(a) Each residential treatment facility shall maintain records, and shall prepare and submit to the commissioner financial and statistical reports in accordance with the requirements of the commissioner.

(b) The accrual method of accounting shall be used.

(c) All reports required to be prepared and submitted to the commissioner:

(d) Reports required to be submitted by subdivision (a) of this section shall be submitted within 120 days after the close of the residential treatment facility fiscal year. A 30-day extension of time for filing reports may be granted by the commissioner upon application received prior to the due date of the report only in those circumstances where the residential treatment facility establishes, by documentary evidence, that the reports cannot be filed by the due date for reasons beyond the control of the residential treatment facility.

(e) If a residential treatment facility fails to file the required reports on the date such reports are due, or fails to file corrected or additional reports within 30 days after notification by the commissioner that reports filed by the residential treatment facility were inaccurate, incomplete or incorrect, the commissioner may withhold five percent of the rate of payment for a period beginning on the first day of the calendar month in which the required reports were due and continuing until the last day of the calendar month in which the required reports are filed.

(f) If the residential treatment facility determines that the information contained in reports filed with the commissioner is inaccurate, incomplete or incorrect, the residential treatment facility shall immediately file with the commissioner corrected reports which comply with the requirements of subdivisions (b) and (c) of this section.