§ 4607. Annual statement. 1. Within four months of close of the\noperator's fiscal year, unless an extension of time to file has been\ngranted, the operator shall file an annual statement with the\ncommissioner and superintendent showing the condition as of the last day\nof the preceding calendar or fiscal year. If the commissioner and\nsuperintendent do not receive the annual statement within four months of\nthe end of the operator's fiscal year or have not granted an extension\nof time to file, the commissioner may charge a late fee.\n 2. The annual statement shall be in such form as the commissioner\nprescribes and shall contain at least the following:\n a. Any change in status with respect to the information required to be\nsubmitted pursuant to section forty-six hundred four of this article;\n b. Financial statements audited by an independent certified public\naccountant, which shall contain, for two or more periods if the\ncommunity has been in existence that long, the following:\n (i) an accountant's opinion and, in accordance with generally accepted\naccounting principles:\n (A) a balance sheet,\n (B) a statement of income and expenses,\n (C) a statement of equity or fund balances,\n (D) a statement of changes in financial position,\n (ii) notes to the financial statements considered customary or\nnecessary to ensure full disclosure of the financial statements,\nfinancial condition, and operation;\n c. A detailed listing of the assets maintained for the reserves;\n d. A copy of the most recent actuarial review of the community,\nincluding such information as may be required by the superintendent\nincluding an opinion of a qualified consulting actuary, as to the\ncurrent and projected soundness of the community, provided however that\na new actuarial review must be submitted triennially; and\n e. Such other reasonable financial and other information as the\ncommissioner and superintendent may require with respect to the operator\nor the community, or its directors, controlling persons, trustees,\nmembers, branches, subsidiaries or affiliates to determine the financial\nstatus of the community and the management capabilities of the operator.\n 3. Sixty days before commencement of each calendar or fiscal year or\nofficial opening date, whichever is applicable, each operator shall file\nwith the commissioner and superintendent a computation of the annual\nlong-term debt service and a projected annual revenue and expense\nsummary for the next ten years.\n
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