Section 169-C:39-c New Hampshire Children's Trust Fund.
I. There is hereby established in the New Hampshire Charitable Foundation a special fund to be known as the New Hampshire children's trust fund. This fund is organized exclusively for religious, charitable, scientific, literary, or educational purposes, within the meaning of those terms as used in section 501(c)(3) of the Internal Revenue Code of 1986, as amended, and no part of the net earnings shall inure to the benefit of any private shareholder or individual. In addition, but in no way limiting the enumerated purpose of this fund, it is established for the prevention of cruelty to children. Funding shall be made available to a wide range of state and community-based family resource programs to prevent child abuse. The fund shall make regular payments of interest as defined in RSA 169-C:39-b, VI to the New Hampshire children's trust fund board for programs as defined in RSA 169-C:39-b, V, and said moneys shall not be available for any other purpose. The trust fund established in this paragraph shall be held and administered as a component fund of the New Hampshire Charitable Foundation, subject to its articles of agreement and bylaws, except that no change in the purpose of the fund as stated in the preceding sentence shall be made without an amendment to this chapter. The New Hampshire Charitable Foundation shall provide an annual accounting of the trust fund to the board. The board shall have the responsibility of soliciting moneys from sources other than the general fund, including federal moneys. The board shall deposit any moneys received as a result of solicitation into the trust fund. The board may request that the New Hampshire Charitable Foundation assist them or their designee in connection with the solicitation of moneys from sources other than the general fund. The New Hampshire Charitable Foundation shall be entitled to make an administrative charge against the trust fund for investment services and administrative services in an amount comparable to that charged to other funds administered by the New Hampshire Charitable Foundation, subject to negotiation between the New Hampshire Charitable Foundation and the board. Such administrative charge shall be in addition to the administrative expenses payable under RSA 169-C:39-c, IV.
II. The state treasurer shall establish a separate account to be known as the ""trust fund reserve account'' into which shall be deposited all moneys appropriated to the trust fund reserve account. When moneys from a source other than the general fund and other than federal funds are deposited into the trust fund established under paragraph I, the state treasurer shall deposit into the trust fund, from the trust fund reserve account, additional moneys in the same amount on a one-to-one matching basis. Any interest earned on the trust fund reserve account shall revert to the general fund.
III. Until the total assets of the fund exceed $5,000,000 only the interest earned on the moneys in the trust fund established under paragraph I shall be available for disbursement each year, except for any moneys, the receipt of which is conditioned upon the moneys being expended. When the amount of the trust fund exceeds $5,000,000, any moneys in excess of this amount shall be disbursed for the purposes of this subdivision, except for any moneys, the receipt of which is conditioned upon the moneys remaining in the trust fund.
IV. Of the interest earned on the trust fund established under paragraph I, not more than 10 percent shall be designated for administrative expenses. All mileage payments for members of the board shall be paid out of these moneys.
Source. 1986, 184:1. 1987, 372:4. 1989, 132:2. 1992, 24:2, VI. 1997, 254:3, 4, eff. Aug. 18, 1997.