N.Y. Comp. Codes R. & Regs. Tit. 10 § 87.38 - Escrow funds
(a) A hospital
shall submit annually to the State Department of Health a schedule detailing
those amounts that it is required to fund in the reserve escrow
account.
(b) The reserve 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
hospital shall deposit monthly in a reserve escrow account one-twelfth of its
annual required funding.
(d) A
hospital shall establish a separate mortgage repayment escrow account and make
deposits and withdrawals into and from the account as required by the mortgage
and the mortgagee.
(e) A hospital
shall invest excess funds in the reserve 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 furnishings and/or equipment and major repairs of
construction and equipment.
(g) To
obtain the disbursement of reserve escrow account funds, other than in the case
of imminent peril, a hospital shall submit in advance to the State Department
of Health such documentation as may be necessary for its approval.
Notes
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