(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.
- (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.
- (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.
Added by Acts 2007, c. 3, § 2, eff. Oct. 1, 2007.