<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=3UNo2F_0za6ObI200" alt="https://img.particlenews.com/image.php?url=3UNo2F_0za6ObI200" width="1777" height="1166" ><figcaption>In an email Monday, it was announced the Innovation Foundation will be disbanded after an internal audit exposed Oklahoma State violated state laws through misappropriating $41 million in state dollars. Payton Little // @lil.flicks_</figcaption></figure>Several organizational changes have been made in the wake of an audit that found Oklahoma State mismanaged millions in state funds. The changes, announced Monday in an email from Interim President Jim Hess, include cutting off funding for the Innovation Foundation, which was at the heart of the $41 million in misappropriated funds. "As part of our work to address issues raised in the audit, we have made the difficult decision to discontinue funding for the The Innovation Foundation at OSU and the shared services and facilities positions within it," Hess' statement read. "This decision was necessary as the financial structure of The Innovation Foundation is simply not sustainable. We are working closely with affected employees to provide transition support during this challenging time."Hess said the financial decisions and transactions were "isolated and do not impact OSU’s overall financial foundation."The OSU/A&amp;M Board of Regents met Friday, and Regent Jennifer Callahan addressed the internal audit afterward. She said she took action to freeze funds to the Innovation Foundation in January after employee complaints of fund mismanagement and observing a meeting that violated the Open Meeting Act. The internal audit found that the Innovation Foundation generated 2% of its revenue, with 96% coming from misappropriated funds. Revenue rapidly declined at the foundation, from $4.2 million in FY23 to $955,000 in FY24 to $150,000 so far in FY25. According to the Innovation Foundation's website, its mission was to "maximize the impact of OSU’s excellence in aerospace and advanced mobility, energy, agriculture, and One Health by translating innovative applied research into products and services, facilitating strong partnerships with aligned industry and regional partners, and investing in the development of emerging companies — all for the benefit of society." Other organizational changes include naming Dr. Jeff Stroup as the CEO of the Oklahoma State University Veterinary Medicine Authority. Hess previously served as the CEO. Building a new veterinary teaching hospital is one of Hess' top priorities, as well as one that the regents have placed emphasis on.</div></body>

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Several organizational changes have been made in the wake of an audit that found Oklahoma State mismanaged millions in state funds. The changes, announced Monday in an email from Interim President Jim Hess, include cutting off funding for the Innovation Foundation, which was at the heart of the $41 million in misappropriated funds.

OSU cuts Innovation Foundation after scathing audit

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Several organizational changes have been made in the wake of an audit that found Oklahoma State mismanaged millions in state funds. The changes, announced 

OSU cuts Innovation Foundation after scathing audit

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