Section 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.