(b) All financial reports to be prepared and submitted to the commissioner shall:

1. (1) be prepared in accordance with generally acceptable accounting principles;
2. (2) be certified by an independent certified public accountant or an independent licensed accountant and shall include a statement of opinion on the data therein, unless otherwise determined by the commissioner; and
3. (3) be accompanied by a complete copy of the eligible provider's certified financial statements.

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

1. (1) be certified by the chief administrative officer or director of the eligible provider;
2. (2) be on forms prescribed by the commissioner; and

3. (3) include financial and statistical data for each service for which rates or fees are established.

   (d) Reporting requirements.

   Reports required to be submitted by this section shall be submitted within 120 days after the close of the eligible provider's fiscal year. Extensions of time for filing reports may be granted by the commissioner upon application received prior to the due date of the report only in circumstances where the eligible provider establishes by documentary evidence that the reports cannot be filed by the due date for reasons beyond the control of the eligible provider.

(f) If the required financial and statistical reports are determined by the commissioner to be incomplete, inaccurate or incorrect, the eligible provider has 30 days from the date of receipt of notification from the office to provide the correct or additional data.

(g) Penalties for non-compliance.

If an eligible provider fails to file the required financial and statistical reports, in accordance with subdivisions (a) through (f) of this section and on or before the due date or office approved extended due date, the office may, at its discretion, reduce said eligible provider's existing rate or fee by five percent beginning the first day of the month following the original due date or approved extended due date and continuing until the first day of the month in which the reports are received by the office. If the eligible provider fails to file the required financial and statistical reports by the end of the rate period during which the reports were due, the office may, at its discretion, not promulgate a rate or fee for the rate or fee period or periods that were to be calculated based upon the delinquent reports. In such instances, a rate or fee shall be promulgated effective the first day of the month following the receipt of financial and statistical data necessary to calculate said rate or fee.