1 STATE OF OKLAHOMA
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2 2nd Session of the 59th Legislature (2024)
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3 SENATE BILL 1294 By: Rosino
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6 AS INTRODUCED
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7 An Act relating to the Oklahoma Department of
7 Aerospace and Aeronautics; authorizing establishment
8 of the Oklahoma Aerospace Foundation; allowing
8 Foundation to receive contributions; directing
9 Foundation to be incorporated as a 501(c); placing
9 limits on voting membership; requiring financials of
10 Foundation to be available for audit; providing for
10 codification; and providing an effective date.
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13 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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14 SECTION 1. NEW LAW A new section of law to be codified
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15 in the Oklahoma Statutes as Section 85.4 of Title 3, unless there is
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16 created a duplication in numbering, reads as follows:
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17 A. There is hereby authorized the establishment of a not-for-
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18 profit foundation, to be known as the Oklahoma Aerospace Foundation,
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19 for the purpose of encouraging contributions for the educational and
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20 industry outreach and development initiatives of the Oklahoma
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21 Department of Aerospace and Aeronautics. Such support from a not-
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22 for-profit shall be supplementary to any state funding received by
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23 the Department and shall be a means to further assist in the
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24 development of the aviation and aerospace industry in the state.
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 1 B. The Oklahoma Aerospace Foundation, created pursuant to this
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2 section, may receive contributions from any public or private source
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3 to carry out the purposes of this act including, but not limited to,
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4 gifts or grants from private individuals, companies, foundations,
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5 corporations, and others in the private and public sectors.
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6 C. Upon incorporation, the Oklahoma Aerospace Foundation shall
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7 secure tax-exempt status under the appropriate provision of Section
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8 501(c) of the Internal Revenue Code, 26 U.S.C., Section 501(c).
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9 D. No employee of the Oklahoma Department of Aerospace and
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10 Aeronautics shall be a voting member of the board of the Oklahoma
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11 Aerospace Foundation. Any member of the Foundation who may have a
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12 financial interest in an action under consideration by the
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13 Foundation shall abstain from voting on such matter.
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14 E. The Oklahoma Aerospace Foundation shall make all its
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15 financial records and documents including work papers, except for
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16 the names of donors and other privileged materials, available to
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17 auditors who are performing audits of the Oklahoma Department of
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18 Aerospace and Aeronautics.
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19 SECTION 2. This act shall become effective November 1, 2024.
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21 59-2-2594 MSBB 12/12/2023 4:52:14 PM
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