Oklahoma State University’s Foundation Aligns Operation

The Oklahoma State University (OSU) Foundation today announced plans to realign its operations to reflect the prevailing economic situation.  

“The past two years have seen record giving to OSU,” said Monty Butts, chairman of the OSU Foundation.  “However, we, like university foundations across the nation, have experienced declines in our endowment fund resulting from the global economic downturn.  We must align our budget while remaining available to serve Oklahoma State University and its donors.”

The Foundation’s management has been closely monitoring the economic developments since October of last year and implemented cost-saving measures during the fourth quarter of 2008.  These measures have already achieved significant expense reductions. 

The OSU Foundation said its plans include reducing its staff by approximately 15 positions and temproarily closing regional offices in Dallas and Houston in order to achieve a projected 20 percent decrease in its operating budget for fiscal year 2010.  This reduction includes eliminating several open positions.  In addition, the Foundation’s management team has volunteered to reduce their compensation.

The transition of the Dallas and Houston offices will be completed by June 30.  Staff affected by reductions will be provided a severance package and employee assistance services will be available to all affected and non-affected employees.

“We remain confident in OSU's philanthropic future and are encouraged and grateful that we continue to receive gifts from donors across the country,” said Kirk A. Jewell, president and CEO.  “We appreciate their ongoing support, especially during this time when Oklahoma State University has many worthy student, faculty and research initiatives.”

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