S.C. Code Regs. § § 21-11

Current through Register Vol. 48, No. 11, November 22, 2024

Section 21-11 - Care and Maintenance Trust Funds

(A) Pursuant to Section 40-8-110(C), each time a space is sold, the cemetery must deposit the amount which the cemetery charges for perpetual care into the Care and Maintenance Trust Fund. The trustee must furnish to the board, within ninety (90) days of the end of the calendar year, an annual summary of the beginning balance, all deposits, all withdrawals, and the ending balance of the trust account.

(B) Pursuant to Section 40-8-110(C), the cemetery must also trust the greater of 0.08 cents per square inch or the actual amount charged for the long term care of a marker. Dates of payment and deposit must be put in writing and recorded.

(C) Pursuant to Section 40-8-110(E), capital gains are not net income, but growth in the corpus. Net income is the current year's earnings of interest and dividends.

S.C. Code Regs. § 21-11

Replaced and Amended by State Register Volume 37, Issue No. 6, eff June 28, 2013.