California Health and Safety Code

§ 128734.1

HSC § 128734.1 Effective Jan 1, 2023Div. 107 · Part 5 · Ch. 1

Statute text

(a)(1) Commencing with fiscal years ending December 31, 2023, an organization that operates, conducts, owns, manages, or maintains a skilled nursing facility or facilities licensed pursuant to subdivision (c) of Section 1250 shall prepare and file with the office, at the times as the office shall require, an annual consolidated financial report.

(2)The annual consolidated financial report required to be prepared pursuant to paragraph (1) shall be reviewed by a certified public accountant in accordance with generally accepted accounting principles and with the Financial Accounting Standards Board’s financial reporting requirements, with financial statements prepared using the accrual basis. If the organization has prepared an audit by a certified public accountant of its annual consolidated financial report for any reason, that audit shall be filed with the office, and, in that instance, no review of the consolidated financial report shall be necessary. The reviewed or audited report, as applicable, shall, in addition to the requirements set forth in Section 128735, include, but not be limited to, the following statements:

(A)A balance sheet detailing the assets, liabilities, and net worth at the end of its fiscal year.

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Legislative history

Amended by Stats. 2022, Ch. 28, Sec. 108. (SB 1380) Effective January 1, 2023.