The bill establishes the State of Oklahoma Veterans Foundation, a private, not-for-profit organization authorized by 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 both public and private sources. The Foundation will be incorporated and aims 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 membership and elect the board of directors. It includes provisions to ensure that no employee of the Department can vote on the board and prohibits preferential treatment in the admission process to State Veterans Homes based on contributions to the Foundation. Additionally, the Foundation is required to make its financial records available for audit, with certain exceptions for donor confidentiality. An emergency clause is included, allowing the act to take effect immediately upon passage.