June 2018 Committee on School Finance Permanent School Fund Item 10
June 15, 2018
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: ACTION
STATE BOARD OF EDUCATION: ACTION
SUMMARY: This item provides the opportunity for the committee and board to consider activities related to a student art competition to create a Permanent School Fund logo.
STATUTORY AUTHORITY: Texas Constitution, Article VII, §5(f) and Texas Education Code (TEC), §7.102(c)(3).
Texas Constitution, Article VII, §5(f) gives the State Board of Education the authority to manage the assets of the Permanent School Fund.
Texas Education Code (TEC), §7.102(c)(3) allows the board to accept donations and to use the contributions in a manner determined by the board.
PREVIOUS BOARD ACTION: The board voted at the April 2018 meeting to sponsor a student art contest to create a Permanent School Fund seal or logo. The winner of the contest will receive a scholarship.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: The Permanent School Fund was created in 1854 with a $2 million appropriation by the Texas Legislature. Today, the Fund is the country’s largest educational endowment. The board oversees about $34 billion in assets. However, the Fund has never had its own logo or brand identity. It has always used the Texas Education Agency logo or the state seal in branded material. Competition guidelines will be developed and disseminated.
FISCAL IMPACT: Donations will cover the cost of the scholarship. An in-kind donation of graphic design assistance may be provided.
PUBLIC AND STUDENT BENEFIT: The student winner of the art contest will receive a post-secondary scholarship.
PROCEDURAL AND REPORTING IMPLICATIONS: None
PUBLIC COMMENTS: None
OTHER COMMENTS AND RELATED ISSUES: None
Staff Members Responsible:
Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Permanent School Fund
Separate Exhibits: I. Policy related to the Permanent School Fund logo competition Part 1 and Part 2