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Veterans Trust Fund
The Michigan Veterans Trust Fund was created in 1946 from $50 million in postwar reserve funds. In 1996, the Veterans Trust Fund was provided additional protection by being added to the State Constitution with voter approval of Proposal C. The Veterans Trust Fund was established to provide grants for the emergency needs of veterans, tuition grants to dependents of disabled and deceased veterans, and emergency education loans to veterans and their children.
The Legislature established the Veterans Trust Fund with a transfer of $50 million of investments from which earnings are to support the Veterans Trust Fund operations. The Legislature twice returned part or all of these investments to the General Fund and replaced the earnings with General Fund appropriations.
The Veterans Trust Fund, utilizing approximately $4 million of interest earnings from the trust, administers two grant programs - - the Emergency Grant Program and the Tuition Grant Program. Emergency grants are available to war time veterans and their dependents during times of personal emergent need. This program is administered through local Veterans Trust Fund county committees appointed by the Veterans Trust Fund Board of Trustees. The Tuition Grant Program dates back to 1935 and has been administered by the Veterans Trust Fund since 1966. Tuition grants are available to sons and daughters of totally disabled or deceased service-connected veterans attending Michigan institutions of higher education.
Veterans Trust Fund grant policies and adjudication, county committee appointments and expenditure from trust earnings are governed by a seven-member, governor appointed board of trustees nominated by statutorily designated state veterans service organizations for staggered three-year terms.
The Veterans Trust Fund also functions as the state central repository for DD-214s (copy 6) since 1979 and maintains separation documents of Michigan veterans granted state service bonuses from WWI, WWII, Korean Conflict, and the Vietnam War. The Veterans Trust Fund also provides administrative support for the Michigan Vietnam Veterans' Memorial Monument Fund.