Bill > A03686

This bill amends the Not-for-Profit Corporation Law in relation to cemetery trust funds. It allows qualified cemetery corporations to appropriate up to 4% of the fair market value of their permanent maintenance and perpetual care funds, over the interest and dividends earned, for the maintenance and preservation of the cemetery grounds. This "safe harbor" amount is deemed prudent under the Prudent Management of Institutional Funds Act. The cemetery corporation must provide notice and disclose the appropriation to the Cemetery Board, which can object to appropriations exceeding the safe harbor amount or if the corporation's investment policy does not meet the required standards.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2023/A3686