The bill establishes the State of Oklahoma Veterans Foundation, a private, not-for-profit charitable organization authorized by the Oklahoma Veterans Commission. The Foundation's purpose is to solicit and manage contributions to support the activities and programs of the Commission and the Oklahoma Department of Veterans Affairs, specifically aimed at assisting veterans in the state. The Foundation will not be considered a public body and can receive contributions from various sources, including private individuals and organizations. It is required to operate exclusively for charitable and educational purposes and to secure tax-exempt status under the Internal Revenue Code.

The bill outlines the governance structure of the Foundation, stating that the Oklahoma Veterans Commission will determine the initial members and elect the board of directors, with a prohibition on Department employees serving as voting members. Additionally, it mandates that any board member with a financial interest in a matter must abstain from voting on that issue. The bill also prohibits preferential treatment in the admission process to State Veterans Homes based on contributions to the Foundation and requires the Foundation to make its financial records available for audit, excluding donor identities and confidential materials. An emergency clause is included, allowing the act to take effect immediately upon passage.