I will be honest, i thought we were already #2 behind Harvard
In fact, I have told many people this very thing
I guess they finally made me an honest man
ps - we may not be there long either ....
— Twitter API (@twitterapi) November 7, 2011
(Bloomberg) -- They say everything’s bigger in Texas. Now, it’s true of its public university system’s endowment.
The University of Texas endowment surpassed Yale University’s as the second-wealthiest in U.S. higher education, according to an annual survey released Thursday by Commonfund and the National Association of College and University Business Officers.
The value of the Texas System’s fund grew 24 percent to $25.4 billion in the year ended June 30, the biggest after Harvard University’s $35.9 billion. Yale’s endowment, which had ranked second since at least 2002, increased 15 percent to $23.9 billion.
Royalty revenue from oil and natural gas reserves on land owned by the University of Texas helped drive the gains, said Bruce Zimmerman, chief executive officer of the University of Texas Investment Management Co.
“The price of oil and hydraulic fracking out in West Texas has been very, very good,†Zimmerman said in a phone interview. “One of the sources of growth in the overall assets has come from those contributions into the fund from the oil and gas royalty revenue.â€
Oil Prices
The value of the lands held by the University of Texas increased 70 percent to $8 billion during the fiscal year that ended Aug. 31 because of the rising value of oil and gas reserves, according to the system’s annual financial report. The prices of oil and natural gas have since fallen about 54 percent and 29 percent, respectively.
---MORE AT THE LINK^^^ --
In fact, I have told many people this very thing
I guess they finally made me an honest man
ps - we may not be there long either ....
— Twitter API (@twitterapi) November 7, 2011
(Bloomberg) -- They say everything’s bigger in Texas. Now, it’s true of its public university system’s endowment.
The University of Texas endowment surpassed Yale University’s as the second-wealthiest in U.S. higher education, according to an annual survey released Thursday by Commonfund and the National Association of College and University Business Officers.
The value of the Texas System’s fund grew 24 percent to $25.4 billion in the year ended June 30, the biggest after Harvard University’s $35.9 billion. Yale’s endowment, which had ranked second since at least 2002, increased 15 percent to $23.9 billion.
Royalty revenue from oil and natural gas reserves on land owned by the University of Texas helped drive the gains, said Bruce Zimmerman, chief executive officer of the University of Texas Investment Management Co.
“The price of oil and hydraulic fracking out in West Texas has been very, very good,†Zimmerman said in a phone interview. “One of the sources of growth in the overall assets has come from those contributions into the fund from the oil and gas royalty revenue.â€
Oil Prices
The value of the lands held by the University of Texas increased 70 percent to $8 billion during the fiscal year that ended Aug. 31 because of the rising value of oil and gas reserves, according to the system’s annual financial report. The prices of oil and natural gas have since fallen about 54 percent and 29 percent, respectively.
---MORE AT THE LINK^^^ --
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