2022 New York Laws
PBH - Public Health
Article 46 - Continuing Care Retirement Communities
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 council may charge a late fee.
  2. The  annual  statement  shall  be  in  such  form  as  the  council
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
council 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.