1. A. The Oklahoma State System of Higher Education, established by Article XIII-A of the Constitution of this state, shall operate an allotment system similar to the procedure set out in this act for other agencies of the state except that the Oklahoma State Regents for Higher Education shall be substituted for the State Budget Director in connection with approving allotment requests of the constituent institutions comprising the Oklahoma State System of Higher Education. The account classification for the State System of Higher Education shall conform as nearly as possible with the classification of accounts recommended by the National Committee on Standard Reports for Institutions of Higher Education. The Board of Regents shall allocate to each institution under its control from the consolidated, or lump sum appropriation made by the Legislature, an amount sufficient to meet the needs and functions of each institution for the entire year as is now provided by law, or may hereafter be provided by law. The amount allocated to each institution for each fiscal year in accordance with Article XIII-A, Oklahoma Constitution, shall be made in a lump sum without regard to uniform budget or accounting classifications, but shall not be available for expenditure until subsequently allotted by the Regents in accordance with the uniform budget and accounting classifications recommended by the National Committee on Standard Reports.
2. B. The Oklahoma State Regents for Higher Education may reduce the allocation of funds which could otherwise be made to an institution within The Oklahoma State System of Higher Education in order to make payments for leases within the lease financing program authorized by Section 4 of this act.
3. C. The Regents, with the approval of the Budget Director, may allot money to any constituent institution under said Regents to set up and operate a petty cash fund at said institution, said fund to be reimbursed upon the filing of claims showing the purposes for which the funds were expended. The Division of Central Accounting and Reporting shall make cash allocations of revenue in accordance with Section 23, Article 10, Constitution of Oklahoma, to each of the constituent institutions, considering the total allocation made by the Regents from the lump sum legislative appropriations as the total appropriation for each institution, in lieu of legislative appropriations. All institutional income available for educational and general purposes, as defined in the uniform budget and accounting classifications recommended by the National Committee on Standard Reports, and including income defined by law as revolving fund income, shall operate as a continuing nonfiscal appropriation which may be spent for any educational and general purposes for which appropriated funds may be spent, if allocated and allotted as provided in this section; provided that the obligations as they are incurred may not exceed the unencumbered balance of cash on hand in accordance with Section 23, Article 10, Constitution of the State of Oklahoma.
4. D. At least thirty (30) days prior to the beginning of each fiscal year, each of the constituent institutions shall file with the Regents its request for appropriation allotments for each of the purposes for which expenditures are to be made. Such requests shall be broken down to conform to the uniform budget or accounting classifications recommended by the National Committee on Standard Reports. Each institution's request for appropriation allotments shall show the amount required to finance each item of the request for the entire year and for each quarter or each six-months period within the fiscal year, as required by the Budget Director.
5. E. The Regents, or their designated official or employee who has been authorized to approve itemize allotment requests, shall consider the allotment requests for the purpose of making a determination of: (1) that the current financial requirements of the institution concerned justify the allotment to be made; (2) that the accounting classification is sufficient to reflect the purpose for which expenditures are to be made and that such classification is in accordance with the budget classifications adopted by the Budget Director and the Regents, which shall conform as nearly as possible to the account classification recommended by the National Committee on Standard Reports for Institutions of Higher Education; (3) that the realization of estimated revenues determined by the Budget Director is sufficient to allow the commitments to be made.
6. F. In allotting appropriations and other funds, and approving subsequent allotments which may be required by each institution, the Regents shall follow the same general procedure set forth in this act for other agencies of the state not under the control of said Regents, except as otherwise provided in this section. All forms and account classifications shall be mutually agreed upon by the Budget Director and the State Regents. The Regents shall file approved requests of constituent institutions with the Division of Central Accounting and Reporting and such approved requests shall be entered on the records of the State in the same manner as is provided in this act for other agencies of the state. The State Regents and the Budget Director shall approve any request from the administrative head of a constituent institution for amendment of the approved schedule of positions and salaries, or transfers between items, so long as the currently approved allotment for such purposes is not exceeded; and each such amendment shall be filed with the Budget Director, in such detail as he may require, prior to the date on which the first payroll or other disbursement affected by such amendment is submitted for payment.
7. G. In the event that the realization of estimated revenues at any time during the fiscal year indicates that the total revenue for that fiscal year to any state fund will be insufficient at the end of the fiscal year to meet the total appropriations from that fund, the State Budget Director shall notify the Oklahoma State Regents of Higher Education as to the amount of reduction necessary against the consolidated, or lump sum appropriations, made to the Regents. The Regents in making itemized allotments during the fiscal year, may reserve an amount sufficient to meet a reasonable failure of revenue until receipt of notice from the Budget Director that the realization of estimated revenues indicates that the total appropriation may be allotted for expenditure. Upon receipt of notice from the Budget Director of a necessary reduction in the consolidated, or lump sum appropriation, to meet a failure in revenue, the Regents of Higher Education shall immediately take action to control the approval of subsequent allotment requests sufficient to make the aggregate reduction in allotments of all constituent institutions under their control equal the amount of reduction ordered against the lump sum appropriation made by the Legislature. Such reductions against the lump sum appropriation shall not exceed the percentage reduction ordered against other agencies of the state in accordance with Section 23, Article 10, Oklahoma Constitution.

Laws 1947, SB 36, p. 374, § 14, emerg. eff. February 25, 2009; Amended by Laws 1999, SB 151, c. 371, § 5, emerg. eff. July 1, 1999 (superseded document available).