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 council may charge a late fee.
Terms Used In N.Y. Public Health Law 4607
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: shall mean the commissioner of health. See N.Y. Public Health Law 4601
- community: shall mean a facility or facilities established to provide a comprehensive, cohesive living arrangement for the elderly, oriented to the enhancement of the quality of life and which, pursuant to a contract, at a minimum:
a. See N.Y. Public Health Law 4601 - Council: shall mean the continuing care retirement community council, established pursuant to section forty-six hundred two of this article. See N.Y. Public Health Law 4601
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Operator: shall mean a legal entity operating a continuing care retirement community pursuant to a certificate of authority. See N.Y. Public Health Law 4601
- Superintendent: shall mean the superintendent of financial services. See N.Y. Public Health Law 4601
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.