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).

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.

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.