Handbook of Operating Procedures 3-2020-PM

University Funds

POLICY MEMORANDUM

The University of Texas at Austin
Effective June 18, 1987
Executive Sponsor: Senior Vice President and Chief Financial Officer
Policy Owner: Assistant Vice President for Accounting

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

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