Since 2017, the US death care industry has experienced a compound annual growth rate of over 4%. Experts expect this growth to continue and for the industry to generate up to $68 billion in revenue by 2023. Do you own a funeral home, cemetery, or other death care business?...
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...
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...
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 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...
Perpetual care funds are monies placed in trust by cemeteries to generate income to cover cemetery maintenance in perpetuity. The funds are derived from sales of grave sites, above-ground crypts, and niches in mausoleums and columbariums. Cemeteries usually add 5-15% to the price charged for these items for perpetual...
Most everyone knows that daily living can impact the environment in countless ways. Now, more and more people are realizing that death care can, too. Accordingly, a study performed by the National Funeral Directors Association (NFDA) revealed that 54 percent of all Americans are now considering a green burial....
After the addition of three amendments, passing through the Senate and almost making it through the House, Senator Tom McGarrigle’s Senate Bill 874 was removed from the table in the Pennsylvania House of Representatives in mid April 2016. This doesn’t, by any means, mean the bill will not resurface,...
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