Final answer:
The correctly punctuated sentence is the fourth option, which appropriately uses commas to enclose the nonessential clause 'founded in 1927'.
Step-by-step explanation:
The sentence that is correctly punctuated is:
4) Midwestern State University, founded in 1927, has a bell tower that has at times been home to turkey vultures.
This sentence correctly uses commas to set off the nonessential clause 'founded in 1927,' which provides additional information about Midwestern State University.
This follows the punctuation rule that states you should use parentheses—or in this case, commas—to enclose nonessential information such as explanations, asides, examples, and dates.