{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-2310","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-2310","heading":"Budget - Operating budget - Programs budget","body":"A. The Board of Directors of the Tobacco Settlement Endowment\n\nTrust Fund shall adopt a budget for each fiscal year after the Board\n\nof Directors has been notified by the Board of Investors of the\n\namount of earnings available for distribution. The budget shall be\n\nbroken out into an operating budget and a programs budget. The\n\nbudget shall be presented to the Board of Investors of the Tobacco\n\nSettlement Endowment Trust Fund and filed with the Office of\n\nManagement and Enterprise Services.\n\n1. The operating budget shall consist of the administrative\n\nexpenses of the Board of Directors and the administrative expenses\n\nof the State Treasurer approved by the Board of Directors of the\n\nTobacco Settlement Endowment Trust Fund.\n\na. Administrative expenses include the portion of\n\nsalaries, travel, and other administrative expenses of\n\nthe Board of Investors and Board of Directors of the\n\nTobacco Settlement Endowment Trust Fund that cannot be\n\nidentified with a specific program of the Board of\n\nDirectors. Administrative expenses allocable to the\n\noperating budget may also include, but are not limited\n\nto: regular board and committee meetings; staff\n\nmeetings; personnel or human resource management;\n\nboard legal services; board consultant services;\n\ncentral purchasing and procurement; board budgeting,\n\naccounting and auditing; and public information\n\nactivities.\n\nb. Administrative expenses do not include program\n\nexpenses as defined below or the professional expenses\n\npaid by the Board of Investors related to the\n\nmanagement of the Trust Fund. The fees paid to\n\ninvestment managers and the custodian bank must be\n\nproperly disclosed and approved by the Board of\n\nInvestors or authorized staff in the Office of the\n\nState Treasurer, but the fees may be paid from assets\n\nunder management.\n\nc. Administrative expenses of the Board of Directors may\n\nnot exceed fifteen percent (15%) of the annual amount\n\nof earnings certified by the Board of Investors.\n\n2. The programs budget shall consist of the program expenses of\n\nthe Board of Directors.\n\na. Program expenses include direct funding awarded to\n\ngrantees or contractors under grants programs\n\ndeveloped by the Board. Program expenses allocable to\n\nthe programs budget may also include, but are not\n\nlimited to, staff time, represented by a proportional\n\namount of the employee's salary, and board and staff\n\ntravel expenses that can be identified to benefit a\n\nspecific program of the Board of Directors.\n\nb. Other expenses allocable to the programs budget may\n\ninclude, but are not limited to: special board and\n\ncommittee meetings to conduct an activity identifiable\n\nto a specific program; contracted consultants,\n\ntechnical or program support personnel assigned\n\ndirectly to specific programs; professional services\n\ncontracts to evaluate, audit or provide budgeting,\n\naccounting, auditing or legal services for specific\n\nprograms or program grantees, contractors or\n\nparticipants; and training or informational activities\n\nto inform applicants, contractors, grantees or the\n\npublic about a specific program developed by the Board\n\nof Directors.\n\n3. The Board shall develop policies and procedures to define,\n\nclarify, and implement the allocation of identified expenses to\n\neither the programs or operating budget.\n\n4. All operating expenses and program expenses shall be paid\n\nout against the amount of earnings from the Tobacco Settlement\n\nEndowment Trust Fund.\n\nB. The Board of Investors shall ensure that sufficient cash is\n\ntransferred at appropriate times to honor these claims, but shall\n\nkeep as much as possible of the trust fund invested at all times.\n\nThe operating budget of the Board of Directors shall be allotted in\n\ntwelve substantially equal amounts throughout the fiscal year.\n\nAmounts to be distributed to carry out the purposes of the Tobacco\n.\n\nB. The Board of Investors shall ensure that sufficient cash is\n\ntransferred at appropriate times to honor these claims, but shall\n\nkeep as much as possible of the trust fund invested at all times.\n\nThe operating budget of the Board of Directors shall be allotted in\n\ntwelve substantially equal amounts throughout the fiscal year.\n\nAmounts to be distributed to carry out the purposes of the Tobacco\n\nSettlement Endowment Trust Fund Act shall be made available as\n\nneeded and determined by the Board of Directors of the Tobacco\n\nSettlement Endowment Trust Fund.\n\nC. The Board of Directors shall direct the Board of Investors\n\nof the Tobacco Settlement Endowment Trust Fund to set aside\n\nsufficient cash reserves out of earnings from the Tobacco Settlement\n\nEndowment Trust Fund to ensure that the expenses of the Board of\n\nDirectors and Board of Investors of the Tobacco Settlement Endowment\n\nTrust Fund and the State Treasurer may be funded in the event that\n\nthere is insufficient earnings achieved in a future year to cover\n\nthose expenses. Earnings from a fiscal year may be carried over or\n\nused as reserves for expenditure in future fiscal years.\n\nD. The Board of Investors shall calculate earnings of the\n\nTobacco Settlement Endowment Trust Fund for the fiscal year ending\n\nJune 30, 2003, and future fiscal years pursuant to this act.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a64606e5d58738d2a1a4d18baaea8cdeae0fb65ead98e728d1852b2dbdf5835f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-2309","next":"us-ok/okla.-stat.-tit.-62-62-2315"},"notice":"GroundRules: Original legal text. Not legal advice."}