N.Y. Comp. Codes R. & Regs. Tit. 10 § 87.10 - Escrow funds
(a) A nursing
home company will submit annually to the State Department of Health a schedule
detailing those amounts that it is required to fund in the operating escrow
account.
(b) The operating escrow
account shall be opened in a federally insured commercial bank that agrees to
the uniform custodial agreement of the State Department of Health.
(c) From the financial occupancy date, a
nursing home company shall deposit monthly in the operating escrow account,
one-twelfth of its annual required funding.
(d) A nursing home company will establish a
separate mortgage repayment escrow account and make deposits and withdrawals
into and from the account as required by the martgage and the
mortgagee.
(e) A nursing home
company shall invest excess fund in the operating escrow account in a manner
specifically approved by the State Department of Health. Copies of the records
of all transactions shall be promptly submitted to the State Department of
Health.
(f) The deposited reserves
for replacements shall be available to provide purchase money for necessary
material replacements of furnishing and/or equipment and major
repairs.
(g) To obtain the
disbursement of operating escrow account funds, other than in the case of
imminent peril, a nursing home company shall submit in advance to the State
Department of Health such documentation as may be necessary for its
approval.
Notes
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