Funeral Homes and Cemeteries
As with many industries, funeral homes and cemeteries have specialized processes, practices and needs. Many funeral homes and cemeteries sell services and burial spaces on both pre-need and at-need. Many states have regulations governing pre-need sales as well as, perpetual care of burial spaces.
For instance, the State of Maryland requires public cemeteries to deposit a minimum of 10% of their sales revenue from burial spaces into a trust fund within 30 days of the end of the month after the buyer makes final payment.
The State of Maryland requires public cemeteries to file a Perpetual Care Trust Report and to have the deposit information audited by a licensed CPA each year to maintain compliance. Additionally, public cemeteries are required to file a reviewed balance sheet as part of their reporting package every second year.
Many other states, such as California have specific reporting and audit requirements for cemeteries and funeral homes.
Contact us to discuss your state’s specific requirements and attest services that should be considered.