A Missouri lawmaker is working on a bill that would allow rural cemetery boards, provided they abide by some regulations, to dip into principal if investment returns prove insufficient.
Rep. Allen Andrews led a successful effort last year to pass legislation allowing cemetery trustees, under certain restrictions, to invest in higher-yield bonds, stocks and mutual funds, The Maryville Forum reported.
“There would have to be some really good safeguards, but (cemetery boards) are still not finding the relief that they need,” Andrews said. “Their only income (besides return on capital) is selling plots and receiving donations.”
Joyce Hennegin is secretary-treasurer of the Long Branch Cemetery near the former town of Gaynor in northeast Nodaway County. She said Andrews’ law helped, but not enough.
Hennegin said the Long Branch board was able to increase its annual return-on-investment from $250 a year to around $700. But she said the cost of mowing the cemetery is $2,000. She added trustees belonging to other Nodaway County cemetery panels have told her they face similar fiscal hurdles.
“It may come to the point where we all just have to take turns mowing it ourselves,” she said
Andrews said he’s encountered some reluctance about allowing cemetery trustees to spend principal. But he said allowing a maximum amount of local control over rural graveyards would be a positive step.
“There is some cause for hesitation on that,” Andrews said. “But I believe local people will be better at exercising responsibility for those cemeteries than the State of Missouri is.”
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