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

REGENTS’ POLICY MANUALSECTION 7 – UNIVERSITY DEVELOPMENT7.6—UNIVERSITY OF OKLAHOMAFOUNDATION, INC.This Corporation is formed for charitable, benevolent, religious, educational, and scientific purposes,and has no stated capital.This Corporation is created, and shall be administered and operated exclusively, for the benefit of theUniversity, insofar as the same shall be in the aid of charitable, benevolent, religious, educational,scientific, and literary purposes, as, in the judgment of the Trustees, shall be in furtherance of the publicwelfare and done to promote the well-doing or well-being of mankind. Such distributions of theCorporate assets shall be made at one time or from time to time and at such times and in such manner andamounts, as the Trustees in their absolute discretion shall deem to be proper.This Corporation is organized as the successor to The University of Oklahoma Foundation, a TrustEstate, established on the first day of December 1944, by Trustees who, by the original indenture of trust,were empowered to incorporate in order to more conveniently or efficiently administer the said TrustEstate and its successor.In the event of the termination or liquidation of the Corporation, for any reason, after all liabilities ofthe Corporation have been paid, the remaining assets of the Corporation shall be turned over to theUniversity to be used for scientific, literary, or educational purposes, as its Board of Regents (orgoverning body) shall in its sole discretion determine, subject to any restrictions or limitations placedupon said funds when accepted. (Foundation Articles of Incorporation, 1987, edited.)Additional information is available through The University of Oklahoma Foundation Inc.’s printedand online publication, “Guidelines For Use Of Foundation Funds.”REQUEST FOR FUNDS FROM THE UNIVERSITY OF OKLAHOMA FOUNDATION, INC.7.6.1—LOANSNo University official may request or receive a loan from The University of Oklahoma Foundation,Inc., unless said request has been authorized by the Board of Regents. Requests must be submitted to theBoard of Regents and must include as a minimum, (1) the rationale for the loan, (2) the amount of theloan request, (3) the proposed term of the loan, (4) the source of funds for the repayment of the loan, and(5) the recommendation of the appropriate campus executive officer and the President. Uponauthorization of the Board of Regents, the Chair of the Board of Regents shall forward the loan request tothe President of The University of Oklahoma Foundation, Inc., for action.7.6.2—GRANTS AND AWARDSTHE UNIVERSITY OF OKLAHOMA 316