24.147.1604 CEMETERY PERPETUAL CARE AND MAINTENANCE TRUST ACCOUNTS – ANNUAL REPORTING REQUIREMENTS
(1) Per ARM 24.147.1602 cemeteries will report annually to the board:
(a) the name(s) and address(es) of the banking institution, savings or building and loan association, or credit union in which the trust(s) is held;
(b) final trust balances for both the current year′s and previous year′s reporting cycles, broken out by institution;
(c) the amount of trust interest or dividends earned during the current reporting cycle;
(d) total number of preneed and at-need sales during the current reporting cycle. In addition to the number sold, the cemetery must report the total monetary amounts collected and deposited in the trust per 37-19-822, MCA;
(e) total expenditures from the net income for the care and maintenance of the cemetery during the current reporting cycle; and
(f) a signed attestation from the cemetery as to the information contained within the report.
(2) Annual perpetual care and maintenance fund reports must be submitted to the board by March 1.
(a) A cemetery may request a reporting extension prior to the submission deadline. The board will:
(i) evaluate requests on a case-by-case basis; and
(ii) notify the requestor whether the extension was granted. If the extension is granted, the board will also notify the requestor as to the length of the extension.
(b) A cemetery that does not file its report within the time prescribed above may be subject to disciplinary action as prescribed by the Montana Administrative Procedure Act and Title 37, chapter 1, part 3, MCA, including a fine of up to $1000.
(3) The board will compare the trust principal and interest and dividends reported by the financial institution in ARM 24.147.1601 to the corresponding information reported by the licensed cemeteries in their annual reports per this rule.
(a) Using this information, the board will make a determination as to whether or not further information and/or an audit is necessary.
(b) If an audit is deemed necessary, the board will conduct an audit per ARM 24.147.1605.
History: 37-1-131, 37-19-202, 37-19-807, MCA; IMP, 37-1-131, 37-19-807, 37-19-822, 37-19-823, 37-19-828, 37-19-829, MCA; NEW, 2017 MAR p. 2187, Eff. 11/25/17.