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ENGROSSED SENATE
BILL NO. 844 By: Gillespie of the Senate
and
Hasenbeck of the House
An Act relating to charitable organizations; creating
the Safeguarding Endowment Gifts Act; providing short
title; providing certain restriction; defining terms;
prohibiting a charitable organization from using
funds in a manner inconsistent with a donor-imposed
restriction; allowing donor to file certain
complaint; requiring certain notice from charitable
organization; specifying remedies for violations;
prohibiting this act from violating certain authority
or provisions; providing for codification; and
providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 302 of Title 60, unless there is
created a duplication in numbering, reads as follows:
A. This act shall be known and may be cited as the
“Safeguarding Endowment Gifts Act”.
B. The provisions of the Safeguarding Endowment Gifts Act shall
apply only to restricted endowment funds as provided for in this
act.
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SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 302.1 of Title 60, unless there
is created a duplication in numbering, reads as follows:
As used in this act:
1. “Charitable organization” means any organization soliciting
contributions in this state that is described in Section 501(c) of
Title 26 of the United States Code, that solicits contributions as
described in this act and that is organized and operated primarily:
a. for religious, charitable, scientific, literary,
educational, artistic, cultural, economic development,
civic improvement, public safety testing, research,
humanitarian, animal welfare, recreational, or
environmental protection purposes,
b. to foster national or international amateur sports
competition, but only if no part of its activities
involves the provision of athletic facilities or
equipment,
c. to prevent cruelty to children, the elderly,
identified populations, or animals,
d. to relieve poverty, hunger, or homelessness,
e. to support law enforcement or citizen protection
organizations or agencies, or
f. to provide emergency relief.
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This term shall also include an individual representing himself
or herself as a charitable organization or purporting to act on
behalf of a charitable organization;
2. “Donor” means an individual who has executed an endowment
agreement and made a contribution of property or money subject to
the endowment agreement. As used in this act, such term shall also
include the administrator or executor of a person’s estate, a
surviving spouse if a court judgment has settled the accounts of the
estate, or a living individual designated in an endowment agreement
to act in place of a party to the agreement for the purposes
provided for in this act;
3. “Donor-imposed restriction” means a written statement within
an endowment agreement that specifies obligations on the management
or purpose of the endowment fund;
4. “Endowment agreement” means a written agreement between a
charitable organization and a donor regarding the contribution made
by the donor and accepted by the charitable organization, which may
include donor-imposed restrictions or other conditions governing the
use of the contribution;
5. “Endowment fund” means an institutional fund, as defined in
Section 300.12 of Title 60 of the Oklahoma Statutes, that, under the
terms of a gift instrument, is not wholly expendable by the
institution on a current basis. The term does not mean assets that
an institution designates as an endowment fund for its own use;
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6. “Gift instrument” means a record or records, including an
institutional solicitation, under which property is granted to,
transferred to, or held by an institution as an institutional fund;
and
7. “Property” means real property, personal property or money,
digital assets, stocks, bonds, or any other asset or financial
instrument.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 302.2 of Title 60, unless there
is created a duplication in numbering, reads as follows:
A. Except as authorized by federal or state law or valid court
order, no charitable organization that accepts a contribution
pursuant to a written donor-imposed restriction may violate the
terms of such restriction.
B. 1. If a charitable organization violates a donor-imposed
restriction contained in an endowment agreement, the donor may file
a complaint within two (2) years after discovery of the violation of
such restriction, provided that the donor shall first notify the
charitable organization and the Office of the Attorney General at
least ninety (90) days prior to filing the complaint of the donor’s
intent to file a complaint for the breach of the agreement.
2. The complaint shall be filed in a court of general
jurisdiction in the county where a charitable organization named as
a party has its principal place of business for carrying out its
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charitable activities. The complaint may be filed despite the
endowment agreement lacking an express reservation of a right to
enforce. The complaint shall not seek a judgment awarding damages
to the donor.
3. Notification of any complaint filed under this section shall
be provided immediately by the donor to the Office of the Attorney
General.
C. In the event a charitable organization is unable to fulfill
a term of an endowment agreement, the organization shall make every
effort to notify the donor within six (6) months of such inability
being identified by the organization and offer an alternative
solution that closely matches the initial term in the endowment
agreement.
D. A charitable organization may obtain a judicial declaration
of rights and duties expressed in an endowment agreement containing
donor-imposed restrictions as to all of the actions the agreement
contemplates, including, without limitation, the interpretation,
performance, and enforcement of the agreement and determination of
its validity. The charitable organization may only seek such
declaration in any suit pursuant to this section or by filing a
separate action.
E. If the court determines that a charitable organization
violated a donor-imposed restriction in an endowment agreement, the
court may order one or more remedies consistent with the charitable
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purposes expressed in the endowment agreement. The court shall not
order the return of donated funds to the donor.
F. Nothing in this act shall affect the authority of the Office
of the Attorney General to enforce any restriction in an endowment
agreement, limit the application of the judicial power of cy pres,
or alter the right of an institution to modify a restriction on the
management, investment purpose, or use of an endowment fund in a
manner permitted by the endowment agreement, the Uniform Prudent
Management of Institutional Funds Act, the Oklahoma Charitable
Fiduciary Act, the Oklahoma Uniform Trust Code, or other state law.
SECTION 4. This act shall become effective November 1, 2026.
Passed the Senate the 26th day of March, 2026.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2026.
Presiding Officer of the House
of Representatives