Oklahoma State University lays off twelve Innovation Foundation staff

Oklahoma State University (OSU) has laid off twelve employees from its Innovation Foundation following a serious internal audit. This audit revealed that $41 million in legislatively appropriated funds were misused, including $11.5 million that was wrongly allocated to the foundation. OSU has decided not to offer severance pay to the laid-off employees. However, they will remain with the university until June 1. A university spokesperson, Jeff Hopper, stated that the university is helping these employees explore other job opportunities within OSU. The decision to stop funding the Innovation Foundation was announced by OSU's interim president, Jim Hess. He mentioned that the layoffs affected employees in shared services and facilities. Hess also emphasized that the university is committed to providing support to those affected during this transition. The audit was released shortly after the unexpected resignation of former OSU President Kayse Shrum. It noted that the Innovation Foundation was struggling financially and failed to generate sufficient independent funding. While the foundation was part of Shrum's strategic vision for the university, officials have not indicated that her resignation was linked to the audit findings. Shrum's resignation letter did not explain her reasons for leaving or mention the foundation. The audit recommended that the misused funds be returned to their rightful source within the university. Hess and Chief Financial Officer Chris Kuwitzky will oversee the implementation of the audit's recommendations.