WELFARE FUND MANUAL

PURPOSE:

To establish uniform procedures for the documentation of funds received and disbursed by the New Jersey Veterans Memorial Home Facilities, which are designated for the benefit of the veteran home residents.


DEFINITION:

The Welfare Fund is maintained in each of the Veterans Homes, is composed of funds which have been specifically donated to the facility welfare fund or monies which have escheated to the welfare fund by deceased residents who failed to leave any Will or next-of-kin who might be entitled to the funds which were held in their personal account at the Home.

The Welfare Fund is comprised of monies received from the following sources, to be used as directed by the donee, or at the discretion of the administration, for the direct benefit of the residents of the facilities.

A. Donations - by private individuals and organizations.

All donations should be made when possible by check payable to the NJ Veterans Memorial Home - Welfare Fund.

B. Vending machines and posthumous accounts.

C. Interest earned on Welfare Fund Accounts and excess interest earned on the Members Accounts.

D. Investments - The Business Manager at each of the facilities has the authority to invest the various funds under their control in the following types of institutions and investment securities:

 

1. INSTITUTIONS: Funds must be invested in the State of New Jersey at Banking Institutions which are Federally insured by an agency of the Government of the United Stated of America. Funds must not exceed the level of insurance provided by these Institutions. 2. INVESTIMENTS: Investiments can only be in Certificates of Deposit, Savings Accounts and/or Checking Accounts of the Institutions as noted in 1 above. In addition, the facilities may invest in short term United States Government Notes, Bills, and/or Bonds that do not exceed maturity dates in excess of two (2) years.

PROCEDURES:

A. All items to be purchased with the use of approved welfare funds, are to be handled the same as though they were state funds, i.e., bids, quotes, etc.
 

1. All proposed automotive vehicle purchases are to be submitted through the Fiscal Division for review specifications and bidding coordination.

B. Receipt of Funds:

 

1. Immediately upon receipt, all checks will be stamped: FOR DEPOSIT ONLY NJ VETERANS HOME AT (FACILITIES NAME) WELFARE FUND A/C #_________________ 2. Donations of cash are to be acknowledge by a pre-numbered receipt. 3. All cash is to be maintained in the Business Office safe until deposited in the Welfare Account. 4. All checks and cash will be deposited as soon as possible in the depository designated by administration.

C. Disbursement of Funds

 

1. A checking account will be established for the deposit and disbursement of funds from the Welfare Fund. 2. A Welfare Purchase Form must be completed for all purchases of equipment and/or services from the fund. 3. The form must be approved by the Chief Executive Officer/ designate. Amounts over $500.00 need approval of the Veterans Advisory Council with copies of approvals maintained in the Business Office. 4. A check is then drawn from the Welfare Fund for payment and signed by two management personnel as appointed by the Chief Executive Officer. 5. The number of the check and the date paid is noted on the Invoice and all supporting documents are marked "Paid" and filed in designated file.

D. Accounting/Reporting

 

1. Welfare Accounting records are maintained by the Bookkeeping Clerk. 2. The accounting records consist of: a. A General Journal/computerized. b. Detailed Journals for each specific account. 3. As funds are disbursed from the Welfare Checking Account, an entry is made in the General Journal and subsequently posted in the appropriate Detail Journal Account. 4. At the end of each month: a. The Journals (General and Detail) are totaled. b. A Trial Balance is taken on all accounts. c. Balance of the accounts is reconciled with the Welfare Checking Account and monthly Journal. 5. A Monthly Activity Report for the Welfare Fund is generated and submitted to: a. The Veterans Advisory Council b. Business Manager c. Chief Executive Officer d. Assistant Chief Executive Officer 6. The Activity Report is submitted by the 15th of the month following the previous month's end.

BUSINESS OFFICE  - 44-03-004

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