The bill establishes the New Jersey Veterans Assistance Trust as a corporate entity within the Department of Military and Veterans Affairs, tasked with providing monetary and other forms of assistance to veterans, their families, and programs that support them. The trust will be governed by a board of 14 trustees, including various state commissioners and public members appointed by the Governor, who will represent different geographic regions of New Jersey. The trustees will serve without compensation but may be reimbursed for necessary expenses, and they will meet at least twice a year to fulfill their duties.

The trust is empowered to solicit and accept funds, make grants or loans, develop sponsorship projects, and manage investments, with the requirement that its overall investment portfolio maintains a credit rating of at least AA. Additionally, the trust must submit an annual report to the Governor and the Legislature detailing its activities, financial status, and any recommendations for furthering its mission. This report will include information on gifts and grants received, administrative costs, and the balance of funds held in reserve.