Less money, more problems
On Thursday the Board of Regents voted to allocate an additional $20 million out of the Permanent University Fund to UT.
“We haven’t decided how we are going to use it yet.”
— UT Chief Financial Officer Kevin Hegarty after the Board of Regents approved additional funds for UT.
“We could have chosen to sit back and say ‘How do we ride this out until the economy is back to where it was? Or we could say ‘Let’s try to improve our levels today, so that if the economy comes back we’re even stronger.’””
— Hegarty commenting on changes in tuition rates at UT during the current recession, according to The Daily Texan.
“People are saying ‘Hey, for what I get, UT and similar institutions are a greater value. It’s reflected in the number of applications we get for freshmen.”
— Hegarty commenting on the value of education offered by UT during the recession.
“None of us saw 2008 coming, and this could be worse than 2008. And we’re not in a position to take that risk.”
— UT Board of Regents Chairman Gene Powell, on concerns regarding the dangers of another financial “bubble” forming and investments by the University’s investment management company, according to the Austin American-Statesman