157.62

157.62 Reporting; record keeping; audits.

157.62(1)

(1) Cemetery associations.

157.62(1)(a)

(a) Except as provided in para. (b) and § 157.625, every cemetery association shall file an annual report with the department of financial institutions. The report shall be made on a calendar-year basis unless the department of financial institutions, by rule, provides for other reporting periods. The report is due on the 60th day after the last day of the reporting period. The annual report shall include all of the following:

157.62(1)(a)1.

1. The name of the cemetery association and the address of its principal office.

157.62(1)(a)2.

2. The name, residence address and business address of each officer, director and trustee of the cemetery association.

157.62(1)(a)3.

3. The name, residence address and business address of each shareholder who beneficially owns, holds or has the power to vote 5% or more of any class of securities issued by the cemetery association.

157.62(1)(a)4.

4. The dates and places of all meetings and elections.

157.62(1)(a)5.

5. A statement of whether the cemetery association engaged in the operation of a cemetery during the previous calendar year.

157.62(2)

(2) Cemetery authorities.

157.62(1)(b)

(b) Paragraph (a) does not apply to any person required to file a report under § 180.1622 or 181.1622.

157.62(1)(c)

(c) The department of financial institutions may prescribe and furnish forms for reports required under this subsection. If the department of financial institutions prescribes forms under this paragraph, the department of financial institutions shall mail the forms to cemetery associations required to file under para. (a) no later than 60 days before the reports are due.

157.62(2)(a)

(a) Except as provided in §§ 157.625 and 157.63 (1), every cemetery authority shall file an annual report with the cemetery board. The report shall be made on a form prescribed and furnished by the cemetery board. The report shall be made on a calendar-year basis unless the cemetery board, by rule, provides for other reporting periods. The report is due on the 60th day after the last day of the reporting period.

157.62(2)(b)

(b) The cemetery authority shall include all of the following in the annual report required under para. (a):

157.62(2)(b)1.

1. A copy of any report required under sub. (a) or § 180.1622 or 181.1622.

157.62(2)(b)2.

2. If the cemetery authority is required to file a report under § 180.1622 or 181.1622, the information specified in sub. (1) (a) 3.

157.62(2)(b)3.

3. An accounting of amounts deposited in, amounts withdrawn from, income accruing to and the balance at the close of the reporting period of any preneed trust funds of the cemetery.

157.62(2)(b)4.

4. An accounting of amounts deposited in, amounts withdrawn from, other income accruing to and the balance at the end of the reporting period of care funds of the cemetery, including the funds in ss. 157.11 (9g) (a), 157.12 (3) and 157.125.

157.62(2)(b)5.

5. An accounting of all gifts received, income from gifts deposited in accounts not accounted for under subd. 4., amounts expended from those accounts and the balance of those accounts at the end of the reporting period.

157.62(2)(b)6.

6. The name and address of each trustee for the funds under subds. 3. to 5. and of the financial institution holding those accounts at the close of the reporting period.

157.62(2)(b)7.

7. The information specified in sub. (a), to the extent applicable, if the cemetery is not required to file a report under sub. (a) or § 180.1622 or 181.1622.

157.62(2)(c)

(c) All records relating to accountings of trust funds described under par. (b) 3. to 7. and maintained by the department and by the cemetery board are confidential and are not available for inspection or copying under § 19.35 (1).

157.62(2)(d)

(d) The department shall review each report filed under para. (a) to determine whether the cemetery authority is complying with this subchapter.

157.62(3)

(3) Records; inspection.

157.62(3)(b)

(b) Every cemetery authority shall maintain all of the following:

157.62(3)(b)3.

3. A copy of each contract for the sale of a cemetery lot, mausoleum space or cemetery merchandise.

157.62(3)(a)

(a) Every cemetery authority shall keep a copy of the report required under sub. (a) at its principal place of business and, except for those records relating to accountings of trust funds described under sub. (2) (b) 3. to 7., shall make the report available for inspection, upon reasonable notice, by any person with an interest in a cemetery lot or a mausoleum space in a cemetery owned or operated by the cemetery authority.

157.62(3)(b)1.

1. The records needed to prepare the reports required under sub. (a).

157.62(3)(b)2.

2. Records that show, for each deposit in a trust fund or account specified in sub. (2) (b) 3. or 4., the name of the purchaser or beneficiary of the contract relating to the deposit and the item purchased.

157.62(4)

(4) Records maintenance. The records under sub. (3) (b) 1. shall be permanently maintained by the cemetery authority or licensee. Each record under sub. (3) (b) 2. shall be maintained for not less than 3 years after the date of the deposit. Each copy of a contract under sub. (3) (b) 3. shall be maintained for not less than 3 years after all of the obligations of the contract have been fulfilled. The department may promulgate rules to establish longer time periods for maintaining records under sub. (3) (b) 2. and 3.

157.62(5)

(5) Rules; records. The department may promulgate rules requiring cemetery authorities and licensees to maintain other records and establishing minimum time periods for the maintenance of those records.

157.62(7)

(7) Rules; filing fee. The department may promulgate rules establishing a filing fee to accompany the report required under sub. (a). The filing fee shall be based on the approximate cost of regulating cemetery authorities.

157.62(6)

(6) Audit. Except as provided in §§ 157.625, 157.63 (5) and 440.92 (9) (e), the department may audit, at reasonable times and frequency, the records, trust funds and accounts of any cemetery authority, including records, trust funds and accounts pertaining to services provided by a cemetery authority which are not otherwise subject to the requirements under this chapter. The department may conduct audits under this subsection on a random basis, and shall conduct all audits under this subsection without providing prior notice to the cemetery authority.