{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-4306","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-4306","heading":"Gifts, devises and bequests - College- or university-","body":"related foundation funds.\n\nA. All state higher educational institutions, constituent\n\nagencies or other entities are hereby authorized to accept and\n\nreceive any and all grants or contracts of all kinds, gifts, devises\n\nand bequests of money or property, either real or personal, which\n\nmay be, or which may heretofore have been tendered to them by grant\n\nor contract, will or gift, conditionally or unconditionally; and the\n\nBoard of Regents of said institutions, constituent agencies or other\n\nentities are hereby directed, authorized and empowered to hold such\n\nfunds or property in trust, or invest or sell them and use either\n\nprincipal or interest or the proceeds of sale for the benefit of\n\nsuch institutions or entities or the students or others for whose\n\nbenefit such institutions or entities are conducted; all in any\n\nmanner which is consistent with the terms of the gift as stipulated\n\nby the donor and with the provisions of any applicable laws. Money\n\ndonated to a college- or university-related foundation for student\n\nscholarships or grants to students of an institution of The Oklahoma\n\nState System of Higher Education shall not be loaned or given to any\n\nregent, officer, director, or employee of such foundation or\n\ninstitution or to any relative of such person within the third\n\ndegree of affinity or consanguinity. The following, however, shall\n\nnot be prohibited:\n\n1. Students in the employ of such foundation or institution may\n\nbe given scholarships; and\n\n2. Scholarships may be awarded to an otherwise disqualified\n\nrelative of any faculty member, staff employee, foundation or\n\ninstitution officer or maintenance worker of such foundation or\n\ninstitution if such relative is meritoriously qualified.\n\nB. Any person willfully violating the prohibitions of\n\nsubsection A of this section shall be guilty of a Class D1 felony\n\noffense punishable by imprisonment as provided for in subsections B\n\nthrough F of Section 20N of Title 21 of the Oklahoma Statutes, or by\n\na fine of not more than Twenty Thousand Dollars ($20,000.00), or by\n\nboth such fine and imprisonment. Any person found guilty of said\n\nviolations shall also be subject to immediate removal from office or\n\nemployment where applicable.\n\nC. The Oklahoma State Regents for Higher Education, any\n\ninstitution or agency of The Oklahoma State System of Higher\n\nEducation or the regents or governing board of such institution or\n\nagency shall not directly or indirectly transfer any funds to any\n\ncollege- or university-related foundation or render services or\n\nprovide any thing of value to any such foundation without receiving\n\ndocumented adequate payment or reimbursement therefor according to\n\nwritten contract; provided, nothing herein shall be construed as\n\nprohibiting payment by the institution or agency of claims for\n\nexpenses of fund raising for the benefit of the institution or\n\nagency by state employees if such fund raising activities are\n\napproved in advance by the governing board of regents responsible\n\nfor such institution or agency and made a part of the minutes of the\n\nmeeting of the board.\n\nD. Neither the Oklahoma State Regents for Higher Education nor\n\nany institution or agency of The Oklahoma State System of Higher\n\nEducation shall receive any funds, services, or thing of value from\n\nany college- or university-related foundation which has any officers\n\nor employees who are officers or employees of any institution or\n\nagency of the State System or State Regents unless such foundation\n\nmakes all its financial records and documents, including work\n\npapers, except for names of donors, available to auditors who are\n\nperforming audits of the institution or agency.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"778d85bf7799faa4e1c928833ffea79e6e683671e8dacccbcc916a2795c2b470","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-4305","next":"us-ok/okla.-stat.-tit.-70-70-4307"},"notice":"GroundRules: Original legal text. Not legal advice."}