West Virginia Code 35-5B-10 – Financial report and written assurance required
(a) The cemetery company shall report the following information to the Tax Commissioner within four months following the close of the cemetery company's fiscal year:
Terms Used In West Virginia Code 35-5B-10
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Cemetery: means and includes all land and appurtenances including roadways, office buildings, outbuildings and other structures used or intended to be used for or in connection with the interment of human remains. See West Virginia Code 35-5B-1
- Compliance agent: means a natural person who owns or is employed by a cemetery company to assure the compliance of the cemetery company with the provisions of this article. See West Virginia Code 35-5B-1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Preneed: means at any time other than either at the time of death or while death is imminent. See West Virginia Code 35-5B-1
- seller: means any person, partnership, firm or corporation engaged in the business of operating a cemetery or selling property, goods or services used in connection with interring or disposing of the remains or commemorating the memory of a deceased human being, where delivery of the property or goods or performance of the service may be delayed later than one hundred twenty days after receipt of the initial payment on account of such sale. See West Virginia Code 35-5B-1
- Tax Commissioner: means the secretary of the West Virginia Department of Tax and Revenue. See West Virginia Code 35-5B-1
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(1) The total amount of principal in the preneed trust account;
(2) The securities in which the preneed trust account is invested;
(3) The income received from the trust and the source of that income during the preceding fiscal year;
(4) An affidavit executed by the compliance agent that all provisions of this article applicable to the seller relating to preneed trust accounts have been complied with;
(5) The total receipts required to be deposited in the preneed trust account;
(6) All expenditures from the preneed trust account; and
(7) If the trustee is other than a bank, savings and loan or other federally insured investment banking institution, proof, in a manner determined by the Tax Commissioner, that the fidelity bond required by the provisions of section four of this article has been secured and that it is in effect.
(b) The cemetery company shall employ an independent certified public accountant who is to audit the account and provide assurance, which assurance shall be forwarded with the report required by subsection (a) of this section, that forty percent of the cash receipts from the sale of preneed property, goods or services which will not be delivered or performed within one hundred twenty days after receipt of the initial payment on account has been deposited in the account within thirty days after the close of the month in which the payment was received.