Oklahoma § 72-441 - State of Oklahoma Veterans Foundation – Authorization Purpose

§ 72-441. State of Oklahoma Veterans Foundation – Authorization Purpose

A. There is hereby authorized the establishment by the Oklahoma

Veterans Commission of a private, not-for-profit, charitable

organization to be known as the “State of Oklahoma Veterans

Foundation”. The Foundation shall be for the purpose of soliciting,

accepting, receiving, holding, investing, managing, utilizing, and

expending contributions of money, real or personal property, and

services, for use in support of the activities, services,

facilities, properties, and programs of the Commission and the

Oklahoma Department of Veterans Affairs, as they support veterans

who are residents of this state. Such contributions shall be

supplementary to any state funding received by the Department and

shall provide a means to further assist the needs of the veteran

community in this state.

B. The Foundation created pursuant to this act shall not be a

public body and may receive contributions from any public or private

source to carry out the purposes of this act including, but not

limited to, gifts or grants from private individuals, companies,

foundations, corporations, and others in the private and public

sectors.

C. Upon incorporation, the Foundation shall operate exclusively

for charitable and educational purposes and shall secure tax-exempt

status under the appropriate provision of Sections 501(c) and 509(a)

of the Internal Revenue Code of 1986, as amended, 26 U.S.C.,

Sections 501(c) and 509(a).

D. The Department shall be authorized to create the board of

the Foundation. The commissioners of the Oklahoma Veterans

Commission shall determine the initial members of the Foundation and

elect the board of directors of the Foundation. No employee of the

Department shall be a voting member of the board of directors of the

Foundation. Any voting member of the board of directors of the

Foundation who may have a financial interest in an action under

consideration by the Foundation shall abstain from voting on any

such matter.

Oklahoma Statutes - Title 72. Soldiers and Sailors

E. No administrator of the Department shall provide any

preferential consideration to a potential resident of a State

Veterans Home in the application or admission process due to any

prior or pledged contribution to the Foundation.

F. The Foundation shall make all of its financial records and

documents including work papers, except for the names of donors and

other privileged or confidential materials, available to auditors

who are performing audits of the Department.

Added by Laws 2025, c. 6, § 1, emerg. eff. April 23, 2025.