Oklahoma State University's new president says the school is cutting off funds for its Innovation Foundation, which is central to a scathing audit.

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).

Oklahoma State University has shut down a foundation that was the subject of an internal audit that led to the resignation last month of President Kayse Shrum, OSU's interim president said Tuesday. In an email to faculty and staff,

Oklahoma State University will cease funding for its Innovation Foundation after an audit revealed $41 million in misappropriated funds, with $11.5 million transferred without proper contracts. Organizational changes are also underway.

The Oklahoma State University Interim President addressed the recent audit that found issues in the management and allocation of state funds at OSU.