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February 18, 2011
Letter to the Editor Response

RE: In response to a letter to the editor February 17th relating to the Veterans Postwar Trust Fund

In 1996, North Dakota citizens voted to create a constitutionally protected trust fund to provide benefits to existing and future veterans and their families. The Constitution names the State Treasurer as trustee of this fund. The Veteranís Postwar Trust Fund is invested to both survive in perpetuity and provide annual income to the Administrative Committee on Veterans Affairs (ACOVA) for the use of grants and programs that benefit our veterans. This is a great responsibility; one I accept with honor and eternal gratitude to those who have served our great nation.

Our family is rich in military service. My grandfather and father were veterans; my husband Chuck is an Air Force veteran. Our oldest son, Justin, enlisted in 2002 and was commissioned a Naval Officer in 2010. We are now preparing to send another son, Michael, to embark on his journey as a sailor. Veterans deserve our utmost respect and care, and it is my duty to ensure that the Veterans Post War Trust Fund continues to grow to meet the needs of our current and future veterans.

It is for that reason that in 2009 I contracted with an independent Certified Public Accountant to do a complete fiscal analysis of the fund. The results are available on our website at www.nd.gov/ndtreas . In an effort to provide transparency a status report can also be found on our site. This report is updated on a monthly basis.

In the fall of 2010, I commissioned an actuarial assessment of this fund and what income will be needed to provide benefits to our veterans today and in the future. The study is scheduled to be released this week and will be available on our website Friday, February 18th. If after reviewing this information you have additional questions please feel free to contact me directly at 701-328-2643.

State Treasurer

Kelly Schmidt

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