The University of Texas Foundation was established by the Board of Regents of The University of Texas System in 1967 to accept and manage gifts supporting the UT Texas System and the 14 institutions. While the UT System and the fourteen institutions are the beneficiaries of the UT Foundation, the foundation functions independently under its own board of directors and pursues its own investment policies to manage its portfolios.

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The mission of the University of Texas Foundation is to advance education by providing financial support to The University of Texas System, including its branches, departments, schools, and colleges across the fourteen institutions, to enhance research, teaching, scholarship, faculties, and facilities, ensuring excellence in education.

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The University of Texas Foundation is a public charity (501 c3).