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PROCEDURES FOR REFUNDS FROM VENDORS/PAYEES
Refunds from vendors/payees (e.g., unused airline tickets, refund for overpayment of goods or services, etc.) should be processed consistent with the procedures outlined below:
A. The refund check must be made payable to the University of Oklahoma. Upon receipt, the check should be restrictively endorsed and deposited within 24 hours.
B. A University of Oklahoma deposit slip must be prepared and submitted to the Bursar’s Office. See Office of the Bursar Departmental Deposits for detailed instructions.
Use of the above procedure will more accurately reflect the financial position of the department. Budget Revisions will not be used for refunds.
Refunds to grants or contracts departments should be submitted to FS/Sponsored Program Services for proper deposit and credit.