{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/54.1-2333.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/54.1-2333.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/54.1-2333.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/54.1-2333.html"}],"law_id":58614,"edition_id":1,"section_id":58614,"structure_id":13695,"section_number":"54.1-2333","catch_line":"Financial report and report of independent certified public accountant required for preneed trust accounts","history":"1998, cc. 708, 721; 2000, c. 36; 2004, c. 247; 2015, c. 344.","full_text":"A\n\nThe cemetery company shall report the following information to the Board within four months following the cemetery company’s fiscal year, on forms prescribed by the Board:1\n\nThe total amount of principal in the preneed trust account;2\n\nThe securities in which the preneed trust account is invested;3\n\nThe income received from the trust and the source of that income during the preceding fiscal year;4\n\nAn affidavit executed by the compliance agent that all provisions of this chapter applicable to the seller relating to preneed trust accounts have been complied with;5\n\nForty percent of the total receipts required to be deposited in the preneed trust account;6\n\nAll expenditures from the preneed trust account; and7\n\nIf the trustee is other than a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth, proof that the required fidelity bond has been secured and that it is in effect.B\n\nThe cemetery company shall (i) engage an independent certified public accountant to apply agreed-upon procedures as specified by the Board to the total of all receipts subject to § 54.1-2325, in accordance with standards established by the American Institute of Certified Public Accountants or any successor standard authorities, and (ii) provide to the Board the independent certified public accountant’s report on the agreed-upon procedures.\n\t\t\tThe information provided by the cemetery company shall provide full disclosure of any transactions between the preneed trust account and any directors, officers, stockholders, or employees of the cemetery company, or relatives of the cemetery company’s employees, and shall include a description of the transactions, the parties involved, the dates and amounts of the transactions, and the reasons for the transactions.C\n\nThe information required to be filed hereunder with the Board shall be exempt from the Government Data Collection and Dissemination Practices Act (§ 2.2-3800 et seq.).","order_by":null,"text":{"0":{"id":214808,"text":"The cemetery company shall report the following information to the Board within four months following the cemetery company’s fiscal year, on forms prescribed by the Board:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":214809,"text":"The total amount of principal in the preneed trust account;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":214810,"text":"The securities in which the preneed trust account is invested;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":214811,"text":"The income received from the trust and the source of that income during the preceding fiscal year;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":214812,"text":"An affidavit executed by the compliance agent that all provisions of this chapter applicable to the seller relating to preneed trust accounts have been complied with;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":214813,"text":"Forty percent of the total receipts required to be deposited in the preneed trust account;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":214814,"text":"All expenditures from the preneed trust account; and","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":214815,"text":"If the trustee is other than a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth, proof that the required fidelity bond has been secured and that it is in effect.","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"B"},"8":{"id":214816,"text":"The cemetery company shall (i) engage an independent certified public accountant to apply agreed-upon procedures as specified by the Board to the total of all receipts subject to § 54.1-2325, in accordance with standards established by the American Institute of Certified Public Accountants or any successor standard authorities, and (ii) provide to the Board the independent certified public accountant’s report on the agreed-upon procedures.\n\t\t\tThe information provided by the cemetery company shall provide full disclosure of any transactions between the preneed trust account and any directors, officers, stockholders, or employees of the cemetery company, or relatives of the cemetery company’s employees, and shall include a description of the transactions, the parties involved, the dates and amounts of the transactions, and the reasons for the transactions.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A7","next_prefix":"C"},"9":{"id":214817,"text":"The information required to be filed hereunder with the Board shall be exempt from the Government Data Collection and Dissemination Practices Act (§ 2.2-3800 et seq.).","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13695,"edition_id":1,"name":"Cemetery Operators, Perpetual Care Trust Funds and Preneed Burial Contracts","identifier":"23.1","label":"chapter","depth":3,"order_by":1,"parent_id":12755,"metadata":{},"date_created":"2026-06-26 03:45:35","date_modified":"2026-06-26 03:45:35","permalink":{"id":240255,"object_type":"structure","relational_id":13695,"identifier":"23.1","token":"54.1\/II\/23.1","url":"\/54.1\/II\/23.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12755,"edition_id":1,"name":"Professions and Occupations Regulated by the Department of Professional and Occupational Regulation and Boards Within the Department","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12754,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239415,"object_type":"structure","relational_id":12755,"identifier":"II","token":"54.1\/II","url":"\/54.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12754,"edition_id":1,"name":"Professions and Occupations","identifier":"54.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239313,"object_type":"structure","relational_id":12754,"identifier":"54.1","token":"54.1","url":"\/54.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":61603,"structure_id":13695,"section_number":"54.1-2310","catch_line":"Definitions","url":"\/54.1-2310\/","token":"54.1\/II\/23.1\/54.1-2310","metadata":false},{"id":72586,"structure_id":13695,"section_number":"54.1-2311","catch_line":"Cemetery operators required to be licensed by the Board","url":"\/54.1-2311\/","token":"54.1\/II\/23.1\/54.1-2311","metadata":false},{"id":81993,"structure_id":13695,"section_number":"54.1-2312","catch_line":"Exemptions","url":"\/54.1-2312\/","token":"54.1\/II\/23.1\/54.1-2312","metadata":false},{"id":85224,"structure_id":13695,"section_number":"54.1-2312.01","catch_line":"Special interments; definitions; regulations by Board","url":"\/54.1-2312.01\/","token":"54.1\/II\/23.1\/54.1-2312.01","metadata":false},{"id":81764,"structure_id":13695,"section_number":"54.1-2312.1","catch_line":"Resale of interment right; conditions for resale transaction; contents of transfer form; approval by cemetery company","url":"\/54.1-2312.1\/","token":"54.1\/II\/23.1\/54.1-2312.1","metadata":false},{"id":78987,"structure_id":13695,"section_number":"54.1-2312.2","catch_line":"Resale of interment right by certain churches and religious organizations","url":"\/54.1-2312.2\/","token":"54.1\/II\/23.1\/54.1-2312.2","metadata":false},{"id":76163,"structure_id":13695,"section_number":"54.1-2313","catch_line":"Board; appointment; terms; vacancies; meetings; quorum; other powers; regulations","url":"\/54.1-2313\/","token":"54.1\/II\/23.1\/54.1-2313","metadata":false},{"id":56354,"structure_id":13695,"section_number":"54.1-2313.1","catch_line":"Protection of preneed burial and perpetual care trust funds; operation of cemetery company; appointment of receiver","url":"\/54.1-2313.1\/","token":"54.1\/II\/23.1\/54.1-2313.1","metadata":false},{"id":59048,"structure_id":13695,"section_number":"54.1-2314","catch_line":"Refusal, suspension or revocation of license or registration","url":"\/54.1-2314\/","token":"54.1\/II\/23.1\/54.1-2314","metadata":false},{"id":68604,"structure_id":13695,"section_number":"54.1-2315","catch_line":"Other prohibited activities","url":"\/54.1-2315\/","token":"54.1\/II\/23.1\/54.1-2315","metadata":false},{"id":68252,"structure_id":13695,"section_number":"54.1-2316","catch_line":"Certain representations unlawful; perpetual care trust fund required","url":"\/54.1-2316\/","token":"54.1\/II\/23.1\/54.1-2316","metadata":false},{"id":77982,"structure_id":13695,"section_number":"54.1-2317","catch_line":"Who may serve as trustee of perpetual care trust fund","url":"\/54.1-2317\/","token":"54.1\/II\/23.1\/54.1-2317","metadata":false},{"id":66009,"structure_id":13695,"section_number":"54.1-2318","catch_line":"Application of Part A (\u00a7 64.2-1200 et seq.) of Subtitle IV of Title 64.2","url":"\/54.1-2318\/","token":"54.1\/II\/23.1\/54.1-2318","metadata":false},{"id":84608,"structure_id":13695,"section_number":"54.1-2319","catch_line":"Deposit in perpetual care trust fund required upon sale of graves, etc","url":"\/54.1-2319\/","token":"54.1\/II\/23.1\/54.1-2319","metadata":false},{"id":69258,"structure_id":13695,"section_number":"54.1-2320","catch_line":"Additional deposit not required upon subsequent sale of same grave, crypt or niche","url":"\/54.1-2320\/","token":"54.1\/II\/23.1\/54.1-2320","metadata":false},{"id":56252,"structure_id":13695,"section_number":"54.1-2321","catch_line":"Recovery of original perpetual care trust fund deposit","url":"\/54.1-2321\/","token":"54.1\/II\/23.1\/54.1-2321","metadata":false},{"id":68822,"structure_id":13695,"section_number":"54.1-2322","catch_line":"Use of income from perpetual care trust fund; distributions","url":"\/54.1-2322\/","token":"54.1\/II\/23.1\/54.1-2322","metadata":false},{"id":82665,"structure_id":13695,"section_number":"54.1-2323","catch_line":"Financial records required","url":"\/54.1-2323\/","token":"54.1\/II\/23.1\/54.1-2323","metadata":false},{"id":77504,"structure_id":13695,"section_number":"54.1-2324","catch_line":"Financial report and report of independent certified public accountant required for perpetual care trust funds","url":"\/54.1-2324\/","token":"54.1\/II\/23.1\/54.1-2324","metadata":false},{"id":78778,"structure_id":13695,"section_number":"54.1-2325","catch_line":"Deposit in preneed trust required upon sale of property or services not to be delivered within 120 days","url":"\/54.1-2325\/","token":"54.1\/II\/23.1\/54.1-2325","metadata":false},{"id":81056,"structure_id":13695,"section_number":"54.1-2326","catch_line":"Who may serve as trustee of preneed trust fund","url":"\/54.1-2326\/","token":"54.1\/II\/23.1\/54.1-2326","metadata":false},{"id":75693,"structure_id":13695,"section_number":"54.1-2327","catch_line":"Itemized statement and general price list of burial fees to be furnished; solicitations prohibited","url":"\/54.1-2327\/","token":"54.1\/II\/23.1\/54.1-2327","metadata":false},{"id":65840,"structure_id":13695,"section_number":"54.1-2328","catch_line":"Requirements of preneed burial contracts","url":"\/54.1-2328\/","token":"54.1\/II\/23.1\/54.1-2328","metadata":false},{"id":80895,"structure_id":13695,"section_number":"54.1-2329","catch_line":"Identification of specific funds","url":"\/54.1-2329\/","token":"54.1\/II\/23.1\/54.1-2329","metadata":false},{"id":80662,"structure_id":13695,"section_number":"54.1-2330","catch_line":"Specific funds and income to remain in preneed trust account; exception","url":"\/54.1-2330\/","token":"54.1\/II\/23.1\/54.1-2330","metadata":false},{"id":54782,"structure_id":13695,"section_number":"54.1-2331","catch_line":"Disbursement of trust funds upon performance of contract","url":"\/54.1-2331\/","token":"54.1\/II\/23.1\/54.1-2331","metadata":false},{"id":66596,"structure_id":13695,"section_number":"54.1-2332","catch_line":"Seller required to keep records","url":"\/54.1-2332\/","token":"54.1\/II\/23.1\/54.1-2332","metadata":false},{"id":58614,"structure_id":13695,"section_number":"54.1-2333","catch_line":"Financial report and report of independent certified public accountant required for preneed trust accounts","url":"\/54.1-2333\/","token":"54.1\/II\/23.1\/54.1-2333","metadata":false},{"id":69291,"structure_id":13695,"section_number":"54.1-2334","catch_line":"Inclusion of property and services to be delivered within 120 days","url":"\/54.1-2334\/","token":"54.1\/II\/23.1\/54.1-2334","metadata":false},{"id":75017,"structure_id":13695,"section_number":"54.1-2335","catch_line":"Breach of contract by seller; trust to be single purpose trust","url":"\/54.1-2335\/","token":"54.1\/II\/23.1\/54.1-2335","metadata":false},{"id":74745,"structure_id":13695,"section_number":"54.1-2336","catch_line":"Trustee may rely on certifications and affidavits","url":"\/54.1-2336\/","token":"54.1\/II\/23.1\/54.1-2336","metadata":false},{"id":70137,"structure_id":13695,"section_number":"54.1-2337","catch_line":"Transfer of trust funds to another trustee","url":"\/54.1-2337\/","token":"54.1\/II\/23.1\/54.1-2337","metadata":false},{"id":55080,"structure_id":13695,"section_number":"54.1-2338","catch_line":"Use of trustee's name in advertisements","url":"\/54.1-2338\/","token":"54.1\/II\/23.1\/54.1-2338","metadata":false},{"id":70915,"structure_id":13695,"section_number":"54.1-2339","catch_line":"Construction and development of mausoleums and garden crypts","url":"\/54.1-2339\/","token":"54.1\/II\/23.1\/54.1-2339","metadata":false},{"id":63571,"structure_id":13695,"section_number":"54.1-2340","catch_line":"Waiver of chapter void","url":"\/54.1-2340\/","token":"54.1\/II\/23.1\/54.1-2340","metadata":false},{"id":77379,"structure_id":13695,"section_number":"54.1-2341","catch_line":"Exemption from levy, garnishment and distress","url":"\/54.1-2341\/","token":"54.1\/II\/23.1\/54.1-2341","metadata":false},{"id":54676,"structure_id":13695,"section_number":"54.1-2342","catch_line":"Penalties","url":"\/54.1-2342\/","token":"54.1\/II\/23.1\/54.1-2342","metadata":false}],"previous_section":{"id":66596,"structure_id":13695,"section_number":"54.1-2332","catch_line":"Seller required to keep records","url":"\/54.1-2332\/","token":"54.1\/II\/23.1\/54.1-2332","metadata":false},"next_section":{"id":69291,"structure_id":13695,"section_number":"54.1-2334","catch_line":"Inclusion of property and services to be delivered within 120 days","url":"\/54.1-2334\/","token":"54.1\/II\/23.1\/54.1-2334","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/54.1-2333\/","history_text":"

This law was first created in 1998. The record of its establishment is cataloged in chapters 708<\/a> and 721<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2000, chapter 36<\/a>; in 2004, chapter 247<\/a>; in 2015, chapter 344<\/a>.<\/p>","references":false,"refers_to":[{"id":69409,"section_number":"2.2-3800","catch_line":"Short title; findings; principles of information practice","order_by":null,"url":"\/2.2-3800\/"},{"id":78778,"section_number":"54.1-2325","catch_line":"Deposit in preneed trust required upon sale of property or services not to be delivered within 120 days","order_by":null,"url":"\/54.1-2325\/"}],"permalink":{"id":240365,"object_type":"law","relational_id":58614,"identifier":"54.1-2333","token":"54.1\/II\/23.1\/54.1-2333","url":"\/54.1-2333\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/54.1-2333\/","token":"54.1\/II\/23.1\/54.1-2333","dublin_core":{"Title":"Financial report and report of independent certified public accountant required for preneed trust accounts","Type":"Text","Format":"text\/html","Identifier":"\u00a7 54.1-2333","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The cemetery company<\/span> shall report the following information to the Board<\/span> within four months following the cemetery company<\/span>’s fiscal year, on forms prescribed by the Board<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The total amount of principal in the preneed<\/span> trust account; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The securities in which the preneed<\/span> trust account is invested; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The income received from the trust and the source of that income during the preceding fiscal year; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> An affidavit<\/span> executed by the compliance agent<\/span> that all provisions of this chapter applicable to the seller<\/span> relating to preneed<\/span> trust accounts have been complied with; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Forty percent of the total receipts required to be deposited in the preneed<\/span> trust account; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> All expenditures from the preneed<\/span> trust account; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> If the trustee is other than a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth, proof that the required fidelity bond<\/span> has been secured and that it is in effect. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The cemetery company<\/span> shall (i) engage an independent certified public accountant to apply agreed-upon procedures as specified by the Board<\/span> to the total of all receipts subject to § 54.1-2325<\/a>, in accordance with standards established by the American Institute of Certified Public Accountants or any successor standard authorities, and (ii) provide to the Board<\/span> the independent certified public accountant’s report on the agreed-upon procedures.\n\t\t\tThe information provided by the cemetery company<\/span> shall provide full disclosure of any transactions between the preneed<\/span> trust account and any directors, officers, stockholders, or employees of the cemetery company<\/span>, or relatives of the cemetery company<\/span>’s employees, and shall include a description of the transactions, the parties involved, the dates and amounts of the transactions, and the reasons for the transactions. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The information required to be filed hereunder with the Board<\/span> shall be exempt from the Government Data Collection and Dissemination Practices Act (§ 2.2-3800<\/a> et seq.). <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFINANCIAL REPORT AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT REQUIRED\nFOR PRENEED TRUST ACCOUNTS (\u00a7 54.1-2333)\n\nA. The cemetery company shall report the following information to the Board\nwithin four months following the cemetery company’s fiscal year, on forms\nprescribed by the Board:\n\n 1. The total amount of principal in the preneed trust account;\n\n 2. The securities in which the preneed trust account is invested;\n\n 3. The income received from the trust and the source of that income during the\n preceding fiscal year;\n\n 4. An affidavit executed by the compliance agent that all provisions of this\n chapter applicable to the seller relating to preneed trust accounts have been\n complied with;\n\n 5. Forty percent of the total receipts required to be deposited in the preneed\n trust account;\n\n 6. All expenditures from the preneed trust account; and\n\n 7. If the trustee is other than a Virginia trust company or trust subsidiary\n or a federally insured bank or savings institution doing business in the\n Commonwealth, proof that the required fidelity bond has been secured and that\n it is in effect.\n\nB. The cemetery company shall (i) engage an independent certified public\naccountant to apply agreed-upon procedures as specified by the Board to the\ntotal of all receipts subject to § 54.1-2325, in accordance with standards\nestablished by the American Institute of Certified Public Accountants or any\nsuccessor standard authorities, and (ii) provide to the Board the independent\ncertified public accountant’s report on the agreed-upon procedures.\n\t\t\tThe information provided by the cemetery company shall provide full\ndisclosure of any transactions between the preneed trust account and any\ndirectors, officers, stockholders, or employees of the cemetery company, or\nrelatives of the cemetery company’s employees, and shall include a\ndescription of the transactions, the parties involved, the dates and amounts of\nthe transactions, and the reasons for the transactions.\n\nC. The information required to be filed hereunder with the Board shall be exempt\nfrom the Government Data Collection and Dissemination Practices Act (§\n2.2-3800 et seq.).\n\nHISTORY: 1998, cc. 708, 721; 2000, c. 36; 2004, c. 247; 2015, c. 344.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}