2023-11-13T18:35:31-07:00 2022-12-31 990 2022-01-01 133582509 PERPETUAL CARE TR FUND ADMINISTERED BY THE KENSICO CEMETERY AS TTEE PERP 9149490347 PO Box 7 Valhalla NY 10595 Matthew Parisi President 9149490347 2023-11-13 1 1 11 1 AAL2 X 2022 2023-04-26 12:10:37Z Matthew G Parisi PO Box 7 Valhalla NY 10595 31329541 0 X kensico.org X 1899 NY The Perpetual Care Trust Fund Administered by The Kensico Cemetery as Trustee is a commingled fund comprised of funds which are to be held in perpetuity for the benefit of endowed lots. Income derived from these funds is used to defray the cost of special maintenance & care of these endowed lots. 9 8 0 0 0 0 0 0 253771 177359 6396681 1807535 0 0 6650452 1984894 0 0 0 0 0 0 0 0 0 1278186 1325256 1278186 1325256 5372266 659638 72735660 60590594 254047 238951 72481613 60351643 The Perpetual Care Trust Fund consists of funds provided by lot owners pursuant to endowed care agreements. The principal of the fund is dedicated in perpetuity for the maintenance & care of the lot & is invested so that only the income earned can be used for the annual maintenance & care per the endowment agreement and the administration of the fund. Perpetual care maintenance provides for a higher standard of cemetery maintenance consisting of mowing, trimming, fertilization, cleaning and pointing of monuments. 0 0 To provide perpetual care maintenance services per the endowment agreements. Perpetual care maintenance services include the care and maintenance of cemetery lots consisting of mowing, reseeding, fertilization, liming of lawn and other special lawn treatments, plant care and flowers, cleaning and pointing of monuments and mausoleums, insurance expense for mausoleum windows & administrative charges paid to The Kensico Cemetery (EIN #13-1715053) for administering and servicing the Perpetual Care Trust Fund for both principal and income accounts. 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X Theresa M Doran 9149490347 273 Lakeview Avenue Valhalla NY 10595 Richard R Weber VP & Sales Manager 0 35 X 0 567909 41901 Michael J Farmer Development Manager & Asst Sales Manager 0 35 X 0 341263 45745 Peter J Telfer Salesperson 0 35 X 0 321254 45536 Theresa M Doran VP, CFO, Treasurer & Assist. Secretary 5 45 X 0 285455 31649 Matthew G Parisi President, CEO, Counsel & Director 5 35 X X 0 246852 58094 Lillian Collado Salesperson 0 35 X 0 255922 7079 Michael H Cook Jr VP & Superintendent 0 48 X 0 205455 56768 Barbara J Cardany Salesperson 0 35 X 0 206745 20024 Jack Cunha Deputy Superintendent of Grounds 0 35 X 0 156065 66810 Joaquim C Pedrosa Deputy Superintendent of Grounds 0 35 X 0 156065 48631 Chester S Day Chairman of the Board until 10/26/2022 1 11 X 0 86400 0 Raymond M Planell Chairman as of 10/27/22, Secretary, Assistant Counsel & Director 1 6 X 0 50400 0 Richard A Schnall Vice Chairman 1 6 X 0 50400 0 Mary Ann Alonso Director 1 3 X 0 38400 0 Kevin J Bannon Director 1 3 X 0 38400 0 Catherine U Biddle Director 1.00 3 X 0 38400 0 Raymond Lou Director 1 3 X 0 38400 0 Elizabeth Payne Director 1 3 X 0 38400 0 Howard Weintraub Director 1 3 X 0 38400 0 0 3160585 422237 0 0 1 0 BNY Mellon Wealth Management 200 Park Avenue 54th Fl NY NY 10166 Investment Management 196834 1 0 Endowments Received 900099 177359 177359 0 0 0 0 0 0 177359 1203407 0 0 1203407 0 0 0 0 0 0 0 0 0 0 29948775 0 29344647 0 604128 0 604128 0 0 604128 0 1984894 177359 0 1807535 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 193979 0 0 0 0 0 0 0 0 0 0 0 0 0 Reimburse expenses to Kensico Cemetery (EIN#13-1715053) 1131277 0 1325256 0 0 0 0 0 723179 468657 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 72012481 60121937 0 0 0 0 0 0 0 0 72735660 60590594 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 254047 238951 254047 238951 X 72481613 60351643 0 0 72481613 60351643 72735660 60590594 659638 -12789608 0 0 0 0 X 0 1 X 1 0 72481613 177359 -11176052 0 1131277 0 60351643 66441194 253771 6862881 0 1076233 0 72481613 58839334 460138 8217880 0 1076158 0 66441194 51530185 282905 8102576 0 1076332 0 58839334 54484589 133259 -2057344 0 1030319 0 51530185 1 0 0 0 1 1 0 Due to The Kensico Cemetery - General Fund (EIN# 13-1715053) 238951 238951 X Schedule D, Part V, Line 4 Intended uses of endowment funds: The audited financial statements of The Kensico Cemetery provide the following description of the endowment funds administered by The Kensico Cemetery as trustee of the Perpetual Care Trust Fund: The Bequest and Endowment Principal Fund - consists of funds received from lot owners for the care of their lots. Pursuant to New York State law, the principal of this fund is kept invested and the income (interest and dividends) from these investments is deposited in the Bequest and Endowment Surplus Income Fund to be used for the care of the endowed lots. Capital gains and losses from investments are added to or reduce the principal of the fund. The Bequest and Endowment Surplus Income Fund - receives the income of The Bequest and Endowment Principal Fund, which income, together with income earned from the investments of the Bequest and Endowment Surplus Income Fund is used for the care of the endowed lots. Income not required to be expended in a given year is retained and carried forward for use in future years. Schedule D, Part X, Line 2 Management has determined that the Cemetery had no uncertain tax positions that would require financial statement recognition or disclosure. 0 0 0 Richard R Weber VP & Sales Manager 0 172314 0 395147 0 448 0 28280 0 14745 0 610934 0 0 Michael J Farmer Development Manager & Asst Sales Manager 0 100006 0 240808 0 449 0 18504 0 28236 0 388003 0 0 Peter J Telfer Salesperson 0 72006 0 248799 0 449 0 6512 0 39893 0 367659 0 0 Theresa M Doran VP, CFO, Treasurer & Assist. Secretary 0 260006 0 25000 0 449 0 18028 0 14745 0 318228 0 0 Matthew G Parisi President, CEO, Counsel & Director 0 240006 0 0 0 6846 0 19070 0 40148 0 306070 0 0 Lillian Collado Salesperson 0 82006 0 173467 0 449 0 6556 0 1437 0 263915 0 0 Michael H Cook Jr VP & Superintendent 0 190006 0 15000 0 449 0 18068 0 39824 0 263347 0 0 Barbara J Cardany Salesperson 0 72006 0 134290 0 449 0 6403 0 14490 0 227638 0 0 Jack Cunha Deputy Superintendent of Grounds 0 153506 0 2110 0 449 0 27786 0 40148 0 223999 0 0 Joaquim C Pedrosa Deputy Superintendent of Grounds 0 153506 0 2110 0 449 0 21390 0 28365 0 205820 0 0 Schedule J, Part I, Line 3 The Perpetual Care Trust Fund does not have a separate governing body. Rather it is a statutorily required fund which is administered by The Kensico Cemetery. The Board of Directors, Officers and employees of The Kensico Cemetery manage the Perpetual Care Fund and provide for the disbursement of income in accordance with a schedule of rates approved by the New York State Cemetery Board. The Perpetual Care Trust Fund has no employees. Form 990, Part VI, Section A Governing Body and Management and Section B - Policies Pursuant to paragraph 1507 (c) of the New York Not-for-Profit Corporation Law, the Perpetual Care Trust Fund is administered by The Kensico Cemetery (EIN# 13-1715053) as a trust fund. The income earned by the fund is used for the perpetual care and maintenance of endowed lots. The Perpetual Care Trust Fund does not have a separate governing body. Rather it is a statutorily required fund which is administered by The Kensico Cemetery. The Board of Directors, Officers and employees of The Kensico Cemetery manage the Perpetual Care Trust Fund and provide for the disbursement of income in accordance with a schedule of rates approved by the New York State Cemetery Board. The Perpetual Care Trust Fund has no employees. Consequently, the governing body of the Perpetual Care Trust Fund is the Board of Directors of The Kensico Cemetery and policies referred to in Section B of Part VI are those of The Kensico Cemetery. Form 990, Part VI, Section A, Line 6 The Kensico Cemetery is subject to Article 15 of the New York Not-for-Profit Corporation Law. In accordance with the statute, the lot owners of The Kensico Cemetery are the members of the corporation. The members elect the Board of Directors. The New York cemeteries which are subject to Article 15 of the Not-for-Profit Corporation Law are also regulated by the New York State Cemetery Board, which reviews and approves the rules and regulations and charges for services adopted by the Board of Directors of a regulated cemetery. Form 990, Part VI, Section A, Line 7a The members elect the Board of Directors. Form 990, Part VI, Section A, Line 7b The members elect the Board of Directors. Form 990, Part VI, Section B, Line 11b A draft of the 2022 Form 990 was provided to the organization's Audit Committee, for its review prior to the October 18, 2023 Audit Committee meeting. At the October 18, 2023 Audit Committee meeting, the draft 2022 Form 990 was discussed and approved. Copies of the final 2022 Form 990 were provided to the full Board of Directors prior to the October 26, 2023 Board meeting, at which the 2022 Form 990 was discussed. Form 990, Part VI, Section B, Line 12c Kensico's Conflict of Interest Policy, which describes how the policy is monitored and enforced is as follows: Purpose - This Policy has been adopted to ensure that the Directors, Officers and Key Persons (as defined in New York Not-for-Profit Corporation Law Section 102(a)(25)) of the Cemetery act in the Cemetery's best interest and in accordance with applicable legal requirements. Duty to Disclose - Any Board member, Officer or Key Person having a financial interest or whose relative has a financial interest, as described below, must disclose such interest to the Audit Committee. Furthermore, each Board member, Officer or Key Person shall complete a conflict of interest statement, on the form annexed hereto, annually; the first such statement to be completed by a prospective Board member prior to his or her initial election and the first such statement to be completed by an Officer or Key Person immediately upon becoming an Officer or Key Person. A copy of each completed statement shall be provided to the Chair of the Audit Committee. Financial Interest - A Board member, Officer or Key Person or a relative of such person has a financial interest if the person (i) is a party to or (ii) is negotiating a transaction or arrangement with the Cemetery or has, directly or indirectly: a) An ownership or investment interest in any entity with which the Cemetery has a transaction or arrangement, b) A compensation arrangement with any entity or individual with which the Cemetery has a transaction or arrangement, or c) A potential ownership or investment interest in, or compensation arrangement with, any entity or individual with which the Cemetery is negotiating a transaction or arrangement. Review of Disclosed Information - The Audit Committee, after disclosure of a financial interest and review of the material facts, shall make all determinations regarding whether a conflict of interest exists and, if so, its resolution. A conflict shall exist in all events with respect to a Related Party Transaction. An interested Board member, Officer or Key Person shall not be present at, or participate in, or vote with respect to any such determination. No person interested in such determination shall attempt to influence the deliberations of the Audit Committee in the voting with respect to any such determination. The existence and resolution of a conflict of interest shall be documented in the Cemetery's records and in the minutes of the applicable Audit Committee meeting. Only Audit Committee members who are independent directors as defined in NPCL Section 102(a)(21) may vote with respect to the matters reported to the Audit Committee in accordance with this Policy. Related Party Transactions - The Cemetery shall not enter into any transaction, agreement or any other arrangement in which a Related Party has a financial interest and in which the Cemetery is a participant (a "Related Party Transaction"), unless the transaction is determined by the Audit Committee to be fair, reasonable and in the Cemetery's best interest at the time of such determination. Any Related Party who has an interest in a Related Party Transaction shall disclose in good faith to the Board of Directors, the material facts concerning such interest. "Related Party" shall mean (i) any Director, Officer or Key Person; (ii) any relative of any Director, Officer or Key Person; (iii) any entity in which any individual described in clauses (i) and (ii) has a 35% or greater ownership or beneficial interest or, in the case of a partnership or professional corporation, a direct or indirect ownership interest in excess of 5%; and (iv) any other person falling within the definition of "Related Party" contained in NPCL Section 102(a)(23). In addition to the procedures set forth in the prior paragraph, if the Related Party has a substantial financial interest in a Related Party Transaction, the Audit Committee shall (i) prior to entering into the transaction, consider alternative transactions to the extent available; (ii) approve the transaction by not less than a majority vote of the Committee members present at a meeting and (iii) contemporaneously document in writing the basis for the Committee's approval, including its consideration of any alternative transactions. No Related Party may participate in deliberations or voting relating to matters set forth in the prior two paragraphs. Further Information - Nothing contained herein shall prohibit the Audit Committee from requesting that a person with a financial interest or a Related Party present information as background or answer questions concerning a conflict of interest or a Related Party Transaction at a meeting of the Audit Committee prior to the commencement of deliberations or voting relating thereto. De Minimis and Ordinary Course of Business Transactions - Notwithstanding the foregoing, a transaction shall not be a Related Party Transaction nor a potential conflict of interest if the transaction or the Related Party's or interested person's financial interest in the transaction is de minimis or if the transaction would not customarily be reviewed by the Board or Boards of similar organizations in the ordinary course of business and is available to others on the same or similar terms. Gifts and Entertainment - No Board member, Officer or Key Person shall accept gifts or entertainment from persons dealing with the Cemetery that might be considered by an objective observer to have the potential for influencing his or her conduct of the business of the Cemetery. This requirement is not intended to prohibit the exchange of social amenities or business courtesies consistent with good taste and mature judgment. Relative - As used in this Policy, the term "relative" means (i) his or her spouse or domestic partner as defined in section twenty-nine hundred ninety-four-a of the New York Public Health Law, (ii) his or her ancestors, brothers and sisters (whether whole or half blood), children (whether natural or adopted), grandchildren, great-grandchildren, or (iii) the spouse or domestic partner of his or her brothers, sisters, children, grandchildren, and great-grandchildren. Form 990, Part VI, Section B, Line 15 Kensico's policy on the Process of Determining Compensation is as follows: Pursuant to Section 715(e) of the New York Not-For-Profit Corporation Law and Section 6.05 of the Bylaws of The Kensico Cemetery, compensation paid to officers is fixed by the Board of Directors at the Annual Budget meeting of the Board held in December each year. An affirmative vote of the majority of the entire Board is required when fixing officers' compensation. The compensation established at the Annual Budget meeting applies for the following calendar year. As with all Board meetings, written Minutes with respect to the deliberations and decisions of the Board regarding compensation are contemporaneously made and maintained. The Board will follow this same process with respect to any non-officer key employee. In determining the compensation of officers and key employees, the Board will consider: 1. Comparable compensation data available from public and private services relating to not-for-profit institutions, cemeteries and other organizations; 2. The performance of the Cemetery as a whole and the performance of each aspect of the Cemetery's operation and services, the enhancement of the Cemetery trust funds and the general economy; and 3. The personal performance of the officer or key employee. Any officer or key employee who is a member of the Board shall be excused for the portion of the Annual Budget Meeting that determines the compensation of that officer or key employee. As used herein, the term "compensation" shall include salaries, fees and fringe benefits and the term "key employee" shall have the same meaning as provided by the Internal Revenue Service with respect to the filing of Form 990. Form 990, Part VI, Section C, Line 19 Governing documents, conflict of interest policy and financial statements are made available to the public upon request. The Kensico Cemetery PO Box 7 Valhalla NY 10595 131715053 See Part VII NY 501(c)(13) N/A N/A 0 Friends of The Kensico Cemetery Inc 273 Lakeview Avenue Valhalla NY 10595 853219300 The promotion and advancement of the welfare of The Kensico Cemetery NY 501(c)(3) Line 7 The Kensico Cemetery 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 The Kensico Cemetery p 1131277 Cost The Kensico Cemetery s 177359 Cost Schedule R, Part II Identification of Related Tax-Exempt Organizations Line 1b Primary Activity: The Kensico Cemetery was organized as a rural cemetery corporation on January 19, 1889. Its mission, then and now, is to sell burial rights to the public for the purpose of burial of the human dead, to make interments and to maintain the grounds in memory of all those buried. Schedule R, Part V, Line 2 Transaction Type 1p Reimbursement paid to related organization for expenses $1,131,277. Funds were transferred from The Perpetual Care Trust Fund Administered By The Kensico Cemetery As Trustee to The Kensico Cemetery to reimburse the following expenses at cost: 1. Care and maintenance of cemetery lots consisting of mowing, reseeding, fertilization, liming of lawn area and other special lawn treatments totaling $1,021,031. 2. Plant care and flowers totaling $4,958. 3. Cleaning and pointing of monuments and mausoleums totaling $87,204. 4. Insurance expense for mausoleum windows totaling $2,666.5. Reimbursement to The Kensico Cemetery for administrative charges in administering and servicing The Perpetual Care Trust Fund for both principal and income accounts totaling $92,521 net of deficit funding of $77,103 by Kensico. Part V Line 2(2) Transaction Type 1s Other transfer of cash or property from related organization $177,359. The Kensico Cemetery transferred to The Perpetual Care Trust Fund Administered by The Kensico Cemetery as Trustee endowments received and deposited into the General Fund of The Kensico Cemetery. The General Fund transfers any money received for endowments to The Perpetual Care Trust Fund on a monthly basis. Total transfers for 2022 endowments received were $177,359.