BUSINESS OFFICE 44-02-008
The Division of Veterans Healthcare Services (DVHS) requires that each of the New Jersey Veterans Memorial Homes (VMH) develop and implement policies and procedures to accept, distribute and oversee the use of monies contributed to the Welfare Fund.
To establish uniform procedures for the documentation of funds received and disbursed by the VMH, which are designated for and on behalf of residents’ programs, special events and services that will maintain a quality of life for the residents that might otherwise not be possible.
Welfare Fund – an account maintained in each of the New Jersey Veterans Memorial Homes, for the specific purpose of accepting monies that will be spent for and on behalf of resident programs, special events and services. It is composed of interest, funds specifically donated, and from monies which have escheated to the Welfare Fund from the personal needs account of deceased residents leaving no Will or next-of-kin. This fund will provide for, supplement and maintain a quality of life for the residents which might not otherwise be possible. It shall be administered by The Adjutant General (TAG).
The Welfare Fund is comprised of monies received from the following sources to be used as directed by the donor, or at the discretion of the CEO/designee, for the direct benefit of the residents of the VMH:
Donations by private individuals and organizations.
All donations should be made, when possible, by a check made payable to the NJ Veterans Memorial Home – Welfare Fund.
Interest earned on Welfare Fund accounts.
Residents contribute $20 or 12% of the balance of their income (whichever is less) to the Welfare Fund of the Veterans Memorial Home each month.
The Welfare Funds are kept in two accounts:
Checking Account - Funds needed for immediate use.
New Jersey Cash Management Fund - A statewide money market fund used by various State agencies as the primary means of maintaining readily available funds in interest bearing accounts. All investment in the fund is governed by the regulations of the State Investment Council.
All items to be purchased with the use of approved Welfare Funds are to be handled exactly as though they were State funds (i.e., bids, quotes, etc.).
All proposed automotive vehicles purchased through the Welfare Fund are to be submitted through the Fiscal Division for review specifications and bidding coordination.
- Receipt of Funds:
- Immediately upon receipt, all checks will be stamped:
FOR DEPOSIT ONLY
NJ VETERANS MEMORIAL HOME AT (VMH’s NAME)
Donations of cash are to be acknowledged by a pre-numbered receipt.
All cash is to be maintained in the Business Office safe until deposited into the Welfare Fund account; and all checks and cash will be deposited as soon as possible into the depository designated by administration.
Disbursement of Funds
A checking account is established for the deposit and disbursement of funds from the Welfare Fund.
A Welfare Fund Purchase Form must be completed for all purchases of equipment and/or services from the fund.
The form must be approved by the Chief Executive Officer/designee. Amounts over $500.00 need approval of the Veterans Advisory Council, with copies of approvals maintained in the Business Office.
A check is then drawn from the Welfare Fund for payment, and signed by two management personnel as appointed by the Chief Executive Officer.
The number of the check and the date paid is noted on the Invoice. All supporting documents are marked "Paid", and filed in a designated file.
- Welfare Fund accounting records are maintained by the Bookkeeping Clerk.
- The accounting records consist of:
i. A General Journal which is computerized.
ii. Detailed monthly disbursement and receipts.
- As funds are disbursed from the Welfare Fund Checking Account, an entry is made in the General Journal and subsequently posted in the monthly report.
- At the end of each month:
i. The Journals (General and Detail) are totaled.
ii. A Trial Balance is taken on all accounts.
iii. Balance of the accounts is reconciled with the Welfare Fund
Checking Account and Monthly Journal.
- A Monthly Activity Report for the Welfare Fund is generated and submitted to:
i. The Veterans Advisory Council
ii. Business Manager
iii. Chief Executive Officer
iv. Assistant Chief Executive Officer
- The Activity Report is submitted by the 15th of the month following the previous month's end.
Revised: June 2011
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