University Funds

Handbook of Operating Procedures 3-2020-PM

University Funds

POLICY MEMORANDUM

The University of Texas at Austin

 


 

The Constitution of the State of Texas, Article 16, Section 6, specifies that "No appropriation for private or individual purposes shall be made." The State Legislature appropriates all institutional funds for the operation, maintenance, and improvement of the respective state institutions.

 

Accordingly, expenditures made from all University accounts, including gift accounts, chairs, professorships, and other endowment income accounts, must be for official University business. Likewise, all equipment and material items purchased from University accounts are the property of The University.

 

Previously PM 6.320