The State Regents should make a thorough study of the income received for the revolving fund of each institution and other budget agency to determine that all educational budget income, as defined by the law creating the revolving fund, the State Budget Law, and the manual of the National Committee on Standard Reports, is being collected and deposited by each institution into the revolving fund of the State Treasury as provided by law; but, in keeping with the definition of "revolving fund" recommended in the Second Annual Report of the Oklahoma Commission on Education, income from gifts, research grants and contracts which is deposited for the revolving fund of any institution shall not be considered by the Oklahoma State Regents for Higher Education in determining the allocation of state appropriated funds to each institution.
‹ Prev All Oklahoma sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.