OETA, foundation settle funding dispute - KTEN.com - Texoma news, weather and sports

OETA, foundation settle funding dispute

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OKLAHOMA CITY (AP) -- Officials say a nonprofit foundation established to support the Oklahoma Educational Television Authority network has agreed to dissolve and hand over millions in assets to a replacement organization.

OETA and OETA Foundation, Inc. announced the agreement in a joint statement Wednesday.

The foundation must hand over more than $1.6 million to OETA by noon Friday. The foundation will transfer more than $40 million in funds and assets to the new nonprofit by May 15.

Under the agreement, the foundation will also turn over its donor list - something it earlier refused to do.

The settlement ends a bitter legal dispute over the distribution of OETA's assets, including efforts by Attorney General Mike Hunter.

The foundation says is has raised more than $67.5 million to support OETA since 1989.

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