2007 Minnesota Statutes

80D.19 ANNUAL FINANCIAL STATEMENT REQUIRED.
A provider shall prepare and distribute an annual financial statement to the residents of
a facility. The statement shall be prepared in accordance with generally accepted accounting
principles and shall be distributed within four months of the end of the provider's fiscal year. The
statement must reflect all of the income and expense attributable to the facility for the fiscal year
covered. The statement must account for all receipts and disbursements from whatever source
derived, to whatever source paid, arising from the operation of the facility.
All entrance and maintenance fees, actual interest received and paid, and loan proceeds
received, and interest and principal paid thereon, must be accounted for whether or not included
in separate accounts because of trust, escrow, or other requirements. Items of income and expense
to be allocated between a facility and another accounting entity must be allocated in accordance
with generally accepted accounting principles. The allocation must be noted in the statement.
The statement must be in sufficient detail to be meaningful but must be easily readable by, and
understandable to, a person of average intelligence and education. The statement must include
comparable data for the fewer of: each of the last five years; or for each year since the first receipts
or disbursements, arising out of the facility project. If comparable data does not exist and cannot
be created for a past year, the variation must be noted and explained in the statement.
History: 1984 c 641 s 7