{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-301.7","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-301.7","heading":"Powers of charitable organizations acting as trustees of","body":"charitable trusts - Common charitable trust funds investments -\n\nReporting - Recovery of costs - Accounting to court.\n\nA. Definitions. For purposes of this section:\n\n1. \"Common charitable trust fund\" means a fund composed of\n\nassets from two or more charitable trusts and other charitable\n\nassets which are pooled for investment;\n\n2. \"Other charitable assets\" means assets owned by an\n\naffiliated charitable organization or assets contributed to the\n\ncharitable organization administering the common charitable trust\n\nfund in exchange for the issuance of charitable gift annuity\n\ncontracts; and\n\n3. \"Affiliated charitable organization\" means another\n\ncharitable organization which directly or indirectly controls or is\n\nunder direct or indirect common control with the charitable\n\norganization administering a common charitable trust fund.\n\nB. Powers. Any charitable organization acting as a trustee of\n\ncharitable trusts in this state may:\n\n1. Establish one or more common charitable trust funds for the\n\nexclusive purpose of furnishing investments to itself as fiduciary,\n\nto itself and others as cofiduciaries, or to affiliated charitable\n\norganizations;\n\n2. Invest funds which it holds for investment in such common\n\ncharitable trust funds, unless:\n\na. the investment is prohibited by the instrument,\n\njudgment, decree, or order creating the fiduciary\n\nrelationship,\n\nb. consent to investment in the common charitable trust\n\nfund is intentionally withheld in writing by a\n\ncofiduciary, or\n\nc. a cofiduciary that is not a charitable organization\n\nhas the right to direct the management of the common\n\ncharitable trust fund; and\n\n3. Employ and delegate to investment advisors, investment\n\ncounselors, state banks in Oklahoma having trust powers, national\n\nbanking associations having trust powers, and trust companies having\n\ntrust powers the discretion to make specific investment decisions\n\nprovided that the charitable organization shall at all times\n\nmaintain ultimate control of the management of the common charitable\n\ntrust fund.\n\nC. Common charitable trust fund investments.\n\n1. A charitable organization administering a common charitable\n\ntrust fund shall not commingle its administrative and operating\n\nfunds with its common charitable trust funds but may place its\n\nendowment and funds its governing board has designated as endowment\n\nin its common charitable trust funds.\n\n2. Each charitable trust and each other charitable asset shall\n\nbe deemed to own a proportionate share of each asset of the common\n\ncharitable trust fund.\n\n3. In determining whether the investment in the common\n\ncharitable trust fund by the charitable trust is a proper investment\n\nfor assets held by a fiduciary, the charitable organization acting\n\nas fiduciary may consider the common charitable trust fund as a\n\nwhole and shall not be prohibited from making the investment if any\n\none or more of the assets of the common charitable trust fund are\n\nnonincome producing or might not otherwise be considered proper\n\ninvestments for a fiduciary account.\n\n4. The charitable organization administering a common\n\ncharitable trust fund may limit investments in its common charitable\n\ntrust funds to investments which are compatible with or further the\n\ncharitable, religious, educational, or other eleemosynary purposes\n\nof the charitable organization administering the common charitable\n\ntrust fund.\n\n5. The charitable organization administering a common\n\ncharitable trust fund consisting solely of assets held in an\n\nendowment fund, as that term is defined in the Uniform Prudent\n\nManagement of Institutional Funds Act, may invest such assets in\n\nloans upon adequate collateral security to an affiliated charitable\n\norganization provided that the charitable organization administering\n\nthe common charitable trust fund conforms to the standard for care\n\nset forth in the documents creating the trusts or, in the absence of\nment fund, as that term is defined in the Uniform Prudent\n\nManagement of Institutional Funds Act, may invest such assets in\n\nloans upon adequate collateral security to an affiliated charitable\n\norganization provided that the charitable organization administering\n\nthe common charitable trust fund conforms to the standard for care\n\nset forth in the documents creating the trusts or, in the absence of\n\na standard of care in the documents creating the trusts, to the\n\nstandard of care for fiduciaries as set forth in the Oklahoma Trust\n\nCode, the Uniform Prudent Management of Institutional Funds Act, and\n\nthe Oklahoma Uniform Prudent Investor Act, and provided further that\n\nthe loan furthers the charitable, religious, educational and other\n\neleemosynary purposes of the affiliated charitable organization.\n\n6. In selecting investments and when making investment\n\ndecisions pursuant to this subsection, the charitable organization\n\nshall be bound by the provisions of the Oklahoma Charitable\n\nFiduciary Act, the Oklahoma Trust Act, the Uniform Prudent\n\nManagement of Institutional Funds Act, and the Oklahoma Uniform\n\nPrudent Investor Act, unless otherwise provided by law.\n\n7. Nothing in this subsection shall diminish the standard of\n\ncare of a fiduciary of charitable trust funds or institutional\n\nendowment funds.\n\nD. Reporting.\n\n1. The charitable organization administering a common\n\ncharitable trust fund shall keep records which shall at all times\n\nshow all necessary and proper matters related to the administration\n\nof the common charitable trust fund to include the proportionate\n\ninterest in the common charitable trust fund of each trust or\n\ninvestment account of an affiliated charitable organization.\n\n2. Within one hundred twenty (120) days following the end of\n\nthe common charitable trust fund's fiscal year, the charitable\n\norganization administering a common charitable trust fund shall make\n\na report of the condition of the common charitable trust fund. This\n\nreport shall include, as of the date of the report, a list of the\n\ninvestments comprising the common charitable trust fund and the\n\nvalue placed on each investment on such list by the charitable\n\norganization. The report shall also include a statement of income\n\nand disbursements since the last report and appropriate comments as\n\nto any investment in default as to payment of principal or interest.\n\nThe reasonable expenses of preparing the report may be charged to\n\nthe common charitable trust fund.\n\n3. The charitable organization shall send a copy of the latest\n\nreport required by this subsection annually to each person to whom a\n\nregular periodic accounting of the trusts or other charitable assets\n\nparticipating in the common charitable trust fund ordinarily would\n\nbe rendered, or shall advise each such person annually that the\n\nreport is available and that a copy will be furnished without charge\n\nupon request.\n\nE. Recovery of costs. The charitable organization\n\nadministering a common charitable trust fund may recover its costs\n\nof administration of the common charitable trust fund to include a\n\nreasonable charge for administrative overhead and the fees and costs\n\nof investment advisors, counselors and agents.\n\nF. Accounting to court. Unless ordered by a court of competent\n\njurisdiction, the charitable organization administering common\n\ncharitable trust funds is not required to render an accounting to\n\nthe court with regard to such funds. The charitable organization\n\nadministering a common charitable trust fund may, by application to\n\nthe district court, secure approval of such an accounting after such\n\nnotice, and on such conditions as the court may establish.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"36b13d0f17e50c13f15e655ba54901d66e4abdd1fefdd4368ea9f8f4d84b297e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-301.6","next":"us-ok/okla.-stat.-tit.-60-60-301.8"},"notice":"GroundRules: Original legal text. Not legal advice."}