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(dollars in thousands, except per share amounts.)
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The following summary reflects the Company’s merchandise trust fund and escrow account balances, as well as merchandise sold, but undelivered, at current cost as of October 31, 2000. The cemetery merchandise discussion below is not applicable after the implementation of SAB No. 101. Consequently, this disclosure relates only to fiscal year 2000. See Note 5 for a discussion of prearranged cemetery merchandise trust fund and escrow accounts after the implementation of SAB No. 101.
Amounts deposited in the trust funds and escrow accounts are available to the Company when the services and merchandise are delivered. Under the Company’s accounting methods in effect in fiscal year 2000, trust earnings of $21,021 were included in cemetery revenue for fiscal year 2000.
The following summary reflects the Company’s perpetual care trust fund and escrow account balances. Since principal cannot be withdrawn, these balances are not reflected in the accompanying financial statements. Funds held in trust or escrow are invested, and the earnings withdrawn from the trust funds and escrow accounts are used for the maintenance of cemetery grounds. For the years ended October 31, 2001, 2000 and 1999, such withdrawals, included in cemetery revenue, totaled $14,454, $16,630 and $14,470, respectively. The accounting for perpetual care trust funds was not impacted by SAB No. 101. Consequently, this disclosure is applicable for fiscal years 2001 and 2000.
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