(a) From any source, including the federal government, a municipality, a foundation, a trust fund, a corporation, another education agency, or any other person, the board may accept donations, gifts, grants, and endowments of money or property, real or personal, for the system to be held in trust and administered by the board for the purposes and under the direction, limitations, and provisions declared in writing in the donation, gift, grant, or endowment.
(b) The donation, gift, grant, or endowment must be consistent with the laws of this state and with the objectives and proper management of the system.
Official text of the Texas Education Code as published by the Texas Legislative Council.