                                 CODE OF VIRGINIA

FINANCIAL REPORT AND REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT REQUIRED
FOR PERPETUAL CARE TRUST FUNDS (§ 54.1-2324)

A. Within four months after the close of its fiscal year, the cemetery company
shall report the following information to the Board, on forms prescribed 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 the
   amount 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 of
   such income, during the preceding fiscal year;

   4. The method of distribution used for distributions from the perpetual care
   trust fund and, if a total return distribution method was used, a schedule to
   verify compliance with the requirements of &#xA7; 54.1-2322;

   5. An affidavit executed by the compliance agent that all applicable
   provisions of this chapter relating to perpetual care trust funds have been
   complied with;

   6. The total receipts subject to the 10 percent trust requirement;

   7. All expenditures from the perpetual care trust fund;

   8. 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; and

   9. A separate total of expenses incurred for general care and maintenance,
   embellishment and administration of its cemeteries.

B. 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 &#xA7; 54.1-2319, 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&#8217;s report on the agreed-upon procedures. The
information provided by the cemetery company shall provide full disclosure of
any transactions between the perpetual care trust fund and any directors,
officers, stockholders, or employees of the cemetery company, or relatives of
the cemetery company&#8217;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. The information required to be filed hereunder with the Board shall be exempt
from the Government Data Collection and Dissemination Practices Act (&#xA7;
2.2-3800 et seq.).

HISTORY: 1998, cc. 708, 721; 2000, c. 36; 2004, c. 247; 2015, c. 344; 2017, cc.
12, 65.