Source: https://apps.leg.wa.gov/WAC/default.aspx?cite=98-12&full=true
Timestamp: 2019-10-20 09:42:59
Document Index: 777423854

Matched Legal Cases: ['§ 98', '§ 98', '§ 98', '§ 98', '§ 98', '§ 98', '§ 98', '§ 98', '§ 98', '§ 98', '§ 98', '§ 98', '§ 98']

Chapter 98-12 WAC:
WACs > Title 98 > Chapter 98-12
Chapter 98-12 WAC
98-12-020 Improved commercial or real estate income.
98-12-030 Definitions.
98-12-040 Records of endowment care funds.
98-12-050 Endowment care trust fund contribution for additional rights of interment, entombment or inurnment.
98-12-051 Application for total return distribution.
98-12-052 Calculation of the average fair market value.
98-12-053 Limitation of total return distribution.
98-12-054 Fees and taxes.
98-12-055 Annual reporting requirements for total return distribution method.
98-12-010 Endowment care trust funds—Alteration of identity of trustee—Notice required. [Order 72-1, § 98-12-010, filed 9/8/72.] Repealed by WSR 89-08-043 (Order PM 830), filed 3/31/89. Statutory Authority: RCW 68.05.105.
98-12-020
[Statutory Authority: RCW 68.05.105 and chapter 34.05 RCW. WSR 07-11-088, § 98-12-020, filed 5/15/07, effective 6/15/07. Statutory Authority: RCW 68.05.100. WSR 81-07-013 (Order 104), § 98-12-020, filed 3/9/81.]
98-12-030
(8) "Gross sales price," in determining "ten percent of the gross sales price" pursuant to RCW 68.40.010, gross sales price shall not include the endowment care fund portion. Endowment care shall be added to the gross sales price and separately identified as endowment care on any contract. For example: Grave gross sales price - $100.00. Endowment care requirement - $10.00. Total contract price - $110.00.
(a) Ordinary income, that is, interest, dividends, rents and other amounts received by the fund as current returns on investments, but excludes realized or unrealized capital gains or losses; or
(b) The amount available for distribution using the total return distribution method.
(10) "Net ordinary income" means the ordinary income of the fund reduced by the expenses of operating the fund.
(11) "Total return distribution" means the distributions of the endowment care fund based on the average fair market value of the endowment care fund assets, determined under WAC 98-12-052 multiplied by the total return percentage.
(12) "Total return distribution method" means an alternative distribution method intended to encourage the utilization of endowment care fund investments that will ultimately result in higher endowment care fund income levels through growth in the endowment care fund principal over time.
(13) "Total return percentage" means the annual percentage selected by the endowment care trustee or cemetery authority in accordance with WAC 98-12-051. The total return percentage shall not be less than three percent and not exceed five percent of the average fair market value of the endowment care fund.
(14) "Trustee(s)" means the bank, trust company or persons appointed by the cemetery authority or association of lot owners to hold fiduciary responsibility in managing the endowment care fund in accordance with chapter 68.44 RCW and subject to the direction of the cemetery authority.
[Statutory Authority: RCW 68.05.105. WSR 17-24-017, § 98-12-030, filed 11/28/17, effective 12/29/17. Statutory Authority: RCW 68.05.100. WSR 83-02-063 (Order 106), § 98-12-030, filed 1/5/83.]
98-12-040
• Payments received and the amount due or paid to the endowment care fund.
• Reconciliation of payments to and from the fund.
• All supporting bank and investment statements.
All records required to be maintained pursuant to this rule and Title 68 RCW, whether maintained manually or by computer, shall:
• Be retained and available for inspection for a period of seven years.
• Be understandable to the cemetery board examiner or other persons reasonably having cause to access them.
[Statutory Authority: RCW 68.05.105 and chapter 34.05 RCW. WSR 07-11-088, § 98-12-040, filed 5/15/07, effective 6/15/07. Statutory Authority: RCW 68.05.100. WSR 83-02-063 (Order 106), § 98-12-040, filed 1/5/83.]
98-12-050
A cemetery authority not exempt from this chapter must make a deposit to the endowment care fund, for additional rights of interment, entombment or inurnment, as required in RCW 68.40.010.
[Statutory Authority: RCW 68.05.105 and chapter 34.05 RCW. WSR 07-11-088, § 98-12-050, filed 5/15/07, effective 6/15/07.]
98-12-051
(7) Unless an application and required documents for conversion to the total return distribution method have been received and approved by the board, a cemetery authority or trustee(s) may distribute only the net ordinary income from the endowment care fund for the general care, maintenance and embellishment of the cemetery.
[Statutory Authority: RCW 68.05.105. WSR 17-24-017, § 98-12-051, filed 11/28/17, effective 12/29/17.]
98-12-052
The cemetery authority or trustee shall calculate the average fair market value of the fund at the beginning of each fiscal year. Appraisal methods and or sources utilized to determine fair market value to establish the initial value must remain the same in each reporting year.
[Statutory Authority: RCW 68.05.105. WSR 17-24-017, § 98-12-052, filed 11/28/17, effective 12/29/17.]
98-12-053
(a) If the average fair market value of the endowment care fund declines by ten percent or more over a two-year period; or
[Statutory Authority: RCW 68.05.105. WSR 17-24-017, § 98-12-053, filed 11/28/17, effective 12/29/17.]
98-12-054
[Statutory Authority: RCW 68.05.105. WSR 17-24-017, § 98-12-054, filed 11/28/17, effective 12/29/17.]
98-12-055
(1) The asset allocation.
(2) The annual distribution to the cemetery authority.
(3) Any changes to the investment and distribution policy.
(4) Calculation of the average fair market value to determine the current year's distribution, and supporting documents.
[Statutory Authority: RCW 68.05.105. WSR 17-24-017, § 98-12-055, filed 11/28/17, effective 12/29/17.]