2010 Georgia Code
TITLE 33 - INSURANCE
CHAPTER 45 - CONTINUING CARE PROVIDERS AND FACILITIES
§ 33-45-6 - Annual statement; format; required information; verification

O.C.G.A. 33-45-6 (2010)
33-45-6. Annual statement; format; required information; verification


(a) Annually, on or before May 1, the provider shall file an annual statement and such other information and data showing its condition as of the last day of the preceding calendar year or fiscal year of the provider. If the department does not receive the required information on or before May 1 or within 120 days after the last day of the fiscal year of the provider, a late fee may be charged pursuant to Code Section 33-45-4. The department may approve an extension of up to 30 days.

(b) The annual statement shall be in such form as the department prescribes and shall contain at least the following:

(1) Financial statements audited by an independent certified public accountant, which shall contain, for two or more fiscal years if the facility has been in existence that long, the following:

(A) An accountant's opinion and, in accordance with generally accepted accounting principles:

(i) A balance sheet;

(ii) A statement of income and expenses;

(iii) A statement of equity or fund balances; and

(iv) A statement of changes in financial position; and

(B) Notes to the financial statements considered customary or necessary for full disclosure or adequate understanding of the financial statements, financial condition, and operation;

(2) The following financial information:

(A) A schedule giving additional information relating to property, plant, and equipment having an original cost of at least $25,000.00 so as to show in reasonable detail with respect to each separate facility original costs, accumulated depreciation, net book value, appraised value or insurable value and date thereof, insurance coverage, encumbrances, and net equity of appraised or insured value over encumbrances. Any property not used in continuing care shall be shown separately from property used in continuing care;

(B) The level of participation in medicare or Medicaid programs, or both;

(C) A statement of all fees required of residents including, but not limited to, a statement of the entrance fee charged, the monthly service charges, the proposed application of the proceeds of the entrance fee by the provider, and the plan by which the amount of the entrance fee is determined if the entrance fee is not the same in all cases; and

(D) Any change or increase in fees when the provider changes either the scope of, or the rates for, care or services, regardless of whether the change involves the basic rate or only those services available at additional costs to the resident; and

(3) If the provider is an individual, the annual statement shall be sworn to by the individual; if a limited partnership, by the general partner; if a partnership other than a limited partnership, by all the partners; if any other unincorporated association, by all its members or officers and directors; if a trust, by all its trustees and officers; and, if a corporation, by the president and secretary thereof.