§ 1717 - Management of funds - Vermont Statutes

§ 1717. Management of funds

(a) Notwithstanding the provisions of subdivision 1714(a)(2) of this chapter, all funds of the home not already managed in accordance with subchapter 1 of chapter 7 of Title 32, except residents' funds as described in subsection (e) of this section, shall be transferred to the state treasurer to be 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 special and permanent funds to be held in trust and administered pursuant to subchapter 5 of chapter 7 of Title 32. To these funds shall be credited those donations and endowments transferred to the state treasurer in subsection (a) of this section and any future donations and endowments to the home with and without specific restrictions on their use. Interest and earnings both prospectively and retrospectively earned on 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.

(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 treasurer shall provide a statement of account activity and fund balances to the board.

(e) Notwithstanding subchapter 1 of chapter 7 of Title 32, the home is authorized to retain those 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) Notwithstanding 32 V.S.A. § 5(a)(3), the $1,000.00 limit for reporting pursuant to that subdivision shall be $10,000.00 as applied to the home. (Added 2003, No. 121 (Adj. Sess.), § 79, eff. June 8, 2004.)