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.
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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. 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.