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§ 10-421. Operating reserves--Computation

West's Annotated Code of MarylandHuman ServicesEffective: October 1, 2007

West's Annotated Code of Maryland
Human Services (Refs & Annos)
Title 10. Department of Aging (Refs & Annos)
Subtitle 4. Continuing Care (Refs & Annos)
Part III. Providers (Refs & Annos)
Effective: October 1, 2007
MD Code, Human Services, § 10-421
§ 10-421. Operating reserves--Computation
Currentness
Computing operating reserves
(a)(1) A provider shall compute operating reserves for each facility as of the end of the facility's most recent fiscal year.
(2) When a provider files an application for a renewal certificate of registration, the provider shall show compliance with operating reserve requirements by including with the application:
(i) a letter to the Department from a certified public accountant that states the amount set aside; or
(ii) a certified financial statement that states the amount set aside.
Application of other reserves
(b) A provider may apply toward the operating reserves required by § 10-420(b) of this subtitle any reserves, except debt service reserves, that are maintained under applicable financing document requirements if the reserves are available to the provider to meet the facility's operating expenses.
Value of investments
(c) For the purpose of computing a provider's operating reserves, investments held to the credit of the reserves shall be calculated at their market value as of the end of the provider's most recent fiscal year for which a certified financial statement is available.

Credits

Added by Acts 2007, c. 3, § 2, eff. Oct. 1, 2007.
MD Code, Human Services, § 10-421, MD HUMAN SERV § 10-421
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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