Senate Bill No. 530 establishes the State of Oklahoma Veterans Foundation, a private, not-for-profit organization aimed at supporting veterans in Oklahoma. The Foundation will be responsible for soliciting and managing contributions to enhance the activities and services provided by the Oklahoma Veterans Commission and the Oklahoma Department of Veterans Affairs. It is designed to operate independently of state funding, allowing it to receive donations 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 by the Oklahoma Veterans Commission, which will elect its initial members. It includes provisions to ensure that no Department employee can vote on matters where they have a financial interest, and it prohibits preferential treatment in the admission process for 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.