University of Tulsa

“The director of accounting and payroll gathers the form 990 information and provides it to an independent cpa firm to prepare and review the form 990. A draft of the form 990 is provided to management for review. Any questions or concerns are addressed. The form 990 is then provided to the board of trustees for their review and approval prior to filing.”

“Disclosure of financial interests: a trustee who has a known material financial interest in a pending or proposed transaction or business arrangement involving the university shall promptly disclose to the board the existence of the interest and other material information that the trustee may have regarding the transaction or arrangement. In addition, each trustee shall annually sign and submit to the secretary of the board a statement disclosing all material financial interests, known to the trustee, of the trustee or a family member, in any outside entity with which the trustee knows the university has or is considering a transaction or other business relationship, or affirming that the trustee knows of no such interests. Determination whether conflict of interest exists: the secretary shall review annual disclosure statements to determine whether a material financial interest has been disclosed. If a material financial interest has been disclosed, the secretary shall promptly submit to the chair of the board's audit committee or, if the interests involve the chair of the audit committee, another member of the audit committee, such disclosure forms together with any additional information about the current or proposed transaction or business relationship that may give rise to a conflict of interest that the secretary in consultation with the audit committee believes may be informative. The audit committee shall review the matter and determine whether there is a conflict of interest. If the interests being reviewed involve a member of the audit committee, the member shall not participate in or be present during the committee's consideration of the matter except as requested by the committee to answer questions or provide information. The audit committee may review such information as it deems pertinent, including posing questions to the interested trustee involved. If the audit committee determines that there is a conflict of interest, it shall so advise the interested trustee, who shall have an opportunity to address the matter with the audit committee. If the audit committee or the trustee involved believes that to do so is indicated, the matter may be referred to the board. If a conflict of interest determination is referred to the board, either following review by the audit committee or if disclosure is made in the first instance to the board (for example, where a trustee becomes aware of a possible conflict of interest during or just before a meeting of the board), unless the trustee elects recusal, the board shall decide whether a conflict of interest exists. The board may question the interested trustee, and the trustee shall have an opportunity to address to the board whether there is a conflict. The interested trustee shall leave the board meeting while the disinterested members of the board determine, by majority vote, whether the financial interest gives rise to a conflict of interest. If it is determined that no conflict of interest exists, the interested trustee may rejoin the meeting and participate fully in the discussion of and vote on the proposed transaction or arrangement. Consideration of matters involving conflict of interest: if the board determines that a trustee has a conflict of interest in a matter before the board, the board may permit the interested trustee to make a presentation regarding the matter, but the interested trustee shall not participate in the discussion of, and the vote on, the proposed transaction or arrangement. The board shall approve the transaction or arrangement only upon a finding, by a majority vote of the disinterested trustees, that the transaction or arrangement is in the university's best interest, is for the university's benefit, and is fair and reasonable to the university. The board may engage such consultants as it deems necessary or useful to assist its determination of these issues.”

“The compensation committee of the board reviews all multi-year contracts of employment and any employment offer for the president. The committee compares to the salary survey provided by independent outside consultants. This process is conducted annually.”

“The university posts its financial statements on the university website”

“OTHER PROGRAM SERVICE - Total Revenue: 5328840, Related or Exempt Function Revenue: 5328840, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;”

“CONSULTING SERVICES - Total Expense: 4664766, Program Service Expense: 4402338, Management and General Expenses: 238324, Fundraising Expenses: 24104; MAINTENANCE FEES - Total Expense: 10617916, Program Service Expense: 9483527, Management and General Expenses: 1134389, Fundraising Expenses: 0; PROFESSIONAL SERVICES - Total Expense: 22045152, Program Service Expense: 17771732, Management and General Expenses: 3881801, Fundraising Expenses: 391619;”

“Endowment distributions of realized gains - 51353508; adjustment for unrecognized postretirement costs - 89647; unrelated buisness income from investment k-1s - -2103812; change in beneficial interest in funds held by others - 21025346; transfer from related organization - -2737068;”

“On july 1, 2008, the university of tulsa contracted with the city of tulsa to manage the gilcrease museum. The gilcrease museum management trust was formed, applied for and was accepted as an exempt 501(c)(3) organization by the internal revenue service on 2/12/2008. The university of tulsa reports its financial statements on a consolidated basis that includes the gilcrease museum management trust's activities as required by accounting series codification 958-810-25. For irs compliance purposes, the university of tulsa's financial information report on form 990 does not include the gilcrease museum management trust's financial information. The gilcrease museum management trust files form 990 separately from the university of tulsa.”

“The organization's audit and risk management committee of the board of trustees is charged with the following duties: 1. Recommend hiring independent auditors, counsel, or other consultants as necessary. 2. Review with management the policies and procedures with respect to officers, key employees, disqualified persons, expenses accounts, and perks, including excess benefit transactions. 3. Inquire of management, the independent auditors, and chief financial officer about significant risks or exposures facing the organization; assess the steps management has taken or proposes to take to minimize such risks to the university and periodically conduct reviews. 4. Review with independent auditors and chief financial officer the adequacy of the organization's internal controls. 5. Review with independent auditor the annual audit of the university and all critical accounting policies and practices used by the university. 6. Review written communications between the independent auditors and management. 7. Review with management and the independent auditors: a. The university's annual financial statements and related footnotes. B. The independent auditors' audit of financial statements and their report. C. Any significant changes required in the independent auditors' audit plan. D. The university's filing of the irs form 990. 8. Periodically review the organization's code of conduct/ethics to ensure that it is adequate and up-to-date. 9. Review procedures for the confidential, anonymous submission by employees regarding questionable accounting or auditing matters. This process has not changed from prior year.”