New York Codes, Rules and Regulations › Title 10 - DEPARTMENT OF HEALTH › Chapter VII - Life Care Communities › Part 901 - Organization And Administration › Section 901.8 - Periodic reporting requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) At an interval of every six months
				following the issuance of a certificate of authority and continuing until the
				community achieves an independent living unit occupancy rate of 90 percent, the
				operator shall file with the commissioner a report indicating the construction
				status and marketing status of the community.
(b) The operator shall file an annual
				statement with the Commissioner of Health and Superintendent of Insurance
				within four months following the close of the operator's fiscal year.
(1) If the operator's fiscal year ends within
				six months following the issuance of the certificate of authority, the first
				annual statement shall not be required until the end of the next fiscal
				year.
(2) The operator may request
				an extension of time to file the annual report. A request for extension of
				filing time must be submitted in writing to the commissioner within 60 days
				prior to the original due date. The commissioner shall issue an approval or
				disapproval in writing within 30 days of receipt of the request. A formal
				request shall be required for each year in which an extension is
				required.
(3) If the annual
				statement is not received by the original due date or extended due date a late
				fee in the amount of $1 per approved independent living unit per day may be
				charged.
(4) The annual statement
				must be accompanied by a certification by the operator of a proprietary
				community, an officer of a voluntary community, or the public official
				responsible for the operation of a public community.
(5) The annual statement shall show the
				condition of the community as of the last day of the preceding fiscal year and
				shall include, at a minimum, the following information in a format prescribed
				by the Council:
(i) a change in status of any
				of the following information submitted with the original application pursuant
				to section
				900.3(c)(3)-(9) and
				(11)-(14) of this Title:
(a) certificate of doing business;
(b) the life care contract;
(c) any contracts for the provision of
				nursing home services, home health care services or adult care facility
				services to the community;
(d) all
				executed and proposed deeds, leases, and rental agreements or executed option
				contracts related to the community's real property interests;
(e) any agreements or contracts between the
				community and licensed insurers requiring the insurer to assume, wholly or in
				part, the cost of medical or health related service to be provided to the
				residents of the community;
(f) the
				basic organizational documents and agreements including, as applicable:
				by-laws, partnership agreements, articles of incorporation, articles of
				association or other membership agreements, or their substantial
				equivalents;
(g) any by-laws,
				certificates of incorporation of a parent corporation or controlling person and
				any agreements with such an entity relating to the manner and mechanisms by
				which any such controlling person or parent corporation will exercise
				control;
(h) the ownership of the
				property interests in the community;
(i) the management contract, if
				any;
(j) the initial disclosure
				statement;
(ii)
				financial statements prepared in accordance with the most current generally
				accepted accounting principles and 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:
(a) the accountant's opinion;
(b) a balance sheet;
(c) statement of income and
				expenses
(d) a statement of equity
				or fund balances;
(e) a statement
				of changes in financial position; and
(f) notes to the financial statements
				considered customary or necessary to ensure full disclosure of the financial
				statements, financial condition and operation;
(iii) a detailed listing of the assets
				supporting the reserves required pursuant to section
				901.7 of this Part and 11 NYCRR
				Part 350;
(iv) an actuarial review
				of the community including an opinion of a qualified consulting actuary, as to
				the current and projected soundness of the community; and
(v) 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.