N.Y. Public Health Law § 4607: Annual statement

§ 4607. Annual statement. 1. Within four months of close of the

operator's fiscal year, unless an extension of time to file has been

granted, the operator shall file an annual statement with the

commissioner and superintendent showing the condition as of the last day

of the preceding calendar or fiscal year. If the commissioner and

superintendent do not receive the annual statement within four months of

the end of the operator's fiscal year or have not granted an extension

of time to file, the commissioner may charge a late fee.

2. The annual statement shall be in such form as the commissioner

prescribes and shall contain at least the following:

a. Any change in status with respect to the information required to be

submitted pursuant to section forty-six hundred four of this article;

b. Financial statements audited by an independent certified public

accountant, which shall contain, for two or more periods if the

community has been in existence that long, the following:

(i) an accountant's opinion and, in accordance with generally accepted

accounting principles:

(A) a balance sheet,

(B) a statement of income and expenses,

(C) a statement of equity or fund balances,

(D) a statement of changes in financial position,

(ii) notes to the financial statements considered customary or

necessary to ensure full disclosure of the financial statements,

financial condition, and operation;

c. A detailed listing of the assets maintained for the reserves;

d. A copy of the most recent actuarial review of the community,

including such information as may be required by the superintendent

including an opinion of a qualified consulting actuary, as to the

current and projected soundness of the community, provided however that

a new actuarial review must be submitted triennially; and

e. Such other reasonable financial and other information as the

commissioner and superintendent may require with respect to the operator

or the community, or its directors, controlling persons, trustees,

members, branches, subsidiaries or affiliates to determine the financial

status of the community and the management capabilities of the operator.

3. Sixty days before commencement of each calendar or fiscal year or

official opening date, whichever is applicable, each operator shall file

with the commissioner and superintendent a computation of the annual

long-term debt service and a projected annual revenue and expense

summary for the next ten years.