Funding


REVENUES

 The Foundation receives gift in three categories - Annual Fund gifts, endowments and temporarily restricted gifts.  A description of each follows:

ANNUAL FUND
Texas Law is committed to attracting and retaining the best legal scholars and students from across the country.  Every gift to the Law School will help ensure that our high standards of excellence are preserved for years to come.

Sunflower Society--$1-$999
Named for the Law School’s tradition of presenting a sunflower to senior law students at graduation.  

Keeton Fellows--$1,000-$4,999
The Keeton Fellows Program honors Page Keeton, whose vision as dean in the crucial quarter century after World War II thrust the school into national prominence. His six decades of teaching, his nationally recognized expertise in torts, his work on state and national commissions, and his administrative leadership have left an indelible mark on the formulation and practice of law, and on UT Law School.
Recognition on Keeton Fellows plaque at Law School

Clark Fellows--$5,000-$9,999
Tom Clark was the first UT Law grad to become a Supreme Court Justice. He served as U. S. Attorney General for five years and as Supreme Court Justice from 1949-1967. Clark was a champion for judicial reform. Clark worked with legal organizations to stimulate improvements in court procedures, rule making, and in-service judicial education. He helped to establish the Federal Judicial Center and served as its first director from 1968 to 1970.

Recognition on Clark Fellows plaque at Law School

Sheffield Fellows--$10,000-$24,999
Alice Sheffield was the second woman to ever graduate from UT Law School, and the first female graduate to actively practice law. She enjoyed a long and successful career in the legal department of the Gulf Oil Corporation. Mrs. Sheffield was a great philanthropist and provided funds to establish numerous chairs, professorships and scholarships at the Law School.

Recognition on Sheffield Fellows plaque at Law School
Invitations from the Dean to special Law School events

Charles Alan Wright Society--$25,000-$50,000
The Charles Alan Wright Society honors a man who, without question, was UT Law School's most eminent faculty member. Professor Wright was the nation's foremost authority on the federal courts and one of its greatest constitutional theorists and practitioners. In the words of U.S. Supreme Court Justice Ruth Bader Ginsburg, Charles Alan Wright was "like a colossus...at the summit of our profession."

Recognition on Charles Alan Wright Society plaque at Law School
Invitations to special Law School events
Invitations to special UT events

100% Giving Program 
All law firms and businesses that have 100% of their UT Law Alumni contribute to the Annual Fund during the fiscal year receive recognition by having the firm’s or business’s name prominently displayed in the Career Services Office at the Law School.

The UT Tower was lit on April 21, 2015 in honor of the School of Law's Advocacy Program's national championship during the 2014-2015 season.

The UT Tower was lit on April 21, 2015 in honor of the School of Law's Advocacy Program's national championship during the 2014-2015 season.

ENDOWMENT GIFTS

Endowment gifts provide the critical support for faculty, students and programs that distinguish a good law school from a great one.  The generosity of our alumni and friends help The University of Texas School of Law recruit world-class faculty, provide scholarships to outstanding students, and support the sixth largest academic law library in the country.

  •  Faculty Support:
    • Endowed Chairs recognize the most senior and distinguished of the faculty - holding a chair is one of the highest honors a faculty member can receive. Minimum funding required to establish an Endowed Chair is $1,000,000.
    • Endowed Professorships are awarded to outstanding faculty members whose scholarship and teaching distinguishes them among their peers. Minimum funding required to establish an Endowed Professorship is $300,000.
    • Endowed Faculty Fellowships support excellent teaching faculty regardless of rank or tenure, including visiting scholars-in-residence. Minimum funding required to establish an Endowed Faculty Fellowship is $150,000.

  • Student Support:
    • Endowed Presidential Fellowships are merit-based and awarded to law students meeting the criteria of the Presidential program and those set by the donor. Minimum funding for an Endowed Presidential Fellowship is $100,000.
    • Endowed Presidential Scholarships are merit-based awards for students meeting the criteria of the Endowed Presidential Scholarship Program and those set forth by the donor. Minimum funding to create an Endowed Presidential Scholarship is $50,000 .
    • Endowed Scholarships are awarded to deserving students based on criteria set forth by the donor.  The minimum funding to create an Endowed Scholarship is $50,000.

  • Program and Collections Support:
    • General Excellence Endowments support specific or general programs in the Law School. Minimum funding required to create an Excellence Endowment is $25,000.
    • Endowed Book Funds provide much needed support for the Law School's extensive library collections. They may fund general library operations or the acquisition of books, electronic resources, and other materials and equipment. The minimum funding for an Endowed Book Fund is $10,000.

 TEMPORARILY RESTRICTED GIFTS

Temporarily restricted gifts are special purpose gifts that are not endowed.  That is, the donor specifies the purpose for which the gift is to be spent, and the entire gift is to be spent for that purpose.  There are no restrictions on the size of the gift.


 EXPENDITURES

The Foundation has three basic budgets.  All are prepared by the Foundation staff in conjunction with the Dean and Law School personnel.  They are reviewed and approved by the Budget Committee of the Board of Trustees at each semi-annual meeting.  The Committee then brings the budgets to the full Board of Trustees for final approval.

To the extent possible, all expenditures are made by the Law School and are then reimbursed by the Foundation.

 ENDOWED BUDGET

Dean of the School of Law, Ward Farnsworth 

Dean of the School of Law, Ward Farnsworth 

Under the Foundation's current policy, the payout each year is a pre-established percentage of the average value of the endowments for the preceding 12 quarters, provided that the payout would not require the expenditure of the principal. Board policy does not permit invading the principal even in those circumstances when the law permits unless the donor consents. 

The payout percentage for fiscal year 2017 is 4.1%.  This percentage will be reduced to 4% in fiscal year 2018 and will remain at that percentage for the foreseeable future. 

For various reasons, some donors established their endowments through UT rather than the Foundation. These endowments are known collectively as the John Charles Townes Foundation (JCT).  JCT assets are held and managed by UT through the University of Texas Investment Management Company (UTIMCO).  The UT Board of Regents have named the Law School Foundation as an advisor to the Dean regarding the expenditure of funds from the JCT. UT’s payout from the JCT Foundation is set by UTIMCO and varies annually but is typically about 4.75%. 

 TEMPORARILY RESTRICTED BUDGET

A listing of all special purpose gift balances is reviewed with the Board at each Board meeting.  The budget for expending these funds is based on the available balances at that time.  In some cases, gifts come in to these funds between meetings and those are allowed to be spent even if not included in the original budget so long as funds are available and the established purpose is met.

 UNRESTRICTED BUDGET

The Unrestricted budget is made up of three components – Foundation Operating budget, Fundraising and Alumni Relations budget, and Law School Program Support budget.  All of these budgets are presented at each Board meeting and follow the approval process noted above.

  •  Foundation Operating Budget
    Operations of the Foundation are funded by investment income earned on unrestricted balances, endowment management fees and other unrestricted revenues. By law and under Board policy, each year a small percentage may be charged to each endowment and collected as a management fee.  The percentage is determined each year by the Board of Trustees.  For the past three years, no management fee has been collected from the endowments.  For the several years prior to that, a management fee of 0.50% was charged.
  •  Fundraising and Alumni Relations Budget
    The Foundation helps to support the efforts of the Alumni Relations and Development department of the Law School by funding certain elements of their operations.  In conjunction with the Dean and other Law School personnel, a budget is prepared to fund these categories.  Examples of items funded by the Foundation are fundraising events, travel by departmental employees, design costs, printing, copying and postage costs of collateral used in fundraising efforts.
  •  Law School Program Support Budget
    Each year, a program support budget is developed based on the priorities of the Dean and the Board of Trustees.  These programs typically include financial aid and scholarships to students, the Loan Repayment Assistance Program for graduates entering the public service field, student recruitment, support of student organizations, support of faculty committees, and administrative costs of the Dean’s office.