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03-Nov-2019 08:57

Section 501(f)), as that section may be amended.(c) If a governing board has under its control at least million in book value of endowment funds, such governing board may invest all funds described in this section under prudent person standards.(c-1) If a governing board does not have under its control at least million in book value of endowment funds, the governing board may contract to pool its funds described in this section with another institution that meets the million in book value of endowment funds threshold established under Subsection (c), and have its funds invested by that governing board under prudent person standards.(d) As used in this section, "prudent person standard" is the standard of care described in Article VII, Section 11b, of the Texas Constitution, and means that standard of judgment and care that prudent investors, exercising reasonable care, skill, and caution, would acquire or retain in light of the purposes, terms, distribution requirements, and other circumstances of the fund then prevailing, taking into consideration the investment of all the assets of the fund rather than a single investment. (a) A governing board shall adopt by rule or resolution a written investment policy for the investment of its institutional funds.(b) Not less than quarterly, an institution of higher education shall prepare and submit to the governing board of the institution a written report of the institution's institutional funds investment transactions for the preceding reporting period.(c) In addition to other information that may be required by the governing board, the report must contain:(1) a summary statement of each pooled fund group that states the beginning market value for the reporting period, additions and changes to the market value during the period, and the ending market value for the period; and(2) the book value and market value of each separately invested asset at the beginning and end of the reporting period by type of asset and fund type invested.(d) In this section:(1) "Governing board" means a governing board described in Section 51.0031(c).(2) "Institution of higher education" means an institution of higher education under the governance of a governing board to which this section applies.(3) "Pooled fund group" means an internally created fund of an institution of higher education in which one or more institutional accounts are invested.(4) "Separately invested asset" means an account of an institution of higher education that is not invested in a pooled fund group. The foreign bank must:(1) be licensed and supervised by a central bank;(2) be audited annually by an accounting firm that follows international financial reporting standards; and(3) maintain a capital to total assets ratio that is not less than the greater of four percent or the minimum tier 1 capital to total assets ratio required for depository institutions insured by the Federal Deposit Insurance Corporation. Venue for a suit to recover an amount claimed by the state to be due on a surety bond is in Travis County.(f) Notwithstanding any other provision of this section, the governing board of each institution may maintain unsecured deposits in a foreign bank as necessary to support the institution's academic and research operations in the foreign country in which the bank is located, provided that no appropriated or tuition funds other than those collected from students enrolled in the affected programs are deposited. Every day in excess of the number of days hereinabove provided for that any sum of money belonging to any of the funds enumerated in this subchapter, whether depositable in special depositories or whether those that should be deposited in the state treasury, shall be withheld from deposit at its proper place of deposit, shall constitute a separate offense and each day of such withholding shall subject the officer, agent, employee, or person so withholding said sum to the penalties herein provided for. For the purpose of facilitating the transferring of such institutional receipts to the state treasury, each institution shall open in a local depository bank a clearing account to which it shall deposit daily all such receipts, and shall, not less often than every seven days, make remittances therefrom to the comptroller of all except 0 of the total balance in said clearing account, such remittances to be in the form of checks drawn on the clearing account by the duly authorized officers of the institution, and no disbursements other than remittances to the state treasury shall be made from such clearing account. Failure to print and furnish to the officers above named, the reports above specified, shall subject all of the members of the governing board of the institutions above mentioned to the penalties provided for in this section. The comptroller is directed to credit such receipts deposited by each such institution to a separate fund account for the institution depositing the receipts, but he shall not be required to keep separate accounts of types of funds deposited by each institution. The comptroller is authorized to promulgate rules and regulations to require collateral security for the protection of such funds pursuant to the provisions of Chapter 404, Government Code. The comptroller is directed to deposit the receipts, or funds representing such receipts, enumerated herein, in the special depository bank or banks nearest the institution credited with the receipts, so far as is practicable, and is authorized to withdraw such funds on drafts or checks prescribed by the comptroller.

The budget shall be prepared within the limits of legislatively appropriated general revenue and estimated educational and general funds.

If a colonia does not have a classification number, the institution of higher education may contact the secretary of state or the secretary of state's representative to obtain the classification number.



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