(1) The Michigan National Guard member benefit fund is created in the state treasury.

    (2) The state treasurer shall deposit money and other assets received from any source in the fund. The state treasurer shall direct the investment of money in the fund and credit interest and earnings from the investments to the fund.

    (3) Money in the fund at the close of the fiscal year remains in the fund and does not lapse to the general fund.

    (4) The department is the administrator of the fund for audits of the fund.

    (5) The department shall expend money from the fund, on appropriation, to support implementing and administering all of the following acts or programs:

    (a) The Michigan national guard tuition assistance act, 2014 PA 259, MCL 32.431 to 32.434.

    (b) The Michigan National Guard child care assistance act.

    (c) A Tricare premium reimbursement program if established under state law.