A. There is hereby authorized the establishment of a not-for-profit foundation, to be known as the Oklahoma Aerospace Foundation, for the purpose of encouraging contributions for the educational and industry outreach and development initiatives of the Oklahoma Department of Aerospace and Aeronautics. Such support from a not-for-profit shall be supplementary to any state funding received by the Department and shall be a means to further assist in the development of the aviation and aerospace industry in the state.

B. The Oklahoma Aerospace Foundation, created pursuant to this section, may receive contributions from any public or private source to carry out the purposes of this act including, but not limited to, gifts or grants from private individuals, companies, foundations, corporations, and others in the private and public sectors.

C. Upon incorporation, the Oklahoma Aerospace Foundation shall secure tax-exempt status under the appropriate provision of Section 501(c) of the Internal Revenue Code, 26 U.S.C., Section 501(c).

D. No employee of the Oklahoma Department of Aerospace and Aeronautics shall be a voting member of the board of the Oklahoma Aerospace Foundation. Any member of the Foundation who may have a financial interest in an action under consideration by the Foundation shall abstain from voting on such matter.

E. The Oklahoma Aerospace Foundation shall make all its financial records and documents including work papers, except for the names of donors and other privileged materials, available to auditors who are performing audits of the Oklahoma Department of Aerospace and Aeronautics.