A Brief Overview
The University of Texas Law School Foundation was founded in 1952 through the foresight and efforts of Charles I. Francis, Sylvan Lang, Angus G. Wynne, Hines Baker, Dan Moody, Robert E. Hardwick, and Hugh Lamar Stone. These visionary lawyers recognized the critical need for private support in order for the Law School to achieve its full potential. The charge of the Law School Foundation was, as it remains today, to further legal education, legal research, financial assistance to deserving students, and the overall mission of the Law School.
The Foundation Board of Trustees oversees the management of invested endowed funds of more than $77 million and the development of fundraising strategies and programs. An additional $90 million in endowed funds is managed by The University of Texas Investment Management Company (UTIMCO) and administered by The University of Texas for the benefit of the School of Law. The Board also works in cooperation with The University of Texas Development Board for the advancement of the general welfare of The University of Texas as a whole.
The Foundation Board of Trustees meets twice yearly. The fall meeting is in Austin, followed by a formal dinner recognizing major donors to the Law School. The spring meeting of the Trustees is the annual meeting at which Trustees are elected.
Originally, the Board of Trustees included seven Life Members of the Foundation authorized to elect Trustees, amend the Articles of Incorporation and the by-laws and to fill Life Member vacancies. Trustees were elected each year for one year terms and Life Members also served as Trustees of the Foundation. Under the new by-laws, enacted in 2001, there are no longer any Life Members of the Foundation. After the annual meeting of 2002, Trustees will be elected by the full Board. After a transition period, all Trustees' terms will be for three years and a Trustee may only be re-elected for one additional three-year term and then must rotate off the Board for at least one year.
The duties and responsibilities of the Life Members shall pass to the Board of Trustees after the Spring 2002 meeting. In order to provide institutional memory and experience during the transition period, former Life Members will continue as Trustees until their resignation or inability to serve as Trustee and be designated as Life Member Trustees.
Officers-president and vice president-re elected for one-year terms and may not serve for more than four consecutive terms. Currently, there are thirty-seven Trustees. Of the thirty-seven Trustees, seven are Life Member Trustees and are not subject to reappointment.
Foundation staff members are employees of The University of Texas at Austin School of Law. The Law School Foundation reimburses the University for their services.
