In the death care industry, profit margins can be slim due to the rising costs of running a funeral home. Fortunately, you can protect and even improve your profits by converting your fixed costs to variable costs. Fixed costs are your unchanging funeral home expenses. Examples include your employee salaries, taxes, office supplies, and so...
If you own a cemetery or mausoleum and offer perpetual care, it is wise to set aside perpetual care funds with a trustee. It ensures the cemetery’s long-term care and maintenance, giving you peace of mind in a competitive industry. Proper perpetual care fund management is critical for cemetery...
In Maryland, the Department of Labor, Licensing, and Regulation (DLLR) is responsible for regulating cemeteries and funeral homes. The Office of Cemetery Oversight within this department enforces all the relevant regulations, ensuring that consumers have sufficient protection when dealing with cemeteries and funeral homes. The Office of Cemetery Oversight’s...
In recent times, funeral homes are experiencing increased pressure from different angles. One of these is an increase in cremation rates, which drives down revenue. Another is an increase in e-commerce shopping, which also reduces profits. Lastly, funeral homes must comply with all government mandates and regulations, like the...
It’s no secret how important sustainability is for the welfare of our planet. But when considering potentially sensitive locations like funeral homes, concepts such as ethical recycling aren’t often prioritized. However, ethical recycling programs can benefit funeral homes in a variety of ways. These programs also benefit families unable...
Non-profit cemeteries are those that are operative solely for the benefit of members and do not collect a profit. There are more benefits available to non-profit cemetery companies than just exemption from federal income tax under Section 501(c)(13) of the Internal Revenue Code. All potential benefits should be carefully...
Large death care providers, such as Service Corporation International, have used mergers and acquisitions (M&A) to become major players in the highly fragmented funeral industry. Using M&A is an opportunity to combine your business with another business in the death care industry, such as cemeteries and funeral homes, or...
As Benjamin Franklin’s famously noted, nothing in life is guaranteed except for death and taxes. While this is largely true, there is an IRS classification that allows certain cemetery businesses exemption from taxes. 501(c)(13) status is available to nonprofit mutual cemetery companies and nonprofit incorporated cemetery companies. The Internal...
In early February, the Federal Trade Commission announced it will begin reviewing the Funeral Industry Practices Rule, commonly referred to as the Funeral Rule. As part of their review, they are requesting feedback from the public regarding what effect, either positive or negative, the rule has had on them—if...
In 2017, the National Funeral Directors Association reported that the median cost of a funeral was $7,360 for viewing and burial with no vault, $8,755 for viewing and burial with vault, and $6,260 for viewing and cremation. These figured don’t take cemetery, monument, or market costs into account, nor...
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