State Codes and Statutes
Statutes > Utah > Title-08 > Chapter-04 > 8-4-28-4-2. Endowment care cemetery trust funds -- Deposits in endowment fund --Reports -- Penalties for failure to file -- Investment of trust fund money -- Attestation.
(1) An endowment care cemetery shall establish an endowment care trust fund pursuantto Title 75, Chapter 7, Utah Uniform Trust Code.
(a) Any newly established endowment care cemetery or existing cemetery converting toan endowment care cemetery shall deposit a minimum of $25,000 in the endowment care trustfund.
(b) Each endowment care cemetery shall deposit in the endowment care trust fund foreach plot space sold or disposed of a minimum of:
(i) $1.50 a square foot for each grave;
(ii) $15 for each niche; and
(iii) $60 for each crypt.
(2) (a) An endowment care cemetery shall collect endowment care funds only pursuant toa written contract of sale signed by the endowment care cemetery and the purchaser.
(b) The contract of sale shall specify the terms of the endowment care trust consistentwith this section and the terms of payment.
(c) If requested by the purchaser, a copy of the endowment care trust shall be provided tothe purchaser.
(3) (a) Each endowment care cemetery shall prepare an annual written report for thebenefit of its trustor lot holders.
(b) The report shall contain:
(i) information determined to be reasonable and necessary to show compliance with theprovisions of this chapter;
(ii) the number and square feet of grave space;
(iii) the number of crypts and niches sold or disposed of under endowment care during aspecific period; and
(iv) the dollar amount of sales, amounts paid, amounts receivable, and amountsdeposited in endowment care funds for crypts, niches, and grave space during a specific period,set forth on the accrual basis as determined by the cemetery authority.
(c) An officer of the endowment care cemetery authority shall verify the report.
(d) The report shall be on file in the principal office of the endowment care cemetery andshall be made available upon request.
(e) The report shall be completed by the 15th day of the third month following the end ofthe endowment care cemetery's fiscal year.
(4) An officer, director, partner, proprietor, or other person having control of the recordsof an endowment care cemetery shall provide the reports and records necessary to comply withthe provisions of this chapter.
(5) A person is guilty of a class A misdemeanor who willfully and intentionally fails to:
(a) deposit funds collected as endowment care funds into the endowment care trustwithin 30 days of receipt of the funds; or
(b) prepare the report required by Subsection (3).
(6) Endowment care funds may be invested separately or together. The investmentincome shall be divided between the funds in the proportion that each contributed to the investedamount.
(7) Endowment care funds shall be invested in accordance with Section 31A-18-105 and
Title 75, Chapter 7, Utah Uniform Trust Code.
(8) (a) An endowment care cemetery shall place endowment care funds with anindependent trustee appointed by the endowment care cemetery.
(b) A trustee may be independent even if it has common ownership with the cemetery.
(c) The independent trustee shall be a depository institution, as defined by Section7-1-103, or an insurer, as defined in Section 31A-1-301.
(9) (a) The trustee shall submit to the endowment care cemetery an annual independentattestation of the endowment care trust funds.
(b) The attestation shall state:
(i) the total amount of the general and special endowment care funds invested by law;
(ii) the amount of cash on hand not invested;
(iii) the location, description, and character of the investments in which the specialendowment care funds are invested;
(iv) the value of any securities held in the endowment care fund; and
(v) the actual financial condition of the funds.
(10) (a) A trustee may not receive compensation for services and expenses, includingaudits, in excess of 5% of the income derived from an endowment care fund in any year.
(b) If there are insufficient funds from the income derived from the endowment care trustfund to pay for the attestation of the endowment care funds, the endowment care cemetery shallpay amounts due from funds other than the endowment care trust fund or income derived fromthat fund.
(11) The income from an endowment care fund shall be used for the care, maintenance,and embellishment of the cemetery as determined by the endowment care cemetery, and to payfor administering the fund.
Amended by Chapter 324, 2010 General Session
