Texas Tech President Kent Hance won't leave office until he's raised $1 billion for TTU. How much did Angelo State University (ASU) President Dr. Joe Rallo help Hance's effort by "investing" Carr Foundation funds in Texas Tech's Long Term Investment Fund?
ASU's website states:
The Carr Foundation assets currently surpass $96 million, and the interest from the principal helps support a number of scholarship programs at ASU.The picture below shows Carr's increased investment in TTU's Long Term Investment Fund, beginning in 2007. This information is from 2008-2010 Carr Foundation 990 filings with the IRS (source: Guidestar).
The oil and gas income does not fund scholarships directly. The money earned from oil and gas royalties is collected and then invested into the Texas Tech University System Long Term Fund. The interest earned off these financial investments is accumulated to fund scholarships.
Dr. Rallo arrived as Texas Tech and ASU consummated the merger. The Carr Foundation's 2007 990 filing shows $39 million invested in TTU's Long Term Investment Fund. That rose to $71 million in 2008 and an implied $79 million in 2009.
documents paint Carr as a staid investor. TTU's Long Term Investment Fund is more the dice roller, with over 57% in risky alternative investments.
As Dr. Rallo moves on to the Vice Chancellor of Academic Affairs for the Texas Tech University System, his accomplishments have been recognized.