SB 1075

Bill Subjects

Abstract

Requires the Veterans Services Foundation to provide an annual report on its funding levels and services to the General Assembly. The bill also (i) authorizes the board of trustees of the Foundation to appoint an Executive Director and exercise personnel authority over the position, (ii) clarifies that the Foundation may make direct request for appropriations from the General Assembly, (iii) clarifies that only the unrestricted portion of the Veterans Services Fund may be used for Foundation expenses, (iv) requires the Department of Veterans Services to provide qualified finance and development personnel to perform the duties of the treasurer and secretary of the Foundation, and (iv) provides that expenditures and disbursements from the Fund shall be made upon written authorization of the Executive Director with the approval of the board of trustees. The bill requires that allocations and expenditures of donated restricted funds be in accordance with cited provisions of the Uniform Prudent Management of Institutional Funds Act relating to the standard of conduct in managing and investing institutional funds.