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Note 7: Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds | 12 Months Ended
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Dec. 31, 2016
Notes |
Note 7: Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds | 7) Cemetery and Mortuary Endowment Care and Pre need Merchandise Funds State law requires the Company to pay into endowment care trusts a portion of the proceeds from the sale of certain cemetery property interment rights for cemeteries that have established an endowment care trust. These endowment care trusts are defined as variable interest entities pursuant to generally accepted accounting principles. Also, management has determined that the Company is the primary beneficiary of these trusts, as it absorbs both a majority of the losses and returns associated with the trusts. The Company has consolidated cemetery endowment care trust investments with a corresponding amount recorded as Cemetery Perpetual Care Obligation in the accompanying consolidated balance sheets. The components of the cemetery perpetual care obligation are as follows:
| December 31
| 2016 |  | 2015
Trust investments, at market value | $ 4,131,885 |  | $ 2,848,759
Note receivables from Cottonwood Mortuary |  |  |
Singing Hills Cemetery and Memorial Estates |  |  |
eliminated in consolidation | 1,725,714 |  | 1,780,618
Total trust assets | 5,857,599 |  | 4,629,377
Cemetery perpetual care obligation | (3,598,580) |  | (3,465,771)
Fair value of trust assets in excess of trust obligations | $ 2,259,019 |  | $ 1,163,606
The Company has also established certain restricted trust investments to provide for future merchandise and service obligations incurred in connection with its pre-need sales. Assets in the restricted asset account are summarized as follows:
| December 31
| 2016 |  | 2015
Cash and cash equivalents | $ 8,070,972 |  | $ 7,206,863
Mutual funds | 645,241 |  | 596,994
Fixed maturity securities | 8,775 |  | 8,775
Equity securities | 91,362 |  | 89,450
Participating in mortgage loans with Security National Life | 1,575,044 |  | 1,457,720
Total | $ 10,391,394 |  | $ 9,359,802
A surplus note receivable in the amount of $4,000,000 at December 31, 2016 and 2015, from Security National Life, was eliminated in consolidation.

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