Statute · New York Public Health Law
N.Y. Pub. Health Law § 4664 — Asset reserves
N.Y. Pub. Health Law § 4664
- Type
- Statute
- Source
- New York Public Health Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 4664. Asset reserves. An operator shall maintain reserve liabilities and supporting assets in an amount for the purposes set forth in a regulation issued by the commissioner. Liquid assets shall be maintained for the following reserve liabilities:
Citator
N.Y. Pub. Health Law § 4664 — Asset reserves is in force in the current edition of the Code, and nothing recorded condemns it.
§ 4664. Asset reserves. An operator shall maintain reserve liabilities and supporting assets in an amount for the purposes set forth in a regulation issued by the commissioner. Liquid assets shall be maintained for the following reserve liabilities:
1. Fifteen percent of the projected annual operating expenses of the facility, exclusive of depreciation.
2. A provider shall notify the commissioner in writing at least ten days prior to reducing the amount of funds available to satisfy the applicable liquid reserve requirement. A provider shall not expend more than one-half of the required balance each calendar year.
3. A provider may use funds in an endowment fund or escrow account, including an escrow account established by or pursuant to a mortgage loan, bond, indenture or other long-term financing, to satisfy the reserve requirements of this section, if the funds are available to make payments when operating funds are insufficient for these purposes.