A backlog of delayed state matching funds for endowed chairs at Oklahoma state schools that was estimated at $125 million in May has grown to more than $360 million at the latest count.
Lawmakers this year approved a $100 million bond issue to provide matching funds for private donations for endowed positions. Private donations received after July 1 were not to be included in the dollar-for-dollar matching offer until the backlog had been eliminated.
However, between the passage of the plan and the moratorium, state schools raised $236 million in donations, bringing the total backlog to $364.8 million for 902 positions at 15 institutions of higher education. On May 29, the number of endowed positions totaled 446.
Donations in May and June included $100 million to Oklahoma State University from Texas oilman and OSU alumni T. Boone Pickens.
When the backlog is cleared, the state will provide a maximum of $5 million a year to match endowment donations, with as much as $4 million for OSU and the University of Oklahoma, and up to $1 million for all other state colleges.