NY S06285

Amends the permanent maintenance fund provisions to allow qualified cemetery corporations to appropriate trust principal for cemetery maintenance, treating such amounts as income, if they adopt a written investment policy complying with the Prudent Management of Institutional Funds Act (article five-A).

Establishes a "safe harbor" amount of up to 4% of the fair market value of trust principal (calculated as of the last day of the preceding fiscal year) in excess of interest and ordinary dividends received, which is automatically deemed prudent without requiring cemetery board approval.

Requires cemetery corporations seeking to appropriate principal to provide 60 days' advance notice to the cemetery board by certified mail, including a copy of the written investment policy and disclosure of the appropriation amount and its effect on the fund.

Allows the cemetery board to object to appropriations within the 60-day notice period, with objections blocking the appropriation only if it exceeds the safe harbor amount or the investment policy is not provided or does not comply with article five-A standards.

Applies the same principal appropriation rules and safe harbor provisions to perpetual care funds for individual cemetery lots and plots.