2013 New York Consolidated Laws
PBH - Public Health
Article 46-A - (4650 - 4676) FEE-FOR-SERVICE CONTINUING CARE RETIREMENT COMMUNITIES DEMONSTRATION PROGRAM
4664 - Asset reserves.

 
    § 4664. Asset reserves. An operator shall maintain reserve liabilities
  and  supporting  assets  in  an  amount  for the purposes set forth in a
  regulation issued by the commissioner. Liquid assets shall be maintained
  for the following reserve liabilities:
    1. Fifteen percent of the projected annual operating expenses  of  the
  facility, exclusive of depreciation.
    2.  A  provider  shall notify the commissioner in writing at least ten
  days prior to reducing the amount of  funds  available  to  satisfy  the
  applicable  liquid reserve requirement. A provider shall not expend more
  than one-half of the required balance each calendar year.
    3. A provider may use funds in an endowment fund  or  escrow  account,
  including  an  escrow  account  established by or pursuant to a mortgage
  loan, bond, indenture or  other  long-term  financing,  to  satisfy  the
  reserve requirements of this section, if the funds are available to make
  payments when operating funds are insufficient for these purposes.