OK SB530

Authorizes the Oklahoma Veterans Commission to establish the State of Oklahoma Veterans Foundation as a private, not-for-profit charitable organization to solicit and manage contributions for veteran support services and programs.

Foundation may receive contributions from public and private sources including individuals, companies, foundations, and corporations, with funds supplementing state funding for the Oklahoma Department of Veterans Affairs.

Foundation must secure tax-exempt status under Internal Revenue Code Sections 501(c) and 509(a) and operate exclusively for charitable and educational purposes.

Prohibits Department employees from serving as voting board members and requires board members with financial interests in matters under consideration to abstain from voting on those matters.

Prohibits preferential consideration in State Veterans Home applications or admissions based on prior or pledged contributions to the Foundation, and requires financial records be made available to auditors except for donor names and privileged materials.