§ 4607. Annual statement. 1. Within four months of close of the
operator's fiscal year, unless an extension of time to file has been
granted, the operator shall file an annual statement with the
commissioner and superintendent showing the condition as of the last day
of the preceding calendar or fiscal year. If the commissioner and
superintendent do not receive the annual statement within four months of
the end of the operator's fiscal year or have not granted an extension
of time to file, the council may charge a late fee.

2. The annual statement shall be in such form as the council
prescribes and shall contain at least the following:

a. Any change in status with respect to the information required to be
submitted pursuant to section forty-six hundred four of this article;

b. Financial statements audited by an independent certified public
accountant, which shall contain, for two or more periods if the
community has been in existence that long, the following:

(i) an accountant's opinion and, in accordance with generally accepted
accounting principles:

(A) a balance sheet,

(B) a statement of income and expenses,

(C) a statement of equity or fund balances,

(D) a statement of changes in financial position,

(ii) notes to the financial statements considered customary or
necessary to ensure full disclosure of the financial statements,
financial condition, and operation;

c. A detailed listing of the assets maintained for the reserves;

d. A copy of the most recent actuarial review of the community,
including such information as may be required by the superintendent
including an opinion of a qualified consulting actuary, as to the
current and projected soundness of the community, provided however that
a new actuarial review must be submitted triennially; and

e. Such other reasonable financial and other information as the
council may require with respect to the operator or the community, or
its directors, controlling persons, trustees, members, branches,
subsidiaries or affiliates to determine the financial status of the
community and the management capabilities of the operator.

3. Sixty days before commencement of each calendar or fiscal year or
official opening date, whichever is applicable, each operator shall file
with the commissioner and superintendent a computation of the annual
long-term debt service and a projected annual revenue and expense
summary for the next ten years.