Cedar Memorial Park Cemetery Permanent Care Marker Trust

“U s bank performs services to the trust as a trustee and investment advisor. U s bank's services as an investment advisor are governed by the trust's investment policy as well as the investment committee of the trust. U s bank and the investment committee meet on a quarterly basis to evaluate compliance with the investment policy and comparison of investment returns with applicable benchmarks.”

“The trustee is the custodian and record keeper of the trust's assets and therefore maintains a record of all of the trust's transactions. The trust's transactions are reviewed and reconciled to the information reported on the form 990, before the form 990 is filed.”

“Pursuant to a trust agreement between cedar memorial park cemetery association, inc. And u.s. Bank, n.a., u.s. Bank is appointed trustee of this trust established by the association. The trust is managed for the benefit of the association's lot owners. Therefore, the trustee's actions are governed by the trust agreement as well as a written investment policy. The trustee reports the trust transactions to the officers of the association on a monthly basis and those transactions are reviewed by the association and reconciled to the association's records on a monthly basis. On a quarterly basis, the trustee meets personally with association officers/investment committee to review transactions and trust performance. On an annual basis, the trustee provides written disclosure to the association officers of any interests that could give rise to conflicts, or confirms that there are not any interests that could give rise to any conflicts.”

“The compensation of u s bank as trustee and investment advisor is computed based on a percentage of the market value of the assets under management as well as per transaction fees. U s bank's fees are subject to review monthly by the investment committee and are evaluated on an annual basis for reasonableness versus comparable trustees/investment managers.”

“The trust makes its governing documents, conflict of interest policy or financial statements available to public inspection upon request and pursuant to iowa code, the trust's governing documents are on file with the linn county iowa district court. Iowa code section 523i.8062. States in part: the care fund shall be administered under the jurisdiction of the district court of the county where the cemetery is located. Notwithstanding chapter 633, annual reports shall not be required unless specifically required by the district court. Reports shall be filed with the court when necessary to receive approval of trustees, trust agreements and amendments, changes in fees or expenses and other matters within the court's jurisdiction.”

“Written whistleblower policy as of 10-31-2017 the trust itself did not have a written whistleblower polcy. However, the trustee, u s bank did have a written whistleblower policy in place.”

“Written document retention and destruction policy as of 10-31-2017 the trust itself did not have a written document retention and destruction policy. However, the trustee, u s bank did have a written document retention and destruction policy in place.”

“Voting members of governing body u s bank, n.a. As trustee is sole voting member of the governing body. Iowa code 523i.809 trust agreement provisions states in part: 1. A trust agreement shall provide for the appointment of at least one trustee, with perpetual succession, in case the cemetery is dissolved or ceases to be responsible for the cemetery's care. Futhermore, iowa code 523i.810 states in part: 1f. If the amount of a care fund exceeds two hundred thousand dollars, the cemetery or any officer, director, agent, employee or affiliate of the cemetery shall not serve as trustee unless the cemetery is a cemetery owned or operated by a governmental subdivision of this state.”

“Exempt purpose achievements the funds deposited with the trustee represent payments made to the trust to assure perpetual care of the grave markers placed in cedar memorial park cemetery as permitted by iowa law to be set aside to qualify as a perpetual care cemetery in iowa. Specifically, iowa code section 523i.807 care fund deposits, states, 1. To continue to operate as a perpetual care cemetery, a cemetery shall set aside and deposit in the care fund an amount equal to or greater than fifty dollars or twenty percent of the gross selling price received by the cemetery for each sale of interment rights, whichever is more. 2. A cemetery may require a contribution to the care fund for perpetual care of a memorial or memorialization placed in the cemetery. A cemetery may establish a separate care fund for this purpose. The contributions shall be nonrefundable and shall not be withdrawn once deposited. Iowa code section 523i.811 use of distributions from care fund states in part, 1. Care fund distributions may be used in any manner determined to be in the best interests of the cemetery if authorized by a resolution, bylaw, or other action or instrument establishing the care fund, including but not limited to the general care of memorials, memorialization and any of the following: a. Cutting and trimming lawns, shrubs and trees at reasonable intervals. B. Maintaining drains, water lines, roads, buildings, fences and other structures. C. Maintaining machinery, tools and equipment. D. Compensating maintenance employees, paying insurance premiums and making payments to employees' pension and benefit plans. E. Paying overhead expenses incidental to such purposes. F. Paying expenses necessary to maintain ownership, transfer and interment records of the cemetery.”