§ 1042 Interest For Morale Fund

This law says any interest that builds up on money given to the administrator has to be recorded and put into the Morale, Welfare, and Recreation Fund for all members to use.

Key Takeaways

•All interest earned on money held by the administrator must be tracked.
•The interest must be deposited into the Morale, Welfare, and Recreation Fund.
•The fund’s money is used for the common benefit of all members.

Example

A local veterans club gives $10,000 to the state administrator to hold. Over a year the money earns $200 in interest.

The $200 interest must be counted and sent to the Morale, Welfare, and Recreation Fund, where it can be used for things like community events or member benefits.

All accrued interest on money turned over to the administrator and retained by them under this chapter shall be accounted for by the home and deposited to the credit of the Morale, Welfare, and Recreation Fund and used for the common benefit of members. (Amended by Stats. 2024, Ch. 129, Sec. 102. (SB 1097) Effective January 1, 2025.)

This law says any interest that builds up on money given to the administrator has to be recorded and put into the Morale, Welfare, and Recreation Fund for all members to use.

Key Takeaways

•All interest earned on money held by the administrator must be tracked.
•The interest must be deposited into the Morale, Welfare, and Recreation Fund.
•The fund’s money is used for the common benefit of all members.

Example

A local veterans club gives $10,000 to the state administrator to hold. Over a year the money earns $200 in interest.

The $200 interest must be counted and sent to the Morale, Welfare, and Recreation Fund, where it can be used for things like community events or member benefits.

Key Takeaways

Example

Key Terms

References

§ 1042 Interest For Morale Fund

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References