N.Y. Public Health Law Section 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.

Source: Section 4664 — Asset reserves, https://www.­nysenate.­gov/legislation/laws/PBH/4664 (updated Sep. 22, 2014; accessed Jan. 18, 2025).

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Accessed:
Jan. 18, 2025

Last modified:
Sep. 22, 2014

§ 4664’s source at nysenate​.gov

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