Relationship with the Oklahoma State University Foundation
- To the fullest extent permitted by law and by any controlling documents all gifts
and donations to OSU should be managed, invested, reinvested and distributed by and
through the OSU Foundation (foundation). The Board recommends that all gifts or donations
for the benefit of OSU be made to the foundation.
- All university personnel handling monies (whether receiving or disbursing) on behalf
of the foundation shall be adequately bonded with the amount of the bond and name
of the surety being reported to the Board.
- There shall be a Memorandum of Understanding, Joint Resolution, Development Services
Contract or other similar document (hereinafter “Relationship Document”) with the
foundation which collectively, at a minimum:
- Summarizes the overall relationship between the foundation and the university and further defines how the foundation’s assets, functions, gift administration or grant-making serve the university’s mission.
- Identifies specific services provided by the foundation, which might include fundraising, gift acceptance and advancement services, records and data management, investment services, real estate projects or other activities in support of institutional functions and priorities, and any payments or consideration provided to the foundation in exchange for such services (precise fees or payments may be documented in separate agreements).
- Describes records, including alumni and donor records, owned either by the institution or foundation, and policies governing the use and sharing of such records. The Relationship Documents should also include language related to the privacy of student information subject to the Family Educational Rights and Privacy Act (FERPA) and include procedures for providing and safeguarding any student information in full compliance with FERPA.
- Defines reciprocal responsibilities and mutual expectations regarding the frequency, content and method of reporting between the foundation and the university. This should include a requirement for an independent annual audit of the foundation and a requirement that it be provided to the supported institution.
- Defines terms for the foundation’s use of the university’s name, service marks, branding
and other proprietary university property.
- The foundation should provide the following information to the OSU President and to
the Board’s Chief Executive Officer and Chief Audit Executive on an annual basis following
the completion of:
- A copy of the audited financial statements, as set forth in the Relationship Documents, and such other documents to comply with current Governmental Accounting Standards Board (GASB) regulations.
- A copy of the foundation’s Form 990, except for any portion that may be exempt from
disclosure under federal statute or Internal Revenue Service regulations.
- Any employee of an institution governed by the Board of Regents must obtain advance approval by the Board for any compensation and/or compensation-related benefits to be paid by the foundation or its Affiliated Entities (as defined in policy 2.18) to the employee. Notwithstanding the foregoing, no employee of an institution governed by the Board of Regents shall also be an employee of the foundation.
June 22, 2018
March 5, 2021