Colorado Code
Article 24 - Cemeteries
§ 6-24-106. Endowment Care Fund

It shall deposit in the fund not more than thirty days after any sale is completed at least fifteen percent of the sales price of any grave space and at least ten percent of the sales price of any crypt or niche, and in case any sale has not been completed within sixty months after date of first payment, it shall deposit in the fund, not later than one month after the sixtieth month, at least fifteen percent of the sales price of any grave space and at least ten percent of the sales price of any crypt or niche. A sale is completed at the time the final payment is made and no balance remains due to the cemetery authority, whether or not a deed has been issued. If a contract of sale is rewritten, the date of the first payment under the original contract of sale shall be the date of first payment under the rewritten contract of sale.

It shall deposit, not later than thirty days after the end of the fiscal year in which the payments are received, fifteen percent of all payments received on account of the sale of any grave space and at least ten percent of all payments received on account of the sale of a niche or crypt. This deposit requirement applies to all uncompleted sales contracts that carry an endowment care provision.

It shall deposit in its endowment care fund for the mausoleum, not later than thirteen months after the end of its fiscal year in which any sale is completed, at least ten percent of the sale price of any niche or crypt, and in case any sale has not been completed within twenty-four months after date of first payment, it shall deposit in the fund, not later than one month after the end of its fiscal year in which the last day of the twenty-four month period occurs, at least ten percent of the sales price of any niche or crypt. A sale is completed at the time the final payment is made and no balance remains due to the cemetery authority, whether or not a deed has been issued. If a contract of sale is rewritten, the date of first payment under the original contract of sale shall be the date of first payment under the rewritten contract of sale.

For 10,000 or less population .................... $10,000
For more than 10,000 but less than 20,000 population .................... $15,000
For 20,000 but less than 25,000 population .................... $20,000
For 25,000 or more population .................... $25,000

(II) [ Editor's note: This version of subsection (8)(a)(II) is effective January 1, 2022. ] An amount set and administered in accordance with part 3 of article 1.2 of title 15 for unitrust elections.

(III) [ Editor's note: This version of subsection (8)(b)(III) is effective January 1, 2022. ] The fiduciary is subject to part 3 of article 1.2 of title 15 when administering an endowment care fund for which the unitrust election has been made; except that, in the event of a conflict between this section and part 3 of article 1.2 of title 15, this section controls.

Source: L. 2017: Entire article added with relocations, (HB 17-1244), ch. 239, p. 979, § 1, effective August 9; (7) amended and (8) added, (HB 17-1096), ch. 65, p. 206, § 1, effective August 9. L. 2021: (8)(a)(II) and (8)(b)(III) amended, (SB 21-171), ch. 143, p. 841, § 3, effective January 1, 2022.