Bill No. 530 establishes the State of Oklahoma Veterans Foundation as a private, not-for-profit charitable organization under the Oklahoma Veterans Commission. The Foundation's purpose is to solicit and manage contributions to support the activities and services of the Oklahoma Department of Veterans Affairs for veterans residing in the state. It is designed to operate independently of state funding, allowing it to receive contributions from various public and private sources. The Foundation will also seek tax-exempt status under the Internal Revenue Code.

The bill outlines the governance structure of the Foundation, including the creation of a board of directors, which will be elected by the initial members determined by the Oklahoma Veterans Commission. It includes provisions to ensure that no employee of the Department can vote on the board, and any board member with a financial interest in a matter must abstain from voting. Additionally, the bill prohibits preferential treatment in the admission process to State Veterans Homes based on contributions to the Foundation and mandates that financial records be available for audit, excluding donor identities and confidential materials. An emergency clause is included, allowing the act to take effect immediately upon passage.