2019 Nevada Revised Statutes
Chapter 452 - Cemeteries
NRS 452.165 - Operation of endowment care fund as unitrust: Written investment policy; maximum amount of disbursements; trustee prohibited from making disbursement in certain circumstances; authority of Administrator to prohibit disbursement.
1. The trustee of an endowment care fund that is operating as a unitrust shall adopt a written investment policy that supports the growth of the fund.
2. Except as otherwise provided in subsection 4, the trustee of an endowment care fund that is operating as a unitrust may disburse to the cemetery authority during a calendar year an amount not to exceed the sum of 5 percent of the value of the endowment care fund at the beginning of the calendar year and any additional taxes or fees imposed on the distribution.
3. The trustee of an endowment care fund that is operating as a unitrust shall not make a disbursement to the cemetery authority from the fund if, after making the disbursement, the value of the fund would be less than 80 percent of the value of the fund at the end of the immediately preceding calendar year.
4. The Administrator may prohibit the trustee of an endowment care fund that is operating as a unitrust from making a disbursement to the cemetery authority or limit the amount of such a disbursement if the Administrator determines, based on the value of the fund, that the principal of the fund is not adequately protected. For the purposes of this subsection, the value of the fund must be determined at the end of the calendar year by averaging, over the preceding 3 years or during the period of the trust’s existence, whichever is less, both the income and the principal of the trust.
(Added to NRS by 2017, 1202)
