UT gift grows to $232 million

Associated Press
Web Posted : 09/25/2003 9:21 AM

AUSTIN โ€” A generous gift from Dallas oilman John A. Jackson has multiplied to a $232 million windfall for the University of Texas.

UT officials are expected today to announce the donation as one of the largest in the nation to a public university.

The money will go to the geosciences department that bears Jackson's name.

Jackson bequeathed the estate gift to the Austin campus a year before his death in March. Then estate was estimated to be worth of about $150 million, but now UT officials say its worth at $232 million.

UT officials say the contribution plus an earlier gift from the geologist and his wife total $272 million.

"Mr. Jackson always said that he and his wife, Katie, were not donors, they were investors in the future of Texas," said UT President Larry Faulkner.

"They also wanted their estate to be used to assure that Texans continue to have access to water, energy and a clean environment. We intend to fulfill that desire," Faulkner said.

The geosciences college โ€” now ranked 11th nationally โ€” is expected to become one of the best in the nation thanks to Jackson's deep generosity.