N.J. Admin. Code § 5:30-18.7

Current through Register Vol. 57, No. 1, January 6, 2025

Section 5:30-18.7 - Administration of charitable and spillover funds; chief financial officer as fund administrator

(a) The chief financial officer shall administer a municipality's and county's charitable funds and spillover funds, if any. Responsibilities shall include, but are not necessarily limited to:

1. Disbursement of funds donated to charitable funds and any spillover fund in accordance with their specified public purposes;

2. Investing donated funds pursuant to the cash management plan adopted by the municipal or county governing body, so long as the investments do not interfere with the ability to use the donated funds for their specified public purpose; and

3. Ensuring compliance with applicable State rules governing accounting, audits, budgeting, and financial administration.

(b) Local units may not jointly administer a charitable fund or spillover fund; however, a chief financial officer who serves a municipality by virtue of a shared services agreement shall be the fund administrator for the charitable funds and spillover fund of the municipality receiving the service.

(c) A county or school district may enter into a shared services agreement with a constituent municipality to have the municipal tax collector's office collect donations and deposit said funds into the county or school district charitable fund account, so long as the charitable fund account is with a depository of the municipality providing the service.

N.J. Admin. Code § 5:30-18.7

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

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