The Heirs of Mountain Home is a relatively new legally organized corporation, established by lifelong residents of the community to lay a foundation for the future. Mountain Home has been a cornerstone in the community since it was founded, and making preparations for its care is a key part of our objectives.
Applicable to Article VIII Section 7.8 of the corporate bylaws regarding Restricted Use Investments. This program will be implemented when the requirements in relevant board resolutions and corporate bylaws are met with funding to initiate this program.
Just what is involved in this program?
Setting aside excess donations as described in the referenced section of the corporate bylaws to build an account that will produce income for the conduct of program activities while not utilizing the funds deposited, ‘the original deposits.’ Only the income produced by the original deposits will be transferred to the corporate banking account for corporate use in the conduct of ongoing operations.
How will the accounts be set up and managed?
The board will make all decisions regarding the establishment of such accounts and two or more individuals from the board or community volunteers to complete the required paperwork with the financial institution chosen by the board for such account.
How will the accounts be funded?
Once there is sufficient funding to ensure operations for five years (based on best estimates), donations received can be set aside for the Restricted Investment Fund.
Additionally, any individual, family, company, or other organization can make a directed donation for this program at any time, provided the donation made is equal to or greater than $5,000.00.
How can someone participate in this program?
First, anyone can contribute to the Restricted Fund. Prior to its establishment as described above, a donation of $5,000.00 or more.
There’s also another way that anyone can plan ahead – make arrangements in your estate planning to provide for Mountain Home. There are several ways this can be done, including the following:
- Include Mountain Home in your will to receive money or property that can be converted to money to support the long-term care of Mountain Home.
- Leave stocks, bonds, or other investments to the benefit of Mountain Home.
- Name Mountain Home as the beneficiary of life insurance or annuities.
NOTE: If you have questions about these options, or want to discuss them in more detail, please reach out to us at [email protected] or call us at (256) 515-4979.
Why did we establish this program?
The income produced by such account(s) shall be used for the ongoing care of the cemetery through the programs of care, maintenance, improvement, and military service recognition as detailed in the corporate bylaws. This activity has direct bearing on furthering a key part of our exempt purposes – to provide for the long-term care of Mountain Home.
The Corporation may establish one or more separate and distinct Restricted Use Investments accounts for the purpose of earning additional income to support the various programs of care, maintenance, improvement, and military service recognition, provided that all statutes, rules and regulations of the State of Alabama, the IRS/Federal government, as well as all terms and conditions under the bylaws, are complied with separately for each investment account.