N.J. Admin. Code § 5:30-18.13

Current through Register Vol. 56, No. 19, October 7, 2024

Section 5:30-18.13 - Charitable funds to function as dedicated trust fund without independent spending authority; impact on property tax levy cap

(a) The fund administrator of a municipal or county charitable fund shall deposit charitable fund contributions into a dedicated trust fund without independent spending authority, wherein monies cannot be spent directly from the fund.

(b) The creation of a charitable contribution fund shall not impact a municipality's or county's property tax levy cap calculation.

Adopted by 50 N.J.R. 2247(a), effective 9/21/2018

Amended by 51 N.J.R. 828(a), effective 4/30/2019