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Committee recommends $56,844.22 withdrawal from cemetery endowment trust to operating fund
Summary
The Finance Committee unanimously recommended that the Common Council approve a $56,844.22 withdrawal from the Prairie Home Cemetery endowment trust to the cemetery operating fund; staff said the endowment program has ended and they will seek trust/ordinance changes to avoid future carryforwards.
The Waukesha City Finance Committee on April 8 voted unanimously to recommend that the Common Council approve a $56,844.22 withdrawal from the Prairie Home Cemetery endowment trust to be deposited into the cemetery operating fund.
City staff explained the endowment trust historically funded donor-directed items such as plantings in urns, bench and tree endowments and similar individually designated features. Karen Richards, cemetery director, told the committee that the city no longer offers the endowment program and therefore no new deposits will be made into that trust going forward.
Joe Sherrow (city staff) presented the accounting showing a cumulative unused trust net income of approximately $525,000 over the period reviewed and a present endowment trust receivable balance of $56,844.22. Staff recommended zeroing out the receivable by withdrawing the $56,844.22 and depositing it into the cemetery operating fund.
Sherrow told the committee staff will pursue either an amendment to the trust agreement or an adjustment to the cemetery ordinance to clarify allowable withdrawals (the trustee has a narrower definition of net income than the city's accounting approach). If that cannot be resolved, staff said they will bring forward withdrawals consistent with the trustee’s calculation on an annual basis to prevent multi-year receivable accumulation.
Alderman Bartels seconded the motion recommending council approval and the committee voted unanimously in favor.
