Oil boom pumping cash into UT and Texas A&M

[TexasTowelie]

DALLAS —

Texas' oil shale boom is pumping cash into the state's largest universities, giving them a financial windfall they're using for new construction and affordable tuition.

The endowment for the University of Texas and Texas A&M University systems has grown by about 70 percent over the past five years as gushing oil revenue has pumped about $1 billion a year into the Permanent University Fund, The Dallas Morning News reported (http://bit.ly/1oXyLlx ).

Both systems have spent hundreds of millions on projects, such as UT-Dallas' $60 million arts and technology center and a still-developing $108 million lab. Other projects paid for with fund money include a $50 million expansion and clinic renovation at Southwestern Medical Center.

"It's a huge game-changer and is something that no other university system has to this extent," said James Huffines, a Dallas bank executive and former member of the University of Texas System Board of Regents. "Just look around the campuses at all the new construction. A lot of it is supported by oil money, and those royalty payments should keep growing."

More at http://www.statesman.com/news/ap/texas/oil-boom-pumping-cash-into-ut-and-texas-am/ngBhL/ .

[kentauros]

1. I wondered if that meant they'd be dropping tuition.

Because that was how the Permian Basin funds originally helped them...

[TexasProgresive]

2. That's my question.

But then if tuition becomes more affordable how can they keep out the "undesirables"?

[kentauros]

3. I guess that's up to the regents.

And as most regents I've ever observed seem to think "more students = more money spent at school" then the only people getting upset with "undesirables" will be politicians. And regents hate it when politicians get involved in school politics

[Paladin]

4. UT is my alma mater, and I love the school....

...but I never donate any money to the place, because I know just how well-fixed an institution it is.

[Javaman]

5. Good thing they are using it to build that gigantic med school at UT, right?

oh wait, that's right, they inflated our property taxes to do that. Crazy me.

[Rstrstx]

6. Oh so that's why tuition rates are dropping like a rock?

HA-HA. Suckers!!! They're using it to build more glorious buildings to name after Republicans and hire more pencil pushers that do little more than bog people down with more meetings, committees, and labyrinthine websites. Oh, and to make sure students are nearly 6 digits in debt when they get out of school. I remember balking at a $500 tuition bill when I was in school, now that won't buy you an annual parking pass for many of their campuses.