The bill establishes the Michigan military and veteran services support fund, which is created as a charitable and educational endowment fund within the Department of Treasury. Contributions to this fund are tax-deductible, and any remaining funds at the end of the fiscal year will not lapse to the general fund. The fund will have separate accounts dedicated to supporting military service members and veterans, as well as their families and communities. The state treasurer is responsible for directing the investment of the fund and must comply with specific investment regulations. Additionally, the treasurer is required to provide an annual accounting of the fund's revenues and expenditures to the appropriations committees of the Senate and House of Representatives.

To oversee the fund, the bill creates the Michigan military and veteran services support fund board, consisting of seven members, including directors from relevant state departments and five members appointed by the governor with experience in fundraising or charitable giving. The board will manage the fund, request appropriations, and allocate revenue for direct grants and supplemental funding to the Department of Military and Veterans Affairs. The board is also empowered to accept gifts, enter contracts, and develop policies for the fund's management. The bill emphasizes transparency and accountability in the fund's operations and requires compliance with open meeting laws.