September 2, 2009
Texas Tech University has received private gifts totaling $24.3 million that are eligible for the Texas Research Incentive Program (TRIP). The fully matched potential of these gifts is $21.5 million. The 28 gifts are from 20 individuals and eight corporations and foundations.
“We are thankful to everyone for their support of Texas Tech University and our goal of becoming the state’s next national research university,” said Kent Hance, Texas Tech University System chancellor. “The fact that the fund is oversubscribed for 2010 as of today shows that this is good for all seven emerging research universities and will be extremely beneficial for the state of Texas.”
The TRIP fund was created in the recently enacted HB 51, which sets out criteria and funding mechanisms for the seven designated emerging research universities to achieve national research university or Tier One status.
“The money from TRIP will enable us to improve the quality of academic programs and to provide additional research that impacts the daily lives of Texans and people around the world,” said Guy Bailey, Texas Tech University president. This investment in Texas will bring about ideas that fuel the economy and allow us to continue to ensure a bright future for our state."
TRIP provides $25 million each year for next two years to match private gifts raised by the universities. Any gifts not matched in 2010 will roll over to 2011 for matching. The gifts may go toward endowed chairs, professorships, facilities, equipment, program costs, or graduate student stipends or fellowships.
All gifts deposited by the seven universities on Sept, 1 are eligible for TRIP and will be considered by the Higher Education Coordinating Board in a block. Final award regarding the match should be determined by the end of October for 2010.