Finance and Management
2.01
The following establishes the standards, procedures and guidelines for presenting financial and other information for the Board. The Presidents of the institutions will establish policies to ensure that financial information and/or reports are submitted on a timely basis to the Board.
- Accounting and Fiscal Management. The accounting and fiscal management of the institutions governed by the Board shall be in accordance with the Financial Accounting and Reporting Manual for Higher Education published by the National Association of Colleges and University Business Officers.
- Budgets. Prior to the beginning of the fiscal year, the institutions governed by the Board and the Board’s Executive/Administrative Office shall prepare a budget setting out in detail their expenditures for the entire fiscal year. These institutional budgets shall be submitted to members of the Board in advance of the meeting in which the budgets are to be approved and prior to submission to any other entity unless otherwise approved by the Board. A summary of estimated revenues and expenditures of E&G, Part I; E&G, Part II; auxiliary enterprises; and student activities shall be presented to the Board in the institutional annual budgets. The institutions shall file, not later than July 1, a copy of their budgets with the Director of State Finance. Prior to July 1, the Board’s Executive/Administrative Office shall notify each institution of its pro rata share of the Board’s budget that will be assessed against the institutions during the fiscal year.
- Legislative Appropriations other than from OSRHE. Prior to receiving legislatively appropriated pass-through funds from any state agency other than the Oklahoma State Regents for Higher Education (“OSRHE”), a written agreement specifying the terms, conditions, intended use, and reporting obligations related to such funds must be (1) reviewed by the Office of Legal Counsel and (2) approved by the Board.
- Reports. The following reports are to be submitted on a quarterly basis.
- Financial Reports. On a quarterly basis, to be completed no later than the close of the month following the end of the applicable quarter, each institution shall submit statements of revenues, expenses, and changes in net position (SRECNP) to the Board’s Finance Committee and Executive/Administrative Office in a format specified by the Finance Committee. The quarterly SRECNP are to include a consolidated view of operating activities, as well as separate views for E&G, Part I; E&G, Part II; and auxiliary enterprises. Following submission, each institution shall review the statements with the Finance Committee at its next regularly scheduled meeting unless otherwise determined by the Finance Committee.
Annual audited financial statements prepared in accordance with accounting principles generally accepted in the United States of America for each institution shall be submitted to the Board’s Audit Committee and Executive/Administrative Office on or before October 31st. Following submission, each institution shall review and discuss its audited financial statements with the Audit Committee at its next regularly scheduled meeting. - Key performance indicators. Accompanying submission of the above described SRECNP, each institution shall provide key performance indicators (KPIs) that demonstrate financial performance, fiscal health and sustainability. KPIs should include, but not be limited to, the number of days of cash on hand over time calculated based on available cash, cash equivalents, and short-term investments. KPI’s may be modified by the Finance Committee, from time to time, to improve visibility and alignment with changing economic environments.
- Budget revisions. Accompanying submission of the above described SRECNP, each institution shall highlight budget revisions increasing/decreasing spending authority by more than their respective Board approved spending authority as specified in Policy 2.07.3.
- Legislative appropriations other than from the Oklahoma State Regents for Higher Education (OSRHE). Accompanying submission of the above described SRECNP, each institution shall submit a summary highlighting sources/uses of pass-through funds received from a state agency other than the OSRHE.
- Enrollment. Accompanying submission of the above described SRECNP, each institution shall submit its student full-time equivalency (FTE) and head count enrollment with comparative information for the preceding four fiscal years.
- Housing. Accompanying submission of the above described SRECNP, each institution shall submit a Housing Capacity and Occupancy Report with comparative information for the preceding four fiscal years.
- Accounts Receivable. Accompanying submission of the above described SRECNP, each institution shall submit an aging analysis of student accounts receivable with comparative balances as of June 30th for the preceding four fiscal year ends.
- Financial Reports. On a quarterly basis, to be completed no later than the close of the month following the end of the applicable quarter, each institution shall submit statements of revenues, expenses, and changes in net position (SRECNP) to the Board’s Finance Committee and Executive/Administrative Office in a format specified by the Finance Committee. The quarterly SRECNP are to include a consolidated view of operating activities, as well as separate views for E&G, Part I; E&G, Part II; and auxiliary enterprises. Following submission, each institution shall review the statements with the Finance Committee at its next regularly scheduled meeting unless otherwise determined by the Finance Committee.
Collectively, excluding the annual audited financial statements, the above reports are known as Quarterly Financial Overviews (QFO). As informational items only, following review by the Finance Committee, each institution shall submit its QFO to the Board’s Chief Executive Officer, who shall provide a copy to the Board.
Approved Date:
June 20, 1997
Amended Date:
March 1, 2013
April 24, 2015
June 22, 2018
December 5, 2025
June 12, 2026