NJ A5893

Establishes the New Jersey Veterans Assistance Trust as an independent body within the Department of Military and Veterans Affairs to provide monetary and other assistance to veterans, their families, and programs supporting them

Creates a 14-member board of trustees including the Deputy Commissioner for Veterans Affairs as chair, six state commissioners or their designees, three Governor-appointed public members representing veterans organizations and business community, and four legislative appointees

Grants the trust authority to solicit and accept gifts, grants, and endowments; provide grants or loans to veterans and veteran-serving programs; enter into contracts; acquire property; and develop projects for corporate sponsorship

Permits investment of reserve funds in U.S. bonds, state and local government obligations, corporate bonds rated BAA3/BBB or higher, AAA-rated mortgage-backed securities, and approved exchange-traded equities, with overall portfolio maintaining at least AA rating

Requires annual report to the Governor and Legislature by February 1 detailing gifts received, administrative costs, fund usage, and reserve balances from the preceding calendar year