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, which includes various state commissioners and public members appointed by the Governor, representing different geographic regions and sectors. 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 projects, and engage in contracts to support its mission. It can also invest its reserve funds in approved investment-grade securities, ensuring that the overall portfolio maintains a minimum credit rating of AA. Additionally, the trust is required to submit an annual report detailing its activities, financial status, and any recommendations to the Governor and the Legislature by February 1 each year. This report will include information on gifts and grants received, administrative costs, and the balance of funds held in reserve.