31A-44-307. Disclosure statement -- Contents -- Financial information.
167 words·~1 min read·
/ut/title-31a/chapter-44/31a-44-307A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/10/2016
31A-44-307. Disclosure statement -- Contents -- Financial information.
The provider disclosure statement shall:
(1)describe any provisions the provider made or will make to provide reserve funding or security to enable the provider to fully perform the provider's obligations under a continuing care contract, including:
(a)the establishment of an escrow account, trust, or reserve fund, and the manner in which the provider will invest the account, trust, or reserve funds; and
(b)the name and experience of an individual in the provider's direct employment who will make the investment decisions;
(2)contain a provider financial statement, prepared in accordance with generally accepted accounting principles, and audited by an independent certified public account, that includes:
(a)a balance sheet as of the end of the most recent fiscal year;
(b)an income statement for each of the three most recent fiscal years; and
(c)a cash flow statement for each of the three most recent fiscal years.
Enacted by Chapter 270 , 2016 General Session