OETA and OETA Foundation Settle Lawsuit
The Oklahoma Educational Television Authority (OETA) and its former foundation partner, OETA Foundation, Inc. (Foundation), have reached a mutually-acceptable agreement that will advance OETA’s public mission to provide high-quality programming that educates, enlightens and entertains while protecting the private gifts of OETA’s charitable donors and the value of state support.
In accordance with a resolution unanimously adopted by the OETA Board of Directors on January 8 of this year, the OETA Foundation has agreed to dissolve and to transfer all funds, assets, information, and property to a new charity as sanctioned under 1982 Okla. Sess. Laws 607, SB 454. The agreement between OETA and the Foundation ends all litigation between the two entities.
“OETA is pleased that this matter was settled in an amicable way, and we appreciate the work of the Foundation, which has raised more than $68 million over the last 30 years for the support of public television in Oklahoma,” said Garrett King of Weatherford, Chair of the OETA Board of Directors. “The settlement reflects the best interests of our donors, viewers and friends who place a high value on OETA’s programs and services. Public support for OETA is critical to its future. Donors can be confident their contributions will be used exclusively in support of OETA. We believe the future is brighter than ever for OETA as we move forward with high anticipation and a renewed sense of purpose.”
All gifts previously held for the exclusive use and benefit of OETA by the Foundation are protected and will be transferred to OETA’s new charitable organization. This process is anticipated to be completed by May 15, 2019 and OETA and the Foundation have arranged for OETA to attend to all matters regarding donors and donations after that date to provide continuity of services.
OETA will seat the full governing Board of its new charitable organization during its regularly scheduled meeting on April 23.