Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Cemetery Trusts topic
No spam. Unsubscribe anytime.
Committee recommends $1,658.67 withdrawal from Prairie Home Cemetery perpetual care trust
Summary
Finance Committee recommended that the City Council approve withdrawal of $1,658.67 from the Prairie Home Cemetery perpetual care trust to clear a receivable and deposit to the cemetery operating fund; staff explained differences in trust accounting and the trustee's definition of net income.
The Waukesha City Finance Committee on April 8 voted unanimously to recommend that the Common Council approve a $1,658.67 withdrawal from the Prairie Home Cemetery perpetual care trust to be deposited into the cemetery operating fund.
City staff explained the request is intended to net out an accounting receivable that accumulated between the cemetery operating fund and the perpetual care trust. Joe Sherrow (city staff) described a discrepancy between the trustee’s narrower definition of “net income” and the city’s accounting treatment. Sherrow presented historical figures showing what he described as accumulated unused net income for the trust over several years; by Sherrow’s calculation the cumulative unused net income was about $757,633 but the amount needed to clear the receivable was $1,658.67.
Karen Richards, cemetery director, described the two trust funds: the perpetual care trust funds grounds and mausoleum maintenance (supported historically by roughly 15% of property sales) and the endowment trust funded planting and other donor-directed items. Sherrow said the perpetual care trust’s total balance at the end of 2024 was just over $2,100,000.
Sherrow told committee members the city had not taken withdrawals from the trust for several years until 2023 and 2024, and the trustee has taken a conservative interpretation of allowable net-income withdrawals. Sherrow said staff plan to seek clarity from the trustee and possibly amend the trust agreement or adjust the cemetery ordinance to align definitions and avoid extended receivable carryforwards.
A committee member moved to recommend council approval of the $1,658.67 withdrawal to clear the receivable; the motion was seconded and passed unanimously.
