The bill establishes the State of Oklahoma Veterans Foundation as a private, not-for-profit charitable organization under the Oklahoma Veterans Commission. Its primary 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. The Foundation will not be classified as a public body and can accept contributions from various sources, including private individuals and organizations. It is also required to secure tax-exempt status under the Internal Revenue Code.

Additionally, 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. It prohibits employees of the Department from being voting members of the board and mandates that any board member with a financial interest in a matter must abstain from voting. Furthermore, it ensures that no preferential treatment is given to applicants for State Veterans Homes based on contributions to the Foundation. The Foundation is also required to make its financial records available for audits, excluding donor identities and confidential materials. An emergency clause is included, allowing the act to take effect immediately upon passage.