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(a) A governing board may deposit funds under its control as provided in Section 51.003 of this code, may invest funds under its control in accordance with Chapter 2256, Government Code and, with regard to donations, gifts, and trusts, may establish endowment funds that operate as trusts and are managed under prudent person standards.(b) Funds described in this section may also be invested in cash management and fixed income funds held by organizations exempt from federal taxation under Section 501(f) of the Internal Revenue Code of 1986 (26 U.

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) Separate accounts shall be kept on the books of the institution showing the sources of all sums collected and the purposes for which disbursements are made.(b) All trust funds, including gifts, grants, and bequests received, establishing or adding to endowment funds, loan and scholarship funds, and funds for other current restricted purposes, shall be credited to separate accounts and shall not be commingled with other local or institutional funds.(c) If the governing board so elects, deposits of all funds not specifically required to be deposited to special accounts may be deposited in a single bank account if the records of the institution clearly reflect the balances attributable to general funds and various categories of trust funds.(d) Interest received from depository banks for funds on deposit may be credited to an appropriate account in either general funds or trust funds in relation to the sources of temporary investments in time deposits, if the disposition of the earnings was not specified by the grantor.

Each institution of higher education shall prepare a complete annual financial report as prescribed by Section 2101.011, Government Code.

(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.

Interest received from the trust funds time deposits shall be available for loans, scholarships, fellowships, institutional research, faculty aid, and other lawful purposes.

On request of the institution, the secretary of state or the secretary of state's representative shall assign a classification number to the colonia.

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. All money so deposited in the state treasury shall be paid out on warrants drawn by the comptroller as provided by law.(c) The legislature is authorized to create revolving funds for the handling of funds of institutions of higher education, as enumerated herein, by making provision in each biennial appropriation bill enacted by the legislature.(d) Nothing in this section affects the provisions of Title 47, Revised Civil Statutes of Texas, 1925, usually referred to as the State Depository Law.

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