§ 54.1-2324. Financial report and written assurance required for perpetualcare trust funds.
A. Within four months after the close of its fiscal year, the cemeterycompany shall report the following information to the Board, on formsprescribed by the Board:
1. The total amount of principal in the perpetual care trust fund;
2. The securities in which the perpetual care trust fund is invested and theamount of cash on hand as of the close of the fiscal year;
3. The income received from the perpetual care trust fund, and the sources ofsuch income, during the preceding fiscal year;
4. An affidavit executed by the compliance agent that all applicableprovisions of this chapter relating to perpetual care trust funds have beencomplied with;
5. The total receipts subject to the 10 percent trust requirement;
6. All expenditures from the perpetual care trust fund;
7. If the trustee is other than a Virginia trust company or trust subsidiaryor a federally insured bank or savings institution doing business in theCommonwealth, proof that the required fidelity bond has been secured and thatit is in effect;
8. A separate total of expenses incurred for general care and maintenance,embellishment and administration of its cemeteries.
B. The cemetery company shall employ an independent certified publicaccountant to audit and provide assurance that, with regard to the total ofall receipts subject to § 54.1-2317, the report of the owner, operator ordeveloper is true and correct and that the required deposits to the perpetualcare trust fund have been made on a timely basis. Such audit shall providefull disclosure of any transactions between the perpetual care trust fund andany directors, officers, stockholders, or employees of the cemetery company,or relatives of the cemetery company's employees, and shall include adescription of the transactions, the parties involved, the dates and amountsof the transactions, and the reasons for the transactions.
C. The information required to be filed hereunder with the Board shall beexempt from the Government Data Collection and Dissemination Practices Act (§2.2-3800 et seq.).
§ 54.1-2324. Financial report and written assurance required for perpetualcare trust funds.
A. Within four months after the close of its fiscal year, the cemeterycompany shall report the following information to the Board, on formsprescribed by the Board:
1. The total amount of principal in the perpetual care trust fund;
2. The securities in which the perpetual care trust fund is invested and theamount of cash on hand as of the close of the fiscal year;
3. The income received from the perpetual care trust fund, and the sources ofsuch income, during the preceding fiscal year;
4. An affidavit executed by the compliance agent that all applicableprovisions of this chapter relating to perpetual care trust funds have beencomplied with;
5. The total receipts subject to the 10 percent trust requirement;
6. All expenditures from the perpetual care trust fund;
7. If the trustee is other than a Virginia trust company or trust subsidiaryor a federally insured bank or savings institution doing business in theCommonwealth, proof that the required fidelity bond has been secured and thatit is in effect;
8. A separate total of expenses incurred for general care and maintenance,embellishment and administration of its cemeteries.
B. The cemetery company shall employ an independent certified publicaccountant to audit and provide assurance that, with regard to the total ofall receipts subject to § 54.1-2317, the report of the owner, operator ordeveloper is true and correct and that the required deposits to the perpetualcare trust fund have been made on a timely basis. Such audit shall providefull disclosure of any transactions between the perpetual care trust fund andany directors, officers, stockholders, or employees of the cemetery company,or relatives of the cemetery company's employees, and shall include adescription of the transactions, the parties involved, the dates and amountsof the transactions, and the reasons for the transactions.
C. The information required to be filed hereunder with the Board shall beexempt from the Government Data Collection and Dissemination Practices Act (§2.2-3800 et seq.).
§ 54.1-2324. Financial report and written assurance required for perpetualcare trust funds.
A. Within four months after the close of its fiscal year, the cemeterycompany shall report the following information to the Board, on formsprescribed by the Board:
1. The total amount of principal in the perpetual care trust fund;
2. The securities in which the perpetual care trust fund is invested and theamount of cash on hand as of the close of the fiscal year;
3. The income received from the perpetual care trust fund, and the sources ofsuch income, during the preceding fiscal year;
4. An affidavit executed by the compliance agent that all applicableprovisions of this chapter relating to perpetual care trust funds have beencomplied with;
5. The total receipts subject to the 10 percent trust requirement;
6. All expenditures from the perpetual care trust fund;
7. If the trustee is other than a Virginia trust company or trust subsidiaryor a federally insured bank or savings institution doing business in theCommonwealth, proof that the required fidelity bond has been secured and thatit is in effect;
8. A separate total of expenses incurred for general care and maintenance,embellishment and administration of its cemeteries.
B. The cemetery company shall employ an independent certified publicaccountant to audit and provide assurance that, with regard to the total ofall receipts subject to § 54.1-2317, the report of the owner, operator ordeveloper is true and correct and that the required deposits to the perpetualcare trust fund have been made on a timely basis. Such audit shall providefull disclosure of any transactions between the perpetual care trust fund andany directors, officers, stockholders, or employees of the cemetery company,or relatives of the cemetery company's employees, and shall include adescription of the transactions, the parties involved, the dates and amountsof the transactions, and the reasons for the transactions.
C. The information required to be filed hereunder with the Board shall beexempt from the Government Data Collection and Dissemination Practices Act (§2.2-3800 et seq.).
