The recently released audit from the Office of Internal Audit at the Oklahoma Agricultural and Mechanical Colleges Board of Regents has revealed significant financial mismanagement of state-appropriated funds at Oklahoma State University.

The Innovation Foundation, Inc., formerly known as the Oklahoma State University Research Foundation, is at the center of a recently released audit detailing financial mismanagement at Oklahoma State University (OSU).

An internal audit of the OSU Innovation Foundation says the handling of $41 million in state appropriations did not conform with state law and university and state regents' policy.