Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections
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Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

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12.07.2015 Views

REGENTS’ POLICY MANUALSECTION 4—FINANCE AND MANAGEMENT4.14—PROPERTY DEVELOPMENTThe Board of Regents is charged by the Constitution of the State of Oklahoma with not only theauthority but also the responsibility to govern the University. This responsibility requires that the Boardof Regents use every implement and tool available to improve the resources available to the Universityand, hence, the quality of the University. The Board of Regents regards the non-profit corporation and thepublic trust as just such tools. Both the non-profit corporation and the public trust have been madepossible by legislative action. The Board of Regents believes that it would be delinquent in its duties tothe people of this State if it failed to use these tools as the law allows.One of the goals is the creation of an endowment for the University. Gifts of private monies, goods,and lands to colleges and universities and the subsequent wise management of them are absolutelyessential if Oklahoma is to have truly fine colleges and truly great universities.Many unselfish and public-spirited people have given or left all or part of their property to theUniversity. The Board of Regents believes it is its duty to encourage and accept such gifts and, havingreceived them, to use and invest them wisely. It is the Board of Regents’ firm resolve that these gifts tothe University should always be used, not in place of the public dollar, but in addition to the public dollar.Not all properties acquired by the University are readily invested. Some public-spirited Oklahomanshave given a portion or all of their real property to the University. In such cases, the Board of Regentscarefully studies the property to determine how it can best be used. The possibilities are many and varied;it is the duty of the Board of Regents to find the one most profitable beneficial to the University. It isNOT the policy of the Board of Regents to develop properties itself or to operate or manage anycommercial, industrial or agricultural business unless it is directly related to the educational mission ofthe University, as are the University’s printing presses and student radio station, or to functions whichdirectly assist in supporting the educational mission of the University, as do the cafeterias, dormitories,bookstores and Campus physical plants.The mission of the University is teaching, research and creative/scholarly activity, and professionaland University review and public outreach; and it is the purpose of the Board of Regents to use everyresource available to fulfill that purpose mission. The Board of Regents regards trusts and non-profitcorporations as valuable tools in this effort, but it is not the function to invade the world of privateindustry by developing properties unrelated to the University’s purpose.(RM, 9-14-72, pp. 11684-85; 1-27-04, p. 28924)THE UNIVERSITY OF OKLAHOMA 252

REGENTS’ POLICY MANUALSECTION 4—FINANCE AND MANAGEMENT4.15—ACQUISITION AND DISPOSITION OF REALPROPERTYThe Board of Regents will approve the acquisition or disposition of all real property. The Universityadministration will use the following guidelines in determining acquisition/disposition actions to beproposed to the Board of Regents.4.15.1—ACQUISITION OF PROPERTY1) Acquire property when it is needed for the future expansion of the University.2) Acquire property needed to protect or secure the perimeter of the Campus or otherUniversity facilities or land holdings.3) Select property for acquisition that is located in primary expansion zones where thearea is contiguous to the Campus or in outlying areas when needed for specificpurposes, such as the Oklahoma Geological Survey Observatory at Leonard, the LakeTexoma Biological Station, or a wildlife refuge.4) Purchase property in primary areas as it becomes available from willing sellers or inspecial cases when it is needed immediately to develop a new facility.5) Have independent appraisals made before purchasing land and buildings.6) Accept gifts of real estate away from Campus when they are needed for Universityprograms or if the property will be of financial benefit.If acquired property is not required for immediate development, it will be maintained at a standardlevel of repair and appearance.4.15.2—DISPOSITION OF PROPERTYThe Board of Regents will may dispose of property:1) that is not required for University expansion or to protect other University lands andfacilities;2) that is not economical to operate and maintain and does not provide other benefits;3) that is not in a primary expansion zone contiguous to the Campus or other Universityland holdings and is not required for future development;4) that is received from donors but not needed for University purposes; disposition willcomply with all the terms and conditions of the gift;5) that can be converted to more liquid assets for other immediate needs or long-termrequirements.THE UNIVERSITY OF OKLAHOMA 253

REGENTS’ POLICY MANUALSECTION 4—FINANCE AND MANAGEMENT4.15—ACQUISITION AND DISPOSITION OF REALPROPERTYThe Board <strong>of</strong> Regents will approve the acquisition or disposition <strong>of</strong> all real property. The Universityadministration will use the following guidelines in determining acquisition/disposition actions to beproposed to the Board <strong>of</strong> Regents.4.15.1—ACQUISITION OF PROPERTY1) Acquire property when it is needed for the future expansion <strong>of</strong> the University.2) Acquire property needed to protect or secure the perimeter <strong>of</strong> the Campus or otherUniversity facilities or land holdings.3) Select property for acquisition that is located in primary expansion zones where thearea is contiguous to the Campus or in outlying areas when needed for specificpurposes, such as the Oklahoma Geological Survey Observatory at Leonard, the LakeTexoma Biological Station, or a wildlife refuge.4) Purchase property in primary areas as it becomes available from willing sellers or inspecial cases when it is needed immediately to develop a new facility.5) Have independent appraisals made before purchasing land and buildings.6) Accept gifts <strong>of</strong> real estate away from Campus when they are needed for Universityprograms or if the property will be <strong>of</strong> financial benefit.If acquired property is not required for immediate development, it will be maintained at a standardlevel <strong>of</strong> repair and appearance.4.15.2—DISPOSITION OF PROPERTYThe Board <strong>of</strong> Regents will may dispose <strong>of</strong> property:1) that is not required for University expansion or to protect other University lands andfacilities;2) that is not economical to operate and maintain and does not provide other benefits;3) that is not in a primary expansion zone contiguous to the Campus or other Universityland holdings and is not required for future development;4) that is received from donors but not needed for University purposes; disposition willcomply with all the terms and conditions <strong>of</strong> the gift;5) that can be converted to more liquid assets for other immediate needs or long-termrequirements.THE UNIVERSITY OF OKLAHOMA 253

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