Communication $ 50 million, the largest endowment any communication college has received, so naming it the Moody College of Communication. The university operates two public radio stations, KUT with news and information, and KUTX with music, via local FM broadcasts as well as live streaming audio over

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1188-725: A total of 155 Olympic medals . The idea of a public university in Texas was first mentioned in the 1827 constitution of the Mexican state of Coahuila y Tejas , which promised public education in the arts and sciences under Title 6, Article 217, but no action was taken. After Texas gained independence from Mexico in 1836, the Constitution of the Republic emphasized Congress's duty, in Section 5 of its General Provisions, to establish

1287-561: A transition to online classes for the rest of the spring semester after 49 confirmed COVID-19 cases emerged from students' travels to Cabo San Lucas, Mexico, during spring break. Throughout the summer, the university reported over 400 cases and its first COVID-19-related death, a custodial worker. The fall 2020 semester consisted of a majority of online courses through platforms like Zoom. On August 6, 2020, UT Austin initiated plans for free COVID-19 tests for all students. UT Austin returned to primarily in-person classes and campus activities for

1386-420: A wide range of industries, ensuring uniformity in how companies report revenue. The rule says that revenue from selling inventory is recognized at the point of sale, but there are several exceptions. This exception primarily deals with long-term contracts such as constructions (buildings, stadiums, bridges, highways, etc.), development of aircraft, weapons, and spaceflight systems. Such contracts must allow

1485-564: Is also the largest institution in the system. The university is a major center for academic research, with research expenditures totaling $ 1.06 billion for the 2023 fiscal year. It joined the Association of American Universities in 1929. The university houses seven museums and seventeen libraries, including the Lyndon B. Johnson Presidential Library and the Blanton Museum of Art , and operates various auxiliary research facilities, such as

1584-404: Is composed of three members of the UT System board of regents, four members selected by the UT System board of regents, and two members selected by the Texas A&M University System board of regents. Of these, at least three of the members appointed by the UT System regents and one appointed by the Texas A&M System regents must be investment professionals. Additionally, the UT System chancellor

1683-709: Is listed as the third-best in the nation and The School of Information (iSchool) is sixth-best in Library and Information Sciences. Among other rankings, the School of Social Work is 7th, the Jackson School of Geosciences is 8th for Earth Sciences, the Cockrell School of Engineering is tied for 10th-best (with the undergraduate engineering program tied for 11th-best in the country), the Nursing School

1782-709: Is normally one of that system's seven representatives on the UTIMCO board. In addition, UTIMCO has a chief executive officer and chief investment officer appointed by the board and a president appointed by the CEO and board; all employees of UTIMCO except the nine-member board of directors receive a salary and are eligible for annual bonuses. We did what we thought was right. We felt like we had an obligation. Some people may feel like you can walk away from your contracts. We had an obligation to these people. Robert Rowling, UTIMCO Chairman In February 2009, UTIMCO drew criticism from

1881-432: Is not recognized as revenue but as liabilities in the form of deferred income (which requires the company to perform certain obligations), until the following conditions are met: For example: Revenues from selling inventory are recognized at the date of sale, often the date of delivery. Revenues from rendering services are recognized when services are completed and billed. Revenue from permission to use company's assets

1980-416: Is recognized as time passes or as assets are used. Revenue from selling an asset other than inventory is recognized at the point of sale , when it takes place. Accrued revenue is an asset that represents income earned by a deliverer when goods or services are delivered, even though payment has not yet been received. When payment is eventually received, the accrued revenue account is adjusted or removed, and

2079-474: Is tied for 13th, the University of Texas School of Law is 15th, the Lyndon B. Johnson School of Public Affairs is 7th, and the McCombs School of Business is tied for 16th-best (with the undergraduate business program tied for 5th-best in the country). The University of Texas School of Architecture was ranked second among national undergraduate programs in 2012. A 2005 Bloomberg survey ranked

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2178-465: The Big 12 . As of 2020, 13 Nobel Prize winners, 25 Pulitzer Prize winners, three Turing Award winners, two Fields Medal recipients, two Wolf Prize winners, and three Abel Prize winners have been affiliated with the school as alumni, faculty members, or researchers. The university has also been affiliated with three Primetime Emmy Award winners, and as of 2021, its students and alumni have earned

2277-561: 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 UTIMCO 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

2376-507: The Freshman Research Initiative and Texas Interdisciplinary Plan. The University of Texas at Austin encourages applicants to submit SAT / ACT scores, but it is not required. However, for students applying for admission from fall 2025 onwards, submission of SAT / ACT scores is mandatory as part of their undergraduate admission application. As of 2011, the university was one of the most selective universities in

2475-558: The J. J. Pickle Research Campus and the McDonald Observatory . UT Austin's athletics constitute the Texas Longhorns . The Longhorns have won four NCAA Division I National Football Championships, six NCAA Division I National Baseball Championships, thirteen NCAA Division I National Men's Swimming and Diving Championships, and the school has claimed more titles in men's and women's sports than any other member in

2574-639: The University of Houston System , the University of North Texas System , the Texas ;State System , the Texas Tech System , and some UT System and Texas A&M System institutions—are prohibited by law from sharing the income from this endowment, but in 1984 a second fund was created to one day serve those schools: the Higher Education Fund (also known as the Higher Education Assistance Fund),

2673-502: The University of North Carolina , the University of Vermont , and the University of Virginia . The Accounting and Latin American History programs are consistently ranked top in the nation by the U.S. News & World Report college rankings, most recently in their 2023 and 2021 editions, respectively. More than 50 other science, humanities, and professional programs rank in the top 25 nationally. The College of Pharmacy

2772-422: The accounting period in which revenues and expenses are recognized. In contrast, the cash accounting recognizes revenues when cash is received, no matter when goods or services are sold. Cash can be received in an earlier or later period than when obligations are met, resulting in the following two types of accounts: Under the revenue recognition principle, when a company received an advance payment , it

2871-633: The 2009–2010 academic year, the university awarded a total of 13,215 degrees: 67.7% bachelor's degrees , 22.0% master's degrees, 6.4% doctoral degrees , and 3.9% Professional degrees. In addition, the university has nine honors programs , eight of which span a variety of academic fields: Liberal Arts Honors, the Business Honors Program, the Turing Scholars Program in Computer Science, Engineering Honors,

2970-420: The 2020–2021 academic year, 79 freshman students were National Merit Scholars . The University of Texas at Austin (UT Austin) was ranked 32nd among all universities in the U.S. and 9th among public universities according to U.S. News & World Report ' s 2024 rankings. Internationally, UT Austin was tied for 56th in the 2024 "Best Global Universities" ranking by U.S. News & World Report , 45th in

3069-575: The 423.5 acres (171.4 ha) for the Main Campus in central Austin and the J. J. Pickle Research Campus in north Austin and the other properties throughout Texas. The main campus has 150 buildings totaling over 18,000,000 square feet (1,700,000 m ). One of the university's most visible features is the Beaux-Arts Main Building , including a 307-foot (94 m) tower designed by Paul Philippe Cret . Completed in 1937,

Permanent University Fund - Misplaced Pages Continue

3168-480: 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. According to Olien and Olien,

3267-466: The AUF's funding accounted for $ 143 million. The PUF's land assets are managed by the University of Texas System Administration. The PUF's fiduciary assets are managed by the University of Texas/Texas A&M Investment Management Company (UTIMCO), a nonprofit group formed to manage various assets of the UT ;and Texas A&M Systems and governed by a volunteer board of directors. The board

3366-965: The Dean's Scholars Program in Natural Sciences, the Health Science Scholars Program in Natural Sciences, the Polymathic Scholars Program in Natural Sciences, and the Undergraduate Nursing Honors Program in School of Nursing. The ninth is the Plan II Honors Program, a rigorous interdisciplinary program that is a major in and of itself. Many Plan II students pursue a second major, often participating in another department's honors program in addition to Plan II. The university also offers programs such as

3465-610: The Internet. The university uses CapMetro to provide bus transportation for students around the campus on the UT Shuttle system and throughout Austin, and UT students, faculty, and staff with an active UT ID card are able to ride public transportation without paying a fare. The university contains eighteen colleges and schools and one academic unit, each listed with its founding date: The University of Texas at Austin offers more than 100 undergraduate and 170 graduate degrees. In

3564-486: The Main Building is in the middle of campus. The tower usually appears illuminated in white light in the evening but is lit burnt orange for various special occasions, including athletic victories and academic accomplishments; conversely, it is darkened for solemn occasions. At the top of the tower is a carillon of 56 bells, the largest in Texas. Songs are played on weekdays by student carillonneurs, in addition to

3663-485: The Office of Technology Commercialization, a technology transfer center which serves as the bridge between laboratory research and commercial development. In 2009, the university created nine new start-up companies to commercialize technology developed at the university and has created 46 start-ups in the past seven years. License agreements generated $ 10.9 million in revenue for the university in 2009. In January 2020,

3762-406: The PUF earned about $ 8,513,000 per year and was valued above $ 283,642,000; in 1990, the PUF earned $ 266,119,000 and was valued at $ 3,541,314,800. 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,

3861-545: The PUF holds approximately $ 8.8 billion in investments and 2,100,000 acres (8,500 km) 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 exclusively serves institutions in the University of Texas System, which receives two-thirds of its proceeds, and the Texas ;A&M System, which receives

3960-508: 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

4059-582: 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

Permanent University Fund - Misplaced Pages Continue

4158-412: 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

4257-412: The PUF. The first was that distributions to the AUF would equal both realized (income return) and unrealized ( capital gains ) 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

4356-579: The SAT and ACT standardized exams were "a proven differentiator that is in each student's and the University's best interest." On April 2, 2024, the University of Texas at Austin announced additional adjustments in compliance with Senate Bill 17, particularly in response to a letter from March 26, 2024 from Texas State Senator Brandon Creighton , which led to the layoff of approximately 60 individuals, most of whom formerly worked in DEI-related programs, and

4455-440: 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

4554-720: The United States, and Latin America. The Perry–Castañeda Library , which houses the central University Libraries operations and the Perry–Castañeda Library Map Collection , is at the heart of campus. The Benson Latin American Collection holds the largest collection of Latin American materials among US university libraries, and maintains substantial digital collections. The University of Texas at Austin has an extensive tunnel system that links

4653-424: The University of Texas Austin's Texas Innovation Center was established to provide support for startups. Realization (finance) In accounting , the revenue recognition principle states that revenues are earned and recognized when they are realized or realizable, no matter when cash is received. It is a cornerstone of accrual accounting together with the matching principle . Together, they determine

4752-550: 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 (4,000 km), 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

4851-633: The University of Texas was inducted into the Association of American Universities . During World War II , the University of Texas was one of 131 colleges and universities nationally that took part in the V-12 Navy College Training Program which offered students a path to a Navy commission. Additionally, to facilitate the wartime effort, academic calendars were compressed, allowing for accelerated graduation. After Brown v. Board of Education in 1954, Houston, Texas, area teen Marion Ford had been accepted to become one of

4950-648: 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

5049-529: 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-thirds 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

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5148-415: The builder (seller) to bill the purchaser at various parts of the project (e.g. every 10 miles of road built). This method allows recognizing revenues even if no sale was made. This applies to agricultural products and minerals. There is a ready market for these products with reasonably assured prices, the units are interchangeable, and selling and distributing does not involve significant costs. Sometimes,

5247-405: The buildings on campus. Constructed c.  1928 under the supervision of UT engineering professor Carl J. Eckhardt Jr., then head of the physical plant, the tunnels have grown along with the campus. They measure approximately six miles in length. The tunnel system is used for communications and utility service. It is closed to the public and guarded by silent alarms . Since the late 1940s,

5346-428: The cash account is increased. Deferred revenue is a liability that represents the future obligation of a deliverer to deliver goods and services, even though the deliverer has already been paid in advance. When the delivery occurs, the deferred revenue account is adjusted or removed, and the income is recognised as revenue. The IFRS provides five criteria for identifying the critical event for recognizing revenue on

5445-459: The closure on April 2, 2024, leading the charter school to be moved to the College of Education . On February 4, 2024, a Palestinian-American student at a pro-Palestinian protest at the campus was stabbed, receiving non-life-threatening injuries. The attacker used a racial slur against the protestors and the attack was investigated as a hate crime. A month later the attacker was indicted by

5544-429: The confirmed arrest of 57 protesters, including a photojournalist for Fox 7 Austin, with several more detained. Charges were then dismissed against 46 protesters the next day, leading to their subsequent release, with the charges against the remaining 11 protesters dropped on April 26, 2024. This decision received sharp backlash, including from general faculty, staff, students, several Democratic legislators for

5643-615: The eastern side of the main campus, the Lyndon Baines Johnson Library and Museum is one of 13 presidential libraries administered by the National Archives and Records Administration . A statue of Martin Luther King Jr. was unveiled on campus in 1999 and subsequently vandalized. By 2004, John Butler, a professor at the McCombs School of Business suggested moving it to Morehouse College ,

5742-505: The elimination of the newly-renamed Division of Campus and Community Engagement. Students, faculty, staff, and outside critics denounced the university's over-compliance with the anti-DEI law, since the university had already been compliant since January 1, 2024. At a UT Austin Faculty Council meeting on April 15, 2024, in response to mounting criticism, President Jay Hartzell stated the additional changes were made in response to

5841-497: The fall 2021 semester, implementing safety protocols like testing requirements and vaccination incentives to ensure a safe return amid the ongoing pandemic. In 2024, after four years of test-optional admissions for undergraduate applications due to the COVID-19 pandemic, standardized testing scores were once again made a mandatory part of admissions, beginning with applications for the fall 2025 semester. Jay Hartzell commented that

5940-605: The first Black attendees. In an interview with a reporter he announced his desire to try-out for the football team. The Ford Crisis would begin and all Black admissions at the time were rescinded until policy could be drawn up. In the fall of 1956, the first Black students entered the university's undergraduate class. Black students were permitted to live in campus dorms, but were barred from campus cafeterias. The University of Texas integrated its facilities and desegregated its dormitories in 1965. UT, which had had an open admissions policy, adopted standardized testing for admissions in

6039-483: The law that created UTRGV made the new institution PUF-eligible, and was passed by the required two-thirds vote of both legislative chambers. The most recently added institution is Stephen F. Austin State University (SFA), which joined the UT System starting with the 2023–24 academic year. The law that added SFA to the UT System specified that it would become PUF-eligible upon joining the system. The measure

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6138-695: The legislature appropriated $ 1.35 million for the purchase of land next to the main campus. However, expansion was hampered by the restriction against using state revenues to fund construction of university buildings as set forth in Article 7, Section 14 of the Constitution. With the completion of Santa Rita No. 1 well and the discovery of oil on university-owned lands in 1923, the university added significantly to its Permanent University Fund. The additional income from Permanent University Fund investments allowed for bond issues in 1931 and 1947, which allowed

6237-497: The legislature direct oil rights revenue directly into the Available University Fund (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

6336-672: The legislature to address funding for the university along with the Agricultural and Mechanical College (now known as Texas A&M University ). With sufficient funds to finance construction on both campuses, on April 8, 1931, the Forty Second Legislature passed H.B. 368. which dedicated the Agricultural and Mechanical College a 1/3 interest in the Available University Fund, the annual income from Permanent University Fund investments. In 1929,

6435-745: The mandate to establish "The University of Texas" by popular vote. On March 30, 1881, the Texas legislature organized the structure of the university and called for a popular vote to determine its location. Austin was chosen as the site with 30,913 votes, while Galveston was designated for the medical department. On November 17, 1882, the cornerstone of the Old Main building was laid at the original "College Hill" location, and University President Ashbel Smith expressed optimism about Texas's untapped resources. The University of Texas officially opened its doors on September 15, 1883. The old Main Building of

6534-458: The mid-1950s, at least in part as a conscious strategy to minimize the number of Black undergraduates, given that they were no longer able to simply bar their entry after the Brown decision Following growth in enrollment after World War II, the university unveiled an ambitious master plan in 1960 designed for "10 years of growth" that was intended to "boost the University of Texas into the ranks of

6633-423: The middle 50% ranged from 26 to 31. In terms of class rank, 74.4% of enrolled freshmen were in the top 10% of their high school classes and 91.7% ranked in the top quarter. For fall 2019, 53,525 undergraduate students applied, 17,029 undergraduate students were admitted, and 8,170 undergraduate students enrolled in the university full or part time, making the acceptance rate 31.8% and enrollment rate 48% overall. In

6732-454: The nation, behind only Georgia Tech . A 2013 College Database study found that UT Austin was 22nd in the nation in terms of increased lifetime earnings by graduates. UT Austin is classified among "R1: Doctoral Universities – Very high research activity." For the 2014–2015 cycle, the university was awarded over $ 580 million in sponsored projects, and has earned more than 300 patents since 2003. The University of Texas at Austin houses

6831-490: 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

6930-465: The observation deck in the tower of the Main Building. Armed with multiple firearms, he killed 14 people on campus, 11 from the observation deck and below the clocks on the tower, and three more in the tower, as well as wounding two others inside the observation deck. The massacre ended when Whitman was shot and killed by police after they breached the tower. After the Whitman event, the observation deck

7029-581: The original one million acres was "much less desirable land in arid western Texas...it had no timber, was too arid for small farming, and had no special mineral resources that anyone was aware of." The land was located in Crockett , Irion , Pecos , Reagan , Schleicher , Terrell , and Upton counties. In 1883, additional land was added in Andrews , Crane , Culberson , and Winkler counties, which "was no more desirable than that granted in 1876, but there

7128-494: 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,

7227-498: The region, and First Amendment advocacy groups, including an official statement from the UT Faculty Council Executive Committee denouncing it, in part due to the extreme, chaotic, and violent police response that ensued and alleged violations of First Amendment rights. The university additionally set new rules for protests on campus, such as banning masks and face coverings and instituting

7326-505: The region. Relative to other universities in the state of Texas, UT Austin was second to Rice University in selectivity according to a Business Journal study weighing acceptance rates and the mid-range of the SAT and ACT. The University of Texas at Austin was ranked as the 18th most selective in the South. As a state public university, UT Austin was subject to Texas House Bill 588 , which guaranteed Texas high school seniors graduating in

7425-437: The remaining one-third. 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,

7524-462: The sale of goods: In May 2014, the FASB and IASB issued new, converged guidance on revenue recognition. This guidance, known as ASC 606 (or IFRS 15), aims to improve consistency in recognizing revenue from contracts with customers. ASC 606 became effective in 2017 for public companies and 2018 for private companies. ASC 606 introduces a five-step model for recognizing revenue: This model applies to

7623-479: 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

7722-426: The school 5th among all business schools and first among public business schools for the largest number of alumni who are S&P 500 CEOs. Similarly, a 2005 USA Today report ranked the university as "the number one source of new Fortune 1000 CEOs". A "payback" analysis published by SmartMoney in 2011 comparing graduates' salaries to tuition costs concluded the school was the second-best value of all colleges in

7821-454: The sixth floor, before killing himself. No one else was injured, except for one sprained ankle suffered by a female student fleeing the scene. In early 2020, following a major outbreak of the new coronavirus , the university restricted travel to Wuhan province in China, aligning with the U.S. Department of State's recommendation. By March 17, 2020, then-UT President Gregory L. Fenves announced

7920-503: The southeast, in hopes of using the land to relocate the university's intramural fields, baseball field, tennis courts, and parking lots. On March 6, 1967, the Sixtieth Texas Legislature changed the university's official name from "The University of Texas" to "The University of Texas at Austin" to reflect the growth of the University of Texas System . On August 1, 1966, Texas student Charles Whitman barricaded

8019-471: The state's legislative and executive branches for awarding bonuses to employees despite the global financial crisis of 2008–2009 . Robert Rowling , chairman of UTIMCO 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

8118-521: 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 UTIMCO and vice chairmanship of UT Austin's board of regents. The following are all available beneficiaries, as of 2022, of the Available University Fund, which distributes

8217-826: The student organization that organized the protests, the Palestine Solidarity Committee. Travis County Attorney Delia Garza stated that the way that the university handled the protests put a strain on the local criminal justice system, specifically reprimanding the sending of protestors to jail for low-level charges. A report later released by the UT Austin Committee of Counsel on Academic Freedom and Responsibility (CCAFR) on July 17, 2024 found that UT Austin administrators violated its own institutional rules in clear disregard of freedom of speech and expression protections. The university's property totals 1,438.5 acres (582.1 ha), comprising

8316-495: The threats from the Republican -led State Legislature and the University of Texas System Board of Regents, and to restore "confidence" in the university, reacting to changing tides in public opinion towards higher education amongst Republicans. The university's Division of Campus and Community Engagement operated the University of Texas-University Charter School , a charter school system with 23 campuses across Texas, until

8415-410: The top 10% of their class admission to any public Texas university. A new state law granting UT Austin (but no other state university) a partial exemption from the top 10% rule, Senate Bill 175, was passed by the 81st Legislature in 2009. It modified this admissions policy by limiting automatically admitted freshmen to 75% of the entering in-state freshman class, starting in 2011. The university will admit

8514-524: The top one percent, the top two percent and so forth until the cap is reached; the university currently admits the top 6 percent. Furthermore, students admitted under Texas House Bill 588 are not guaranteed their choice of college or major, but rather only guaranteed admission to the university as a whole. Many colleges, such as the Cockrell School of Engineering, have secondary requirements that must be met for admission. For others who go through

8613-596: The top state universities in the nation." In 1965, the Texas Legislature granted the university Board of Regents to use eminent domain to purchase additional properties surrounding the original 40 acres (160,000 m ). The university began buying parcels of land to the north, south, and east of the existing campus, particularly in the Blackland neighborhood to the east and the Brackenridge tract to

8712-597: The traditional application process, selectivity is deemed "more selective" according to the Carnegie Foundation for the Advancement of Teaching and by U.S. News & World Report . For fall 2017, 51,033 applied and 18,620 were accepted (36.5%), and of those accepted, 45.2% enrolled. Among freshman students who enrolled in fall 2017, SAT scores for the middle 50% ranged from 570 to 690 for critical reading and 600–710 for math. ACT composite scores for

8811-470: The university broke ground on the $ 120 million Bill & Melinda Gates Computer Science Complex and Dell Computer Science Hall and the $ 51 million Belo Center for New Media, both of which are now complete. The new LEED gold-certified, 110,000-square-foot (10,000 m ) Student Activity Center (SAC) opened in January 2011, housing study rooms, lounges and food vendors. The SAC was constructed as

8910-489: The university has generated its own electricity. Today its natural gas cogeneration plant has a capacity of 123 MW. The university also operates a TRIGA nuclear reactor at the J. J. Pickle Research Campus . The university continues to expand its facilities on campus. In 2010, the university opened the state-of-the-art Norman Hackerman building (on the site of the former Experimental Sciences Building) housing chemistry and biology research and teaching laboratories. In 2010,

9009-419: The university was built in a Victorian - Gothic style and served as the central point of the campus's 40-acre (16 ha) site, and was used for nearly all purposes. But by the 1930s, discussions arose about the need for new library space, and the Main Building was razed in 1934, despite the objections of many students and faculty. The modern-day tower and Main Building were constructed in its place. In 1916,

9108-545: The university's Harry Ransom Humanities Research Center include one of only 21 remaining complete copies of the Gutenberg Bible and the first permanent photograph, View from the Window at Le Gras , taken by Nicéphore Niépce . The newest museum, the 155,000-square-foot (14,400 m ) Blanton Museum of Art , is the largest university art museum in the United States and hosts approximately 17,000 works from Europe,

9207-603: The university, under the explicit direction of President Hartzell, requested the assistance of the Austin Police Department (APD) and the Texas Department of Public Safety (DPS) , in coordination with Texas Governor Greg Abbott , in an attempt to quell said protests and an "occupation" of the university, in contrast to free speech on campus laws praised by Abbott and the university in prior years. The deployment of multiple police units led to

9306-508: The university. Also in 2008, Darrell K Royal-Texas Memorial Stadium was expanded to a seating capacity of 100,119, making it the largest stadium (by capacity) in the state of Texas at the time. On Tuesday, September 28, 2010, a shooting occurred at the Perry–Castañeda Library (PCL) where student Colton Tooley, armed with an AK-47, fired shots on his walk from Guadalupe Street to the library's front entrance. The student ascended to

9405-410: The usual pealing of Westminster Quarters every quarter-hour between 6 a.m. and 9 p.m. In 1998, after the installation of security and safety measures, the observation deck reopened to the public indefinitely for weekend tours. The university's seven museums and seventeen libraries hold over nine million volumes, making it the seventh-largest academic library in the country. The holdings of

9504-513: The world by Academic Ranking of World Universities (ARWU) in 2024, 52nd worldwide by Times Higher Education World University Rankings (2024), and 66th globally by QS World University Rankings (2024). UT Austin was also ranked 35th in the world by the Center for World University Rankings (CWUR) in 2024. The University of Texas at Austin is considered to be a " Public Ivy "—a public university that provides an Ivy League collegiate experience at

9603-476: Was at least twice as much of it." The Big Lake oil discovery, within the Permian Basin , revised the value of the land, and ensured a richly endowed university system. 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,

9702-528: Was closed until 1968 and then closed again in 1975 following a series of suicide jumps during the 1970s. In 1999, after installation of security fencing and other safety precautions, the tower observation deck reopened to the public. There is a turtle pond park near the tower dedicated to those affected by the tragedy. The first presidential library on a university campus was dedicated on May 22, 1971, with former President Johnson , Lady Bird Johnson and then-President Richard Nixon in attendance. Constructed on

9801-515: Was passed unanimously by both legislative chambers, and was signed into law on May 10, 2023. University of Texas at Austin The University of Texas at Austin ( UT Austin , UT , or Texas ) is a public research university in Austin, Texas , United States. Founded in 1883, it is the flagship institution of the University of Texas System . With 52,384 students as of fall 2022, it

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