LOANS

o University official may request or receive a loan from The University of Oklahoma Foundation (the "OU Foundation") unless said request has been authorized by The University of Oklahoma Board of Regents. Requests must be submitted to the Regents and must include as a minimum, (1) the rationale for the loan, (2) the amount of the loan 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. Upon authorization of the Regents, the Chairman of the Regents shall forward the loan request to the President of the OU Foundation for action.

No University official may request or receive any money from the OU Foundation unless said request has been authorized by the President of The University of Oklahoma. Requests for such funds shall be reviewed and approved by the appropriate dean or director, the appropriate campus executive officer, and the President. Upon authorization by the President, the request shall be forwarded to the President of the OU Foundation for action.

The above policy does not prohibit cash advances that are contractual arrangements between The University of Oklahoma and the OU Foundation which are covered by contracts approved by University Legal Counsel and authorized by The University of Oklahoma Board of Regents, nor does it prohibit short term (180 days or less) cash advances that the OU Foundation might provide a University department or college to meet a temporary cash flow requirements (e.g., football bowl game expenses pending receipt of conference allocation, immediate settle up with promoters for concerts held at Lloyd Noble Center, international travel, student group travel, etc.).

In certain instances, it may be necessary for a University unit to request advanced funds from an OU Foundation account. These situations must be extraordinary in nature and requests must be approved by the reimbursing OU account sponsor, the OU Foundation account sponsor and the respective President, Vice President or Provost.

Before requesting advance funds from the OU Foundation for any purpose, the request must be reviewed carefully. Foundation use for cash advances must be kept to a minimum.

All such requests, except for advances for grants and contracts (1X5-XXXX account), must be submitted on a "Request for Approval to Obtain Advanced Funds from OU Foundation" form to the respective President, Vice President or Provost (or their designees) for review and approval. For all approved requests, the requestor should contact the University's Legal Counsel to determine if a written agreement is required. If a written agreement is required, the requestor should work with the University's Legal Counsel to properly word the agreement and to secure the proper approvals on the agreement.

Upon approval of the agreement, an OU Foundation Payment Request form shall be prepared by the requestor, made payable to the requestor. This request must be signed by the OU Foundation account sponsor. After the OU Foundation has processed the payment request, a check is returned by the Foundation to the requestor. A copy of the approved "Request for Approval to Obtain Advanced Funds from OU Foundation", the written agreement and the processed OU Foundation Payment Request should be forwarded to the office of Financial Support Services after the check is received.

Requests for advances to meet specific provisions in grants and contracts (1X5-XXXX account) must be submitted by the requestor on a "Request for Approval to Obtain Advanced Funds from OU Foundation" form to Project Support & Compliance Assurance for review and approval if the advance is in accordance with the terms and conditions of the grant or contract. For all approved requests, an agreement between the University and the OU Foundation will be prepared by Project Support & Compliance Assurance. It is not necessary for the President, Vice President, Provost, or Dean to sign this agreement as they have previously approved the request for the advance.

An OU Foundation Payment Request form is prepared by Project Support & Compliance Assurance, made payable to the requestor. This request must be signed by the OU Foundation sponsor and the designated employees in the offices of Project Support & Compliance Assurance and Financial Support Services. After the OU Foundation has processed the payment request, a check is returned to Project Support & Compliance Assurance for transmittal to the requestor.

If the cash advance is for travel for University employees, whether regular employee or an employee paid by temporary/special payment during the project, reimbursement will be made to the OU Foundation via assigned travel claims.

Travel Reimbursement:

1. Assigned travel claims must be signed by claimant in the assignment box. Also list here the OU Foundation account number to be reimbursed.

2. When such claims are processed, send a memo to the OU Foundation advising them that, "on (date) I have processed travel claims assigned to OU Foundation account (number), (name)".

When funds advanced by the Foundation are utilized to make cash purchases for things other than travel, a memorandum is sent to the Foundation requesting a billing to the proper University account for the total amount of expenses. The following information must appear on such a memo:
1 - Foundation fund number and name receiving reimbursement
2 - PO number if applicable
3 - Total amount of requested billing

If supplies and/or equipment are purchased, a requisition to the Foundation is required if such expenses are expected to be $2,500 ($500.00 if equipment) or more. If equipment is purchased, all normal University and awarding agency policies are followed including tagging. If equipment is purchased and used off-campus, tags must be obtained and mailed to the remote location.

Personal checks are to be made payable to the OU Foundation and may be mailed through Central Mail with the Foundation account number and name and a "Deposit Request".

Traveler's checks are not to be mailed. They must be signed properly by the employee and delivered to the Foundation with a Foundation deposit slip. The Foundation will stamp their name as payee.

Cash must also be hand delivered with a Foundation deposit slip.

Questions concerning these procedures with respect to a 1X5 account should be directed to Project Support & Compliance Assurance, 325-2243. All sponsors should direct their questions regarding the procedure to Financial Support Services, 325-3021.

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