September 2018 Committee on School Finance/Permanent School Fund Item 7

Activities Related to a Student Art Competition to Develop a Permanent School Fund Logo

September 13, 2018

COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: DISCUSSION
STATE BOARD OF EDUCATION: NO ACTION

SUMMARY: This item provides the opportunity for the committee and board to report and discuss 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: At the June 2018 meeting, the board approved the procedures and rules for the PSF Logo Art Contest to include a $3,000 first place award and a $1,000 runner-up award.

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.

FISCAL IMPACT: Donations will be accepted to cover the cost of the awards.

PUBLIC AND STUDENT BENEFIT: The student winner of the art contest will receive a cash award.

PROCEDURAL AND REPORTING IMPLICATIONS: None

PUBLIC COMMENTS: None

OTHER COMMENTS AND RELATED ISSUES: None

Staff Member Responsible:

Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund