1. Agency responsible for trust lands: Oklahoma Commissioners of the Land Office Clifton H. Scott, Secretary PO 26910 Oklahoma City, OK 73126-0910 26910 (405) 604-8100 The Oklahoma Commissioners of the Land Office manages both the land and the permanent fund associated with the land. State law: The Oklahoma Enabling Act of June 16, 1906, Sections 7 through 12, grants trust lands to the state of Oklahoma and names the trust beneficiary groups. Articles 13 and 21 of the state constitution establish a public school permanent fund and contain parameters about the management of this fund and the trust lands. Public schools are defined as elementary and secondary schools (K-12). 2. Assets (acreage, revenues, fund structure, distributions): Acreage: 745,000 surface acres 1,100,000 subsurface acres Revenues from trust lands: In FY 08, state trust lands generated $129.9 million in revenues. In FY 07, the top three sources of revenue were net gains on investments ($93.7 million), oil and gas ($63.9 million), and land sales ($1.6 million). Fund structure: Permanent Fund (public school permanent fund): The Permanent Fund receives trust land revenues for all beneficiary groups. In FY 08, the balance was $1.57 billion. Distribution: Public schools received $66.4 million in interest from the Permanent Fund in FY 08. The state treasurer makes monthly distributions to each of the nine trust beneficiaries (see below). In Oklahoma, revenues are applied to the overall legislative beneficiaries’ appropriations before the state makes general fund contributions. Thus, the higher the trust land revenue, the lower the general fund appropriation for the beneficiaries, including K-12 schools. 3. Beneficiaries: Revenues from the state trust lands are deposited into nine trust funds that provide revenues for nine beneficiary groups: Common Schools (public University Preparatory; schools); Fund (Northern Oklahoma Educational Institution (state four College); colleges); Langston Fund (Langston University Fund (Oklahoma University); University); Normal School (teachers’ Agricultural and Mechanical; colleges); College (Oklahoma State Public Buildings; University); Greer (Greer public buildings).
1. Agency responsible for trust lands: Oklahoma Commissioners of the Land Office Clifton H. Scott, Secretary PO 26910 Oklahoma City, OK 73126-0910 26910 (405) 604-8100 The Oklahoma Commissioners of the Land Office manages both the land and the permanent fund associated with the land. State law: The Oklahoma Enabling Act of June 16, 1906, Sections 7 through 12, grants trust lands to the state of Oklahoma and names the trust beneficiary groups. Articles 13 and 21 of the state constitution establish a public school permanent fund and contain parameters about the management of this fund and the trust lands. Public schools are defined as elementary and secondary schools (K-12). 2. Assets (acreage, revenues, fund structure, distributions): Acreage: 745,000 surface acres 1,100,000 subsurface acres Revenues from trust lands: In FY 08, state trust lands generated $129.9 million in revenues. In FY 07, the top three sources of revenue were net gains on investments ($93.7 million), oil and gas ($63.9 million), and land sales ($1.6 million). Fund structure: Permanent Fund (public school permanent fund): The Permanent Fund receives trust land revenues for all beneficiary groups. In FY 08, the balance was $1.57 billion. Distribution: Public schools received $66.4 million in interest from the Permanent Fund in FY 08. The state treasurer makes monthly distributions to each of the nine trust beneficiaries (see below). In Oklahoma, revenues are applied to the beneficiaries’ overall legislative appropriations before the state makes general fund contributions. Thus, the higher the trust land revenue, the lower the general fund appropriation for the beneficiaries, including K-12 schools. 3. Beneficiaries: Revenues from the state trust lands are deposited into nine trust funds that provide revenues for nine beneficiary groups: Common Schools (public schools); Educational Institution (state four colleges); University Fund (Oklahoma University); Agricultural and Mechanical; College (Oklahoma State University); University Preparatory; Fund (Northern Oklahoma College); Langston Fund (Langston University); Normal School (teachers’ colleges); Public Buildings; Greer (Greer public buildings).