Bill Text: NJ S932 | 2010-2011 | Regular Session | Introduced
Bill Title: Requires cemetery companies to file annual financial report.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-02-01 - Introduced in the Senate, Referred to Senate Commerce Committee [S932 Detail]
Download: New_Jersey-2010-S932-Introduced.html
Sponsored by:
Senator LORETTA WEINBERG
District 37 (Bergen)
SYNOPSIS
Requires cemetery companies to file annual financial report.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning cemetery companies and supplementing P.L.2003, c.261 (C.45:27-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. In addition to the Maintenance and Preservation Fund report required pursuant to section 15 of P.L.2003, c.261 (C.45:27-15), every cemetery company:
(1) which is required to file an Internal Revenue Service Form 990 shall file with the New Jersey Cemetery Board a financial report, prepared by a certified public accountant licensed pursuant to P.L.1997, c.259 (C.45:2B-42 et seq.), which includes a complete report of income and expenses and such other information as required by the board by regulation;
(2) which is not required to file an Internal Revenue Service Form 990 shall file with the New Jersey Cemetery Board a financial report prepared by an officer of the cemetery company, which includes a complete report of income and expenses and such other information as required by the board by regulation.
b. The report required by this section shall be filed annually and at the same time as the Maintenance and Preservation Fund report required pursuant to section 15 of P.L.2003, c.261 (C.45:27-15).
c. If the report filed pursuant to this section is inadequate to apprise the board of the information it requires to administer the provisions of this section effectively, it shall request a supplemental report and it may order an investigation of the operations of the cemetery company.
2. This act shall take effect immediately.
STATEMENT
This bill requires cemetery companies regulated by the New Jersey Cemetery Board that file an Internal Revenue Service Form 990 to file with the New Jersey Cemetery Board an annual financial report, prepared by a certified public accountant, which includes a complete report of income and expenses and such other information as required by the board by regulation. The bill also requires cemetery companies regulated by the board that do not file an Internal Revenue Service Form 990 to file an annual financial report, prepared by an officer of the cemetery company, which includes a complete report of income and expenses and such other information as required by the board by regulation.
The report required by the bill will be filed annually and at the same time as the Maintenance and Preservation Fund report currently required pursuant to section 15 of P.L.2003, c.261 (C.45:27-15).
