Page 8
I Hfc CJA I I ALIUPM
WEDNESDAY, MAY 2, 1979
ROBERT HALSELL
TRAVEL SERVICE
AIRLINE SCHEDULE INFORMATION
FARES AND TICKETS
DOMESTIC AND INTERNATIONAL
CALL 822-3737
1016 Texas Avenue — Brvan
PUF landed rich
Introducing
the JCPenney
Garden
Party.
By LIZ NEWLIN
Battalion Staff
Harvard has more ivy on its walls,
but UT and Texas A&M have more
money in their lands.
That land is held by the Perma
nent University Fund (PUF), the
endowment for the University of
Texas and Texas A&M University
systems. Last summer, its total cash
as securities — stocks and bonds —
were valued at $1,043 billion. Har
vard University’s endowment then
was worth $1.4 billion, according to
Esquire magazine.
However, not included in the
PUF total was the value of the actual
real estate that creates the endow
ment — 2.1 million acres of West
Texas that last year and the year be
fore gushed more than $76 million in
oil and gas royalties.
So it can be argued that the PUF
now makes the UT and Texas A&M
systems the most richly endowed in
the country. (See table.)
And prospects for the future are
bright. The UT Office of Invest
ments, Trusts and Lands — the fund
manager — conservatively estimates
that investments will rise to $1.7 bil
lion by 1988.
But it still seems that the college in
If you have
money to invest
Optional Retirement Plan
Tax Sheltered Annuity
Deferred Compensation
Financial Planning
Call Hays Glover
GUGGENHEIM GLOVER,
ASSOCIATES
779-5555
Cambridge, with its 200-year head
start, should be ahead of the
Texas schools. Two factors help ex
plain the difference:
—state grants of 2.1 million acres
in West Texas to finance a “univer
sity of the first class,” and
—Santa Rita, an oil field on that
land that came into production in
1921 According to the 1978 annual
investment report, oil and natual gas
finds have been the backbone of the
fund, providing about $705 million
in royalties since the fund began.
As of Aug. 31, 1978, other total
PUF receipts (rounded off) were:
—$3.6 million, water royalties and
rentals,
—$12 million, rentals on mineral
leases,
—$1.9 million, miscellaneous,
—$44.5 million, gains on sales of
securities, and
—$295 million, bonuses on min
eral leases, or what oil and gas pro
ducers have been willing to pay for
the option to drill on the land. As oil
and gas prices went up, especially in
the early 1970s, the bonuses also
went up.
Those incomes form the $1,043
billion in the Permanent University
Fund, almost all of which is invested.
FOR A SUGAR
FREE LUNCH
Come to the most
complete salad bar
in Texas in the
Sbisa Dining Cen
ter Basement.
Quality First
Open 10:30 a.m.-1:30 p.m.
Monday thru Friday
You’re invited to our Summer
Garden Party. Blossoming with the
freshest picked fashions around.
In dresses, coordinates, and
active or casual sportswear. Ter
rific new textures and summer
colors for juniors, misses and half
sizes. And special surprises each
Saturday!
8.99
The slide-summer’s hottest
fashion trend. High-step
ping, vampy wood-
bottom solid or perforated
leather slides are great
with jeans or slit skirts
In basic fashion
tones.
Ear piercing clinic Saturday in Fine Jewelry.
JCPenney
Garden Party
Manor East Mall, Bryan • 779-4710
Sun Theatres
333 University 84t
The only movie in town
Double-Feature Every Week
Open 10 a.m.-2 a.m. Mon.-Sat.
12 Noon - 12 Midnight Sun
No one under 18
Ladies Discount With This Coupon
BOOK STORE & 25c PEEP SHOWS
846-9808
The systems may not spend^ any of
the fund itself, the “corpus.”
Instead, they may issue construc
tion bonds guaranteed by the PUF,
and they may spend the profit from
investment of the PUF, which is
called the Available University Fund
(AUF). The AUF also repays the
PUF bonds, plus interest.
The Texas Constitution mandates
that the bonds be issued for con
structing, equipping, or acquiring
buildings or other permanent im
provements at System institutions
specified. In the Texas A&M Sys
tem, that means Moody College in
Galveston cannot receive bond
money — it was created after the
latest amendment that lists which
parts of the System are eligible to use
PUF bonfa bill now in the Texas
Legislature would let Moody and
similar UT insititutions into the
fund. (See story on Page 1 for details
of the legislation.)
The restrictions also mean that the
bonds may not be used to pay
teachers’ salaries or repair facilities.
The value of the bonds may not ex
ceed 20 percent of the value of
PUF, excluding real estate. On Feb.
28, that value was $1.09 billion.
Bonds are sold jointly for both
i Texas A&M and UT in Austin each
July. W.C. Freeman, executive vice
chancellor for administration at
Texas A&M, expects the bond sale to
reach about $33 million, the exact
figure depends on how much the
PUF is worth that day. Texas
A&M’s share of the sale will be about
$10-11 million.
The bonds sold each year are a
combination of bonds paid off and
new bonds issued against the in
creased value of the PUF.
According to Howard Vestal,
Texas A&M vice president for busi
ness affairs, the bonds to be sold in
July are committed to finance a med
ical sciences building and projects at
Prairie View A&M University.
From its share of the AUF this
year, Texas A&M will use about $8
million to support PUF bonds.
Another $8 million will be used for
construction projects here, includ
ing the PE facilities in Kyle Field,
the veterinary medicine clinical facil
ity and the Academic and Agency
Building.
Changes brew
for $1 billion fui
(Continued from Page 1.)
Robert C. Cherry, Texas A&M's
legislative liaison, wouldn’t com
ment Tuesday.
$37.5 million for Texas A&M; there
after, the yearly bond issues would
be increased from about $10 million
to $15 million.
The bill would also change the
name of Moody to “Texas A&M Uni
versity at Galveston.”
Miller Tuesday would not com
ment on that, either.
He did say the challenge brought
for Prairie View by Rep. Senfronia
Thompson, D-Houston, was
founded on too narrow a basis. Her
argument, pursued since |l
mer, is that the Texas A«t(J
has discriminated against J
dominantly black college ij
its building program.
Miller counters that by o|
sures — notably CoordinatL
studies of available classroil
and requirements — Prairief
better off than the Collegfl
campus.
He also says, and TfcJ
seems to agree, that whall
View needs now is moneytiiiiii rt n«i
and rehabilitate (R&R) its ”
Fortunate
500
‘Tbe fortunate 500" might be
the label attached to the 500 uni
versities and colleges that have
endowments exceeding $3 mil
lion.
According to Esqxiire
magazine, only half of these in
stitutions have funds in excess of
$10 million. Texas A&M Univer
sity and the University of Texas
share an endowment — the Per
manent University Fund (PUF).
Listed below are the top 15, as
of last summer;
Harvard
Permanent
Fund
Stanford
Yale
Columbia
Princeton
MIT
U. of Rochester
Cornell
Northwestern
U. of Chicago
Rice
NYU
Washington U.
Johns Hopkins
No other Texas
the top 40.
$1,392,639,862
U.
1,043,320,989
550.000,000
545,000. (XX)
475,000,000
423,462,000
409,528,000
308,129,000
296,000.000
284,000,000
280,500, (XX)
251,000,000
250,000.000
231,000,000
191,000,000
schools were in
Under current law, thePUfj
be used to finance that kind
SJ R 7 would also change
bond money could be used
more purposes:
—library books and matj|
—capital equipment foiHS
tional purposes (not definedK.
—repairs and alterations^
The Texas House also m
agree on the need for R&nllj
waiting for the amendment
month it appropriated $6mfl
the school to upgrade itsS
The appropriation must stilE
the Senate and Gov. BillClE
however.
But Thompson calls thekl
“a drop in the bucket.” (fl
restoration would cost $ 7sH
she says. The problem isS
old, Thompson contendB
Prairie View suffers from l«fl|
neglect. J
“It’s not my intent tobrinfi’
View up to a first class univefl
Texas A&M,” she saidinatiil
interview last week. But sB
Prarie View facilities shouldl
class, as well as academic■
tion.
A PROFESSIONAL MANAGEMENT AGENCY
PRESENTS
NOW LEASING FOR SUMMER & FALL
ONLY PRIVATE BUS
Docix Chene also has tennis and bcekettHtfl courts ana •
swimming pool with a luxuriously furmshod deck
PLANNED ACTIVITIES THROUGHOUT THE YEAR WITH
ENTERTAINMENT. REFRESHMENTS AND PRIZES ALL
YEARLONG NOT JUST ONCE A YEAR'
Doux Chene oflers all this plus the nicest staff m town
So do yourself a favor Stop by the Doux Chene Apert
ments. and win all year round
693-1907 693-1906
WE’RE TRAVELIN YOURWAY!
SE-hbr
fed doux
chene
Apartments
APARTMENTS
N
2 bdrm, 1 bath. Some with fenced backyards. Washer/Dry
er connections. Located on the Shuttle Bus Route. Walking
distance to A&M. Now leasing for Summer and Fall.
For Leasing Information Call 693-5196
Free Pregnancy Testing
Pregnancy Terminations
West Loop Clinic
2909 West Loop South 610
Houston, Texas
622-2170
Be
The challenge from out 20
state in part seeks to guarai!*|“
Prairie View, and other b!fi
leges, have not been treatefl
ond class institutions iniB
first-class system.
Last summer Thompsona®
Justice Department to join®
tigation by the HEW in: (15
education in the state, spedT* -
probe PUF policies.
The legislator won’t say«®
the HEW-Justice report, oiB
she knows for sure. But earm
legislative session she filed®
four hills that would change®
tion of the PUF in favor oijl0
View. She has not asked tliillf
them be scheduled for heat®
PRESCRIPTION STEREO
3602 OLD COLLEGE ROAD
BRVAN. TEXAS 77801
"I have not pushed thoseIH
cause the investigation repoi®
in,” she said last week, WIH
released, she hinted, theB
government will be a much®
position to change things. 0®
office aides says that releastl|-
be soon.
President Miller saidTuei
all he knows about the HE"
is what he reads in the newsj
_
Jhj
“GRADUATION
SPECTACULAR”
All Jensen Speakers &
Sanyo Tape Decks In Stock
ON SALE!
Monaco I
(under new management and ownership)
Magnificent, easy living can be found at Monaco I,
with a swimming pool for a refreshing swim and
balconies for a private visit with friehds. Monaco i
also has efficiency, 1, 2, & 3 BR with a laundry room
for your convenience. The apartments have electric
range, refrigerator, disposal and dishwasher and are
fully carpeted. For further information call 693-2614.
All bills are paid.
Installations Now Up To
66% OFF!
For Installations,
Call For Appointment
846-1393
But judging from what HI
done in other states and tip
guidelines, he is not optima
“ We re going to have protl.
Texas, he said. “I think it si®®® 35 40 4!
assume they’re going to say®
have enough blacks here, ar.:|k
View doesn’t have enoughgrapl
The only other problemsliceived by
in duplication of programs, aversity Ft
He would not predict »|g as an j s
Texas would fight an unfayo® ,
port, as North Carolina isdoi®
“Our position is we re goif* 13 * ende
hold our standards and inltpotice th:
an institution. If HEWrequbars on tJ
instance, that the College ds, they ju
neering or the medical schojj
to Prairie View, then Texas®
Miller didn’t know ho#R
might affect construction pB
the System, or the budget:^
“We don’t know yet, hes jgg&B?
will take a great deal ofsti-
board will have to evaluatetjT
atTarelton, Prairie View anal
services that are broughl
R&R.“
Monaco II
Beautiful Cedar Ridge
A Nice Place To Live
(under new management and ownership)
Here's the spacious apartment you've been looking
for. You'll like our 1 & 2 bedrooms, complete with
electric range, refrigerator, disposal and dishwasher.
Each apartment is fully carpeted and has fenced
patio. We are located Vi block from campus and on
the shuttle bus route. Call us today 693-2614. All Bills
are paid.
Now leasing for
summer & fall.
Posada
(unaer new management and ownership)
Quiet living with Spanish flair describes Posada Del
Rey's atmosphere. You will find an apartment that is
close to campus and on the shuttle bus route. For
an afternoon swim or a relaxing evening on ■ the
balcony, you'll like Posada Del Rey. We have 1, 2,
and 3 bedrooms with gas ranges, refrigerators and
dishwashers. Call us, 693-9364. All bills are paid.
Pool and Laundry.
RENT BY THE MONTH
WE OFFER YOU
Q'i4wayemmt jon/at/iuui'
A “RoanTiq Ccnum "
2 Bdrm Unfurnished, All Built-Ins including Dish
washer, Laundry Hook-Ups, $240. K
Brand New Units Located on Finfeather Rd.
North of Villa Maria. Convenient to TAMU tc
the Bryan Golf Course, as well as the B- C t
Business & Industrial area. ^
Just
&
BRY-CAL
A PROFESSIONAL MANAGEMENT CO
846-3733 24 Hours
BRYAN-COLLEGE STATION
AUSTIN-PLEASANTON