Arkansas Administrative Code › Agency 024 - Burial Association Board › Rule 024.00.14-001 - Rules and Regulations (2014)

Current through Register Vol. 49, No. 6, June, 2024
Arkansas Burial Association Board shall be referred to as The Board.
1.
Officers of Associations.
All officials of burial associations must be members of the association of which they are officers. In the event, a person holds office in more than one association, he/she is required to hold membership in each association of which he/she is an officer. Total benefits which may be paid to such officer shall not exceed $2,500.00.
7.
Fidelity Bonds.
Associations with money on hand will be required to have a bond with an approved corporate surety, on the Secretary/Treasurer and any other person(s) whose authorized signature is on the association's accounts. Bonds must be made in favor of the association, in the amount of the surplus of the association, less the monies invested as authorized, by Ark. Code Ann. §
							23-78-101 (Effective July 1, 1985). However, the bond shall not be less than $2,500.00.
9.
Books and Records.
All books, accounts, and records must be kept at the main office of the association and in such manner as to accurately reflect the condition of the association, subject to inspection of any member of the association or representative of the Board. Books of an association may be closed not more than 30 days prior to an assessment, and all members receiving certificates more than 30 days prior to an assessment, shall be included in the assessment.
10.
Semi-Annual Reports.
Each burial association or society licensed in this state shall file a Semi-Annual report showing the actual financial condition of the association as of June 30 and December 31, of each year on forms approved and/or provided by the Board. In addition to the accurate December Semi-Annual Report, other items or documents to be filed shall include, but are not limited to, the following:
a) Annual fee of six hundred dollars ($600.00) per association;
b) Membership fees of twenty-five cents ($0.25) per member based on the number of members as of December 31st; membership fees are considered to be a component of the annual license fee.
c) Minutes from the Annual Meeting for the calendar year;
d) Proof of Bond in good standing;
e) New Business 443 Reserves Report, if applicable.
If said report(s) is not received in the Board's office by August 15th and February 15th, penalties will be assessed, and if necessary, the Board will take action to procure the report, if not received within ten (10) days from due date. Should it become necessary for the Board's Auditor to travel to the association to procure the report, the Board's office shall recover expenses incurred as a result of the association's failure to file the report. These expenses shall be those authorized by Ark. Code Ann. §
									23-78-101 and shall be paid by the association from the allowable operating expenses, and not from the Mortuary Fund. (Act 480 of 1985, effective July 1, 1985).
The Board may grant an extension of time to submit a report for good cause. A burial association or society shall file a request for an extension to the Board in writing before the due date of the report. Ark. Code Ann.§
									23-78-120(b) (3) (A) -(B).