It’s been fifteen months and counting, but the Missouri State Board of Embalmers and Directors and their Division staff are still at odds over a rule for defining minimum record keeping requirements for preneed sellers. The Division staff first floated an “Adequate Records” rule in July 2015, but the draft was not formally submitted to
accounting
Cemetery Preneed Challenges: bucket accounting
By Bill Stalter on
Posted in Cemeteries, Preneed
As alluded to in our prior post, the cemetery’s ability to deliver burial rights and merchandise prior to death complicates the preneed transaction. In a post, we labeled this the ‘bucket factor’ (Cemetery Preneed Oversight: the bucket factor). In addition to burial spaces, cemeteries can deliver markers, monuments, vases, urns, outer …
The cost of custodial services: the Grandview settlement
By Bill Stalter on
Two class action lawsuits were filed last year over the mismanagement of Grandview Memorial Gardens (Madison, Indiana), and a settlement has been reached in the suit involving the cemetery’s preneed trust funds. Over the course of about 14 years, the cemetery went through three changes of ownership, four trustee changes and sold several million dollars…
A Reasonable and Necessary Trustee Fee: penny wise and pound foolish
By Bill Stalter on
The Special Deputy Receiver for NPS recently reported the company’s “negative net worth” to be just short of one billion dollars. Rightfully, regulators are looking at the NPS fiduciaries for culpability in the losses that will be sustained by consumers and funeral homes in the years to come. In the meantime, Missouri state officials are working…