Minnesota Statutes 424A.06 – Relief Association General Fund
Subdivision 1.Establishment of general fund.
A volunteer firefighters relief association may establish and maintain a general fund within the relief association.
Subd. 2.General fund assets and revenues.
Terms Used In Minnesota Statutes 424A.06
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- Special fund: means the special fund of a volunteer firefighters relief association or the account for volunteer firefighters within the special fund of a partially salaried and partially volunteer firefighters relief association. See Minnesota Statutes 424A.001
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- volunteer firefighters relief association: means a volunteer firefighters relief association or a volunteer firefighters division or account of a partially salaried and partially volunteer firefighters relief association that is:
(1) organized and incorporated as a nonprofit corporation to provide retirement benefits to volunteer firefighters under chapter 317A and any laws of the state;
(2) governed by this chapter and sections 424A. See Minnesota Statutes 424A.001
Terms Used In Minnesota Statutes 424A.06
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- Special fund: means the special fund of a volunteer firefighters relief association or the account for volunteer firefighters within the special fund of a partially salaried and partially volunteer firefighters relief association. See Minnesota Statutes 424A.001
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- volunteer firefighters relief association: means a volunteer firefighters relief association or a volunteer firefighters division or account of a partially salaried and partially volunteer firefighters relief association that is:
(1) organized and incorporated as a nonprofit corporation to provide retirement benefits to volunteer firefighters under chapter 317A and any laws of the state;
(2) governed by this chapter and sections 424A. See Minnesota Statutes 424A.001
(a) The general fund, if established, must be credited with the following:
(1) all money received from dues other than dues payable as contributions under the bylaws of the relief association to the special fund;
(2) all money received from fines;
(3) all money received from initiation fees;
(4) all money received as entertainment revenues; and
(5) any money or property donated, given, granted or devised by any person, either for the support of the general fund of the relief association or for unspecified purposes.
(b) The treasurer of the relief association is the custodian of the assets of the general fund and must be the recipient on behalf of the general fund of all revenues payable to the general fund. The treasurer shall maintain adequate records documenting any transaction involving the assets or the revenues of the general fund. These records must be open for inspection by any member of the relief association at reasonable times and places.
Subd. 3.Authorized disbursements from the general fund.
Disbursements from the general fund may be made for any purpose that is authorized by either the articles of incorporation or bylaws of the relief association.
Subd. 4.Investment of assets of the general fund.
The assets of the general fund may be invested in any securities that are authorized by the bylaws of the relief association and may be certified for investment by the State Board of Investment in fixed income pools or in a separately managed account at the discretion of the State Board of Investment as provided in section 11A.14.