Are the University's financial records audited by a public accounting firm?
What happens if I overspend my account?
What are the University's taxpayer ID numbers?
What is the administrative overhead rate that is charged to agency special accounts?

Are the University's financial records audited by a public accounting firm?

The University currently engages two public accounting firms to audit various financial records. Cole & Reed, PC conducts an annual audit of the University's general purpose financial statements. The most recent audit was for the fiscal year ended June 30, 2001. A copy of the most recent audit can be obtained by contacting the Office of Internal Auditing at (405) 325-3411.

Cole & Reed, PC also conducts an annual audit of federal awards received by the University. This audit is conducted under generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. This audit is commonly referred to as the single audit and is a federal requirement as stipulated in the Office of Management and Budget (OMB) Circular A-133. The most recent single audit was for the fiscal year ended June 30, 2001. A copy of this audit can be obtained by contacting the Project Support Office at (405) 325-2243.

What happens if I overspend my account?

If you overspend your account and do not take immediate steps to correct the over expenditure, your account could be suspended. If your account is suspended, no expenditure transactions, including payroll, will be processed against your account. The University's deficit policy and the procedures for clearing the deficit are contained in the University Guide to Services.

What are the University's taxpayer ID numbers?

The University is exempt from Federal income tax under Section 115(a) of the Internal Revenue Code.

The University is exempt from Federal Excise Tax under exemption number 73-73-0163K.

The University is exempt from payment of state/local sales tax pursuant to title 68 O.S. Section 1356(l).

Should you require the University's taxpayer ID numbers, please contact the University's Controller at (405) 325-3021 or the University's Director of Purchasing at (405) 325-2811.

What is the administrative overhead rate that is charged to agency special accounts?

The administrative overhead rate is computed annually by the Controller's Office during the first calendar quarter to become effective for the fiscal year beginning the next July 1. Revenues generated by the administrative overhead rate are used to help fund the University's educational and general budget. These revenues are not designated to fund specific functions.

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