Oklahoma State University reaction to signing of HB 3031, which reduces backlog in state's endowed chair program

Thursday, April 15, 2010

Following is a response from Oklahoma State University regarding legislation signed today by Gov. Brad Henry that will help reduce a backlog in the state’s endowed chair program for state colleges and universities. House Bill 3031 by House Speaker Chris Benge and Senate President Pro Tempore Glenn Coffee authorizes the restructuring of an ongoing bond issue to generate additional resources to help match private donations to the endowed chair program. Oklahoma colleges and universities use the program to help attract and retain the best and brightest faculty members to teach students and engage in cutting-edge research.

Statement from OSU President Burns Hargis

“I am appreciative of the leadership exhibited by the Oklahoma State House and Senate, as well as the Governor and the Chancellor, as they worked together to address this matter during these difficult economic times. On behalf of Oklahoma State University, we express our heartfelt thanks to everyone involved.

“The action underscores the commitment of the State of Oklahoma to meet its obligation to private donors who contributed to establish chairs and professorships with the understanding that the state would match their donations dollar-for-dollar.

“When the clock was ticking on the expiration date for the dollar-for-dollar match two years ago, we launched an aggressive effort to raise private dollars to ensure Oklahoma State University took full advantage of this program. A record-setting $100 million gift from Boone Pickens launched our effort and thanks to the incredible generosity of alumni and friends, we raised another $68 million in a remarkably short period of time.

“As it stands today, Oklahoma State University has approximately $189 million of chair and professorship donations to be matched by the state. The $47 million from the state will match some of the gifts already in the queue.”