Robert G. Carr and his wife, Nona K. Carr, bequeathed their interests in oil, gas and other minerals from producing properties in 16 West Texas counties to establish a trust for ASU academic scholarships. In 1978, the IRS book value of the mineral/royalty interest was $6.8 million. The Carr Foundation assets currently surpass $130 million, and the interest from the principal helps support a number of scholarship programs at ASU.
The oil and gas income does not fund scholarships directly. The money earned from oil and gas royalties is collected and then invested into the Texas Tech University System Long Term Fund. The interest earned off these financial investments is accumulated to fund scholarships.
The Carrs’ wills assign specific authorities to the ASU president. Under the direction of current ASU President Ronnie Hawkins Jr., the foundation management is divided as follows:
- Oil and gas mineral management: handled by Candice Brewer, director of operations for the Carr Foundation, and the Carr Foundation staff
- Financial investments: processed by Gary Barnes, vice chancellor and chief financial officer of the Texas Tech University System
- Scholarship distribution: managed by the Angie Wright, ASU vice president for finance and administration
The foundation receives monthly royalty income from about 50 companies for thousands of leases in the Permian Basin. The income varies from about $400,000 to $500,000 each month, with the largest interest coming from Gaines, Ector, Midland and Andrews counties.