Nevada § 452.165 - Operation of endowment care fund as unitrust: Written investment policy; maximum amount of disbursements; trustee prohibited from making disbursement in certain circumstances; authority of Administrator to prohibit disbursement

§ 452.165. Operation of endowment care fund as unitrust: Written investment policy; maximum amount of disbursements; trustee prohibited from making disbursement in certain circumstances; authority of Administrator to prohibit disbursement

1. The trustee of an endowment care fund that is operating as a unitrust shall adopt

a written investment policy that supports the growth of the fund. 2. Except as otherwise provided in subsection 4, the trustee of an endowment care

fund that is operating as a unitrust may disburse to the cemetery authority during

a calendar year an amount not to exceed the sum of 5 percent of the value of the endowment

care fund at the beginning of the calendar year and any additional taxes or fees imposed

on the distribution. 3. The trustee of an endowment care fund that is operating as a unitrust shall not

make a disbursement to the cemetery authority from the fund if, after making the disbursement,

the value of the fund would be less than 80 percent of the value of the fund at the

end of the immediately preceding calendar year. 4. The Administrator may prohibit the trustee of an endowment care fund that is operating

as a unitrust from making a disbursement to the cemetery authority or limit the amount

of such a disbursement if the Administrator determines, based on the value of the

fund, that the principal of the fund is not adequately protected. For the purposes of this subsection, the value of the fund must be determined at

the end of the calendar year by averaging, over the preceding 3 years or during the

period of the trust's existence, whichever is less, both the income and the principal

of the trust.