Okla. Stat. tit. 60, § 60-301.7

charitable trusts - Common charitable trust funds investments -

Reporting - Recovery of costs - Accounting to court.

A. Definitions. For purposes of this section:

1. "Common charitable trust fund" means a fund composed of

assets from two or more charitable trusts and other charitable

assets which are pooled for investment;

2. "Other charitable assets" means assets owned by an

affiliated charitable organization or assets contributed to the

charitable organization administering the common charitable trust

fund in exchange for the issuance of charitable gift annuity

contracts; and

3. "Affiliated charitable organization" means another

charitable organization which directly or indirectly controls or is

under direct or indirect common control with the charitable

organization administering a common charitable trust fund.

B. Powers. Any charitable organization acting as a trustee of

charitable trusts in this state may:

1. Establish one or more common charitable trust funds for the

exclusive purpose of furnishing investments to itself as fiduciary,

to itself and others as cofiduciaries, or to affiliated charitable

organizations;

2. Invest funds which it holds for investment in such common

charitable trust funds, unless:

a. the investment is prohibited by the instrument,

judgment, decree, or order creating the fiduciary

relationship,

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b. consent to investment in the common charitable trust

fund is intentionally withheld in writing by a

cofiduciary, or

c. a cofiduciary that is not a charitable organization

has the right to direct the management of the common

charitable trust fund; and

3. Employ and delegate to investment advisors, investment

counselors, state banks in Oklahoma having trust powers, national

banking associations having trust powers, and trust companies having

trust powers the discretion to make specific investment decisions

provided that the charitable organization shall at all times

maintain ultimate control of the management of the common charitable

trust fund.

C. Common charitable trust fund investments.

1. A charitable organization administering a common charitable

trust fund shall not commingle its administrative and operating

funds with its common charitable trust funds but may place its

endowment and funds its governing board has designated as endowment

in its common charitable trust funds.

2. Each charitable trust and each other charitable asset shall

be deemed to own a proportionate share of each asset of the common

charitable trust fund.

3. In determining whether the investment in the common

charitable trust fund by the charitable trust is a proper investment

for assets held by a fiduciary, the charitable organization acting

as fiduciary may consider the common charitable trust fund as a

whole and shall not be prohibited from making the investment if any

one or more of the assets of the common charitable trust fund are

nonincome producing or might not otherwise be considered proper

investments for a fiduciary account.

4. The charitable organization administering a common

charitable trust fund may limit investments in its common charitable

trust funds to investments which are compatible with or further the

charitable, religious, educational, or other eleemosynary purposes

of the charitable organization administering the common charitable

trust fund.

5. The charitable organization administering a common

charitable trust fund consisting solely of assets held in an

endowment fund, as that term is defined in the Uniform Prudent

Management of Institutional Funds Act, may invest such assets in

loans upon adequate collateral security to an affiliated charitable

organization provided that the charitable organization administering

the common charitable trust fund conforms to the standard for care

set forth in the documents creating the trusts or, in the absence of
ment fund, as that term is defined in the Uniform Prudent

Management of Institutional Funds Act, may invest such assets in

loans upon adequate collateral security to an affiliated charitable

organization provided that the charitable organization administering

the common charitable trust fund conforms to the standard for care

set forth in the documents creating the trusts or, in the absence of

a standard of care in the documents creating the trusts, to the

standard of care for fiduciaries as set forth in the Oklahoma Trust

Code, the Uniform Prudent Management of Institutional Funds Act, and

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the Oklahoma Uniform Prudent Investor Act, and provided further that

the loan furthers the charitable, religious, educational and other

eleemosynary purposes of the affiliated charitable organization.

6. In selecting investments and when making investment

decisions pursuant to this subsection, the charitable organization

shall be bound by the provisions of the Oklahoma Charitable

Fiduciary Act, the Oklahoma Trust Act, the Uniform Prudent

Management of Institutional Funds Act, and the Oklahoma Uniform

Prudent Investor Act, unless otherwise provided by law.

7. Nothing in this subsection shall diminish the standard of

care of a fiduciary of charitable trust funds or institutional

endowment funds.

D. Reporting.

1. The charitable organization administering a common

charitable trust fund shall keep records which shall at all times

show all necessary and proper matters related to the administration

of the common charitable trust fund to include the proportionate

interest in the common charitable trust fund of each trust or

investment account of an affiliated charitable organization.

2. Within one hundred twenty (120) days following the end of

the common charitable trust fund's fiscal year, the charitable

organization administering a common charitable trust fund shall make

a report of the condition of the common charitable trust fund. This

report shall include, as of the date of the report, a list of the

investments comprising the common charitable trust fund and the

value placed on each investment on such list by the charitable

organization. The report shall also include a statement of income

and disbursements since the last report and appropriate comments as

to any investment in default as to payment of principal or interest.

The reasonable expenses of preparing the report may be charged to

the common charitable trust fund.

3. The charitable organization shall send a copy of the latest

report required by this subsection annually to each person to whom a

regular periodic accounting of the trusts or other charitable assets

participating in the common charitable trust fund ordinarily would

be rendered, or shall advise each such person annually that the

report is available and that a copy will be furnished without charge

upon request.

E. Recovery of costs. The charitable organization

administering a common charitable trust fund may recover its costs

of administration of the common charitable trust fund to include a

reasonable charge for administrative overhead and the fees and costs

of investment advisors, counselors and agents.

F. Accounting to court. Unless ordered by a court of competent

jurisdiction, the charitable organization administering common

charitable trust funds is not required to render an accounting to

the court with regard to such funds. The charitable organization

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administering a common charitable trust fund may, by application to

the district court, secure approval of such an accounting after such

notice, and on such conditions as the court may establish.