| FORM 990, PART V, LINE 1A |
THE UNIVERSITY FILED FIVE SEPARATE 1096 FORMS. ONE MARKED 2 IN BOX 3 FOR 1099-INT. TWO MARKED 1 IN BOX 3 FOR 1098-C. ONE MARKED 1 IN BOX 3 FOR 1099-MISC. ONE MARKED 552 IN BOX 3 FOR 1099-MISC. THESE FIVE FILINGS TOTALLED 557, THE NUMBER LISTED ON FORM 990, PART V, LINE 1A. |
| FORM 990, PART VI, SECTION A, LINE 2 |
ROBERT E. LORTON AND ROBERT E. LORTON, III ARE FATHER AND SON. |
| FORM 990, PART VI, SECTION B, LINE 11 |
THE 990 IS REVIEWED BY AN INDEPENDENT CPA FIRM HIRED BY THE UNIVERSITY AND MEMBERS OF THE UNIVERSITY OF TULSA'S AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. |
| FORM 990, PART VI, SECTION B, LINE 12C |
IN THE ABSENCE OF FRAUD, NO CONTRACT OR OTHER TRANSACTION BETWEEN THE UNIVERSITY AND ANY OTHER CORPORATION, PARTNERSHIP, ENTITY OR PERSON (COLLECTIVELY CALLED "PERSON"), INCLUDING A TRUSTEE SHALL BE AFFECTED BY THE FACT THAT ONE OR MORE TRUSTEES OF THE UNIVERSITY ARE STOCKHOLDERS, PARTNERS, EMPLOYEES OR HAVE AN INTEREST IN SUCH PERSON. EACH TRUSTEE SHALL FORMALLY DISCLOSE TO THE PRESIDENT ANY INTEREST SUCH TRUSTEE HOLDS WHICH MAY GIVE RISE TO AN ACTUAL, APPARENT OR APPEARANCE OF CONFLICT OF INTEREST IN A TRANSACTION AFFECTING THE UNIVERSITY OR THE BOARD OF TRUSTEES, REGARDLESS OF WHETHER SUCH TRANSACTION IS SUBJECT TO APPROVAL BY THE BOARD OF TRUSTEES, AND SHALL ABSTAIN FROM ANY VOTE REGARDING ANY TRANSACTION INVOLVING SUCH ACTUAL OR APPARENT CONFLICT OF INTEREST. ONCE SUCH CONFLICT HAS BEEN FORMALLY DISCLOSED AND THE TRANSACTION APPROVED OR RATIFIED, WHETHER BY THE BOARD OF TRUSTEES OR BY OTHER APPROPRIATE PROCEDURE, NO TRUSTEE SHALL BE LIABLE TO ACCOUNT TO THE UNIVERSITY FOR ANY PROFIT REALIZED PERSONALLY FROM OR THROUGH ANY SUCH TRANSACTION OR CONTRACT OF THIS UNIVERSITY, SO RATIFIED OR APPROVED, BY REASON OF SUCH TRUSTEE'S INTEREST IN SUCH TRANSACTION OR CONTRACT. TRUSTEES SO INTERESTED MAY BE COUNTED WHEN PRESENT AT MEETINGS OF THE BOARD OF TRUSTEES OR OF SUCH COMMITTEE FOR THE PURPOSE OF DETERMINING THE EXISTENCE OF A QUORUM. |
| FORM 990, PART VI, SECTION B, LINE 15A |
EACH YEAR THE HUMAN RESOURCE DEPARTMENT OF THE UNIVERSITY COMPLETES A COMPENSATION SURVEY PROJECT. INFORMATION IS GATHERED FROM THE COLLEGE AND UNIVERSITY PERSONNEL ASSOCIATION (CUPA) DATA. THIS COVERS DOCTORAL INSTITUTIONS AND THE UNIVERSITY'S PEER GROUP. OTHER NOTABLE SURVEYS USED BY THE UNIVERSITY ARE THE HEIT IT SURVEY FOR COLLEGES/UNIVERSITIES AND THE NCAA DIVISION I ATHLETIC SURVEY ALONG WITH VARIOUS STATE AND LOCAL SURVEYS. THIS INFORMATION IS PRESENTED ANNUALLY TO THE ADMINISTRATION. |
| FORM 990, PART VI, SECTION C, LINE 19 |
(SCHEDULE C, LINE 19) THE UNIVERSITY PROVIDES THE FINANCIAL STATEMENTS OF THE UNIVERSITY OF TULSA ON THE UNIVERSITY'S WEBSITE. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLC. |
| FORM 990, PART XI, LINE 9: |
ADJUSTMENT FOR UNRECOGNIZED POSTRETIREMENT COSTS -486,577. ENDOWMENT DISTRIBUTIONS OF REALIZED GAINS 20,461,672. FUNDS TRANSFERRED FROM THE GILCREASE MUSEUM MANAGEMENT TRUST 160,000. |
| FORM 990, PART XII, LINE 2: |
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 REPORTED 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. |
| FORM 990, PART XII, LINE 2C |
THE ORGANIZATION'S AUDIT 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 CIO 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 CIO 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 ALL MATERIAL WRITTEN COMMUNICATIONS BETWEEN THE INDEPENDENT AUDITORS AND MANAGEMENT. 7. REVIEW WITH MANAGEMENT AND 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 |
| FORM 990, PART IV, LINE 27 |
THE UNIVERSITY OF TULSA PROVIDES ACADEMIC SCHOLARSHIPS BASED ON THE APPLICANT'S MERITS. NO DISTINGUISHMENT IS MADE FOR APPLICANTS THAT HAVE AN EMPLOYMENT RELATIONSHIP WITH THE UNIVERSITY OR A FAMILY RELATIONSHIP WITH ITS EMPLOYEES, OFFICERS, DIRECTORS OR TRUSTEES OF THE UNIVERSITY. |
Attach to Form 990 or 990-EZ.