The Foundation receives gift in three categories - Annual Fund gifts, endowments and temporarily restricted gifts. A description of each follows:.
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.
All donors $1,000 and above will be listed on their respective recognition plaques at the law school and be invited to the annual Texas Law Alumni Awards Dinner.
$1,000 to $4,999 - W. Page Keeton Fellow *
$5,000 to $9,999 - Tom C. Clark Fellow
$10,000 to $24,999 - Morris Atlas Society
$25,000+ - Charles Alan Wright Leadership Society
$50,000+ - The Dean's Leadership Circle**
*Recent graduate donors (within ten years of graduation) that give $500 or more during the fiscal year will be listed as Keeton Fellows.
** Lifetime giving to Texas Law Annual Fund over $50,000
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.
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 Graduate Fellowships are awarded to deserving students based on criteria set forth by the donor. The minimum funding to create an Endowed Graduate Fellowship 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.
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.
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.
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.