§ 1717. Management of funds

(a) Notwithstanding the provisions of subdivision 1714(2) of this chapter, all funds of the Home, except residents’ funds as described in subsection (e) of this section, shall be held by the State Treasurer and credited to appropriate accounts established in compliance with subsection (b) of this section and 32 V.S.A. § 401(a).

(b) There are created one or more funds to be held in trust. To these funds shall be credited donations and endowments to the Home with and without specific restrictions on their use. Interest and earnings accruing to the funds created by this subsection shall be credited to the respective fund. The funds deposited pursuant to this subsection shall not be considered funds of the State and shall be used solely for the purposes of this chapter, subject to the terms and conditions of the gift and to the terms and conditions of the donation or endowment. Upon deposit with the State Treasurer’s Office, the Home may request from the State Treasurer’s Office and may retain locally up to $10,000.00 of donations and endowments, which may be expended consistent with their applicable terms and conditions, for supporting residents of the home. The funds shall be maintained in an account pursuant to 32 V.S.A. § 431. The Chief Executive Officer shall make a report at each scheduled Board meeting of the locally retained donations and endowments. The report shall include any amounts requested by the Home from the State Treasurer’s Office, the nature of the funds, the account balance, and any expenditures.

(c) Monies from the funds established by this section may be expended by the Home upon submission of vouchers, submitted at the direction and with the approval of the Board, to the Commissioner of Finance and Management in compliance with 32 V.S.A. § 463, and issuance of warrants pursuant to 32 V.S.A. §§ 461 and 465. The Commissioner shall approve expeditiously any request for a release of funds if the request is in conformance with all applicable State law.

(d) On no less than a quarterly basis, the Chief Executive Officer of the Home shall provide a statement of account activity and fund balances to the Board.

(e) Notwithstanding the provisions of 32 Vt. Stat. Ann. chapter 7, subchapter 1, the Home is authorized to retain funds when acting in a trustee capacity for individual residents of the Home. Establishment and maintenance of accounts for this purpose shall be pursuant to 32 V.S.A. § 431 and any other relevant provisions of law.

(f) Grants, gifts, donations, loans, or other things of value may be accepted pursuant to the provisions of 32 V.S.A. § 5. (Added 2003, No. 121 (Adj. Sess.), § 79, eff. June 8, 2004; amended 2013, No. 179 (Adj. Sess.), § E.342.5.)