(a) Within seventy-five (75) days after the end of the calendar year or its fiscal year and within seventy-five (75) days on an annual basis thereafter, each cemetery company shall file with the commissioner a report of its condition, on forms provided by the commissioner, which report shall contain the following information:

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Terms Used In Tennessee Code 46-1-215

  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Cemetery: means any land or structure in this state dedicated to and used, or intended to be used, for interment of human remains. See Tennessee Code 46-1-102
  • Cemetery company: means an individual, partnership, corporation, or association, now or hereafter organized, owning or controlling cemetery lands or property and conducting the business of a cemetery. See Tennessee Code 46-1-102
  • Cemetery purposes: means all things requisite or necessary for, or incident or convenient to, the establishment, maintenance, management, operation, improvement and conduct of a cemetery, the preparation of the premises for interment and the interment of the human dead, and the care, preservation and embellishment of cemetery property. See Tennessee Code 46-1-102
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 46-1-102
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Crypt: means a chamber of sufficient size to inter the remains of a deceased person. See Tennessee Code 46-1-102
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Improvement care: means the continual maintenance of the cemetery grounds and graves in keeping with a properly maintained cemetery, including cutting of grass, raking and cleaning of cemetery plots at reasonable intervals, and pruning of shrubs and trees. See Tennessee Code 46-1-102
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Mausoleum crypts: means chambers contained in a structure or building constructed of reinforced concrete, whether assembled above or below ground. See Tennessee Code 46-1-102
  • Memorial care: includes , but is not limited to, resetting or straightening tipped commodities, replacing damaged commodities, and providing for the general maintenance of commodities. See Tennessee Code 46-1-102
  • Month: means a calendar month. See Tennessee Code 1-3-105
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Trustee: A person or institution holding and administering property in trust.
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) The name of the cemetery company, the date of incorporation, if incorporated, and the location of the cemetery or cemeteries owned by the company;
(2) The amounts of sales of cemetery lots, grave spaces, mausoleum crypts or niches for which payment has been made in full or certificates or deeds of conveyance issued on cemetery lots, grave spaces, crypt or niches during the preceding calendar or fiscal year;
(3) The amounts received for the special care of any lots, graves, crypts, niches, family mausoleums, memorials, markers or monuments;
(4) The amounts received for the memorial care of commodities;
(5) The amounts paid into the permanent improvement care fund, and the income earned from the fund during the preceding fiscal year;
(6) The number of acres embraced within each cemetery and held by the cemetery company for cemetery purposes;
(7) The names and addresses of the owners of the cemetery company or the officers and directors of the corporation, and any change of control that has occurred during the past calendar or fiscal year; and
(8) The total of all expenditures of income from the improvement care trust fund.
(b)

(1) Within forty-five (45) days after the end of the calendar or fiscal year of the cemetery company, the trustee of the improvement care fund of the cemetery company shall file with the commissioner a financial report with respect to the trust fund on forms that are obtained from the commissioner. The report shall include, but not be limited to, specific disclosure of the following:

(A) The current value of the assets, on both a book value and market value basis, and liabilities of the trust as of the beginning and end of the fiscal year of the trust;
(B) All sales, exchanges, or leases of any property between the trust and the cemetery company, any owner of an interest in the cemetery company, any officers or directors or managers of the cemetery company, or immediate family of any such person;
(C) Any loans by the trust or fixed income obligations due the trust that are classified as uncollectible or in default as of the close of the fiscal year of the trust;
(D) Whether the trust at any time held twenty percent (20%) or more of its assets in any single security, debt, mortgage, parcel of real estate, or partnership/joint venture interests;
(E) Whether the trust at any time engaged in any transaction or series of related transactions involving twenty percent (20%) or more of the current value of the trust; and
(F) Whether there were any purchases of nonpublicly traded securities by the trust, the value of which was set without an appraisal by an independent third party.
(2) The commissioner may require the trustee to make additional financial reports that the commissioner deems necessary.
(c) For late filing of a report required under this section, a cemetery company shall pay a late penalty not to exceed one hundred dollars ($100) for each month or fraction thereof that the report is late. The commissioner is authorized to establish the amount of the late penalty by promulgating rules in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
(d) The commissioner may promulgate rules and regulations that are reasonably necessary to require cemeteries to submit audited financial statements or other financial reports prepared by independent certified public accountants.
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