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Ch.3
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Martin O'Malley, Governor
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In subsection (a) of this section, the reference to the calculation of net
operating expenses "for a fiscal year" is added for clarity.
Also in subsection (a) of this section, the reference to "that fiscal year" is
substituted for the former reference to "the year in question" for clarity.
In subsection (c)(1) and (2) of this section, the former reference to "the later
of October 1, 1996 or" is deleted as obsolete.
In subsection (c)(3) of this section, the reference to the minimum rate
"required under paragraph (2) of this subsection" is added for clarity.
Also in subsection (c)(3) of this section, the reference to "extending]" the
time is substituted for the former reference to "authorizing] an additional
amount of" time for brevity.
Defined terms: "Certified financial statement" § 10-401
"Department" § 10-101
"Facility" § 10-401
"Net operating expenses" § 10-419
"Provider" § 10-401
10-421. OPERATING RESERVES — COMPUTATION.
(A) COMPUTING OPERATING RESERVES.
(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) APPLICATION OF OTHER RESERVES.
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) VALUE OF INVESTMENTS.
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.
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