Gross Receipts: $22,312,781
Total assets: $42,024,402
Total liabilities: $24,337,041
Net assets: $17,687,361
Year founded: 1967
Number of people on board: 20
Established by the UT System Regents in 1967, the University of Texas Foundation manages gifts to UT System institutions and provides discretionary funds for use by the office of the UT System Chancellor.
“It’s not a fundraising organization,” said Paul Youngdale, executive director of the foundation. “We’re a helper to campuses in the UT System, and process gifts from donors that the System as a state institution cannot handle. It’s easier and more efficient.”
From 2009 to 2011 the foundation gave $27,595,264 to UT System institutions for scholarships and educational programs. At the end of fiscal year 2011 the foundation was valued at roughly $17.6 million in net assets, including an additional $24.3 million in liabilities.
In 2011 the foundation gave $333,853 for the “Chancellor’s Business Expenses,” according to the foundation’s audit report. Randa Safady, the UT System’s Vice Chancellor for External Relations and a non-voting member of the foundation board, said these funds are used for an account supporting UT System fundraisers.
Safady said the fund is a “strategic account,” requiring the voting approval of the chancellor, and has been used to pay for consultants and experts in the creation of the new UT medical school.
“We want to use the chancellor’s business account to bring the UT-Pan American Mariachi Band to perform at the Chancellor’s Council,” Safady said. “We are going to pay for those Pan American students travel expenses to be able to perform.”