W. Va. Code R. § 110-36-11

Current through Register Vol. XLI, No. 48, November 27, 2024

Section 110-36-11 - Financial Report and Written Assurance Required

11.1. The cemetery company shall report the following information to the Tax Commissioner within four (4) months following the close of the cemetery company's fiscal year:

11.1.1. The total amount of principal in the seller's trust account;

11.1.2. The securities in which the seller's trust account is invested;

11.1.3. The income received from the trust and the source of that income during the preceding fiscal year;

11.1.4. An affidavit executed by the compliance agent that all provisions of W. Va. Code '35-5B-1 et seq. and these regulations which are applicable to the seller and which relate to the seller's trust accounts have been complied with;

11.1.5. The total receipts required to be deposited in the seller's trust account;

11.1.6. All expenditures from the seller's trust account; and

11.1.7. 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 required fidelity bond has been secured and that it is in effect.

11.1.8. Appropriate documentation provided by the trustee may be utilized to support the foregoing information.

11.2. 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 foregoing required report, that forty percent (40%) of the cash receipts from the sale of preneed property, goods or services which is not anticipated to be delivered or performed within one hundred twenty (120) days after receipt of the initial payment on account has been deposited in the account within thirty (30) days after the close of the month in which such payments were received.

W. Va. Code R. § 110-36-11