The bill establishes the "Michigan veterans coalition fund," which is created within the state treasury to support veterans in Michigan. The fund will receive money and assets from various sources, and any unspent funds at the end of the fiscal year will not revert to the general fund. The Michigan veterans affairs agency will serve as the administrator of the fund, overseeing audits and managing the allocation of funds. The agency is also responsible for expending money from the fund to create and operate a grant program specifically designed for veterans.

Additionally, the bill outlines the definitions of key terms, including "Agency," "Fund," and "Grant program," to clarify the roles and responsibilities associated with the new fund. The act will only take effect if Senate Bill No. 208 of the 103rd Legislature is also enacted into law.