MI SB1125

Municipalities with municipally owned cemeteries may establish an irrevocable endowment and perpetual care fund as a component fund within a community foundation through an irrevocable agreement.

Fund principal is held in perpetuity by the community foundation, with annual distributions of interest and earnings authorized twice per year to the municipality for cemetery care and maintenance.

Community foundation fees and costs for services may be paid from the fund principal at terms agreed upon in the agreement.

Community foundation must submit annual fund statements to the municipality's legislative body documenting beginning and ending balances, deposits, distributions, and expenditures.

Defines "community foundation" as a 501(c)(3) organization with at least 10 years of existence, $10,000,000 in assets, publicly supported status, independent governing body, and annual independent financial audits.