Utah Code 31A-44-307. Disclosure statement — Contents — Financial information
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The provider disclosure statement shall:
(1) describe any provisions the provider made or will make to provide reserve funding or security to enable the provider to fully perform the provider’s obligations under a continuing care contract, including:
Terms Used In Utah Code 31A-44-307
- Continuing care: means furnishing or providing access to an individual, other than by an individual related to the individual by blood, marriage, or adoption, of lodging together with nursing services, medical services, or other related services pursuant to a contract requiring an entrance fee. See Utah Code 31A-44-102
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Individual: means a natural person. See Utah Code 31A-1-301
- Provider: means :(9)(a)(i) the owner of a facility;(9)(a)(ii) a person, other than a resident, that claims a possessory interest in a facility; or(9)(a)(iii) a person who enters into a continuing care contract with a resident or potential resident. See Utah Code 31A-44-102
- Security: means a:
(176)(a)(i) note;(176)(a)(ii) stock;(176)(a)(iii) bond;(176)(a)(iv) debenture;(176)(a)(v) evidence of indebtedness;(176)(a)(vi) certificate of interest or participation in a profit-sharing agreement;(176)(a)(vii) collateral-trust certificate;(176)(a)(viii) preorganization certificate or subscription;(176)(a)(ix) transferable share;(176)(a)(x) investment contract;(176)(a)(xi) voting trust certificate;(176)(a)(xii) certificate of deposit for a security;(176)(a)(xiii) certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;(176)(a)(xiv) commodity contract or commodity option;(176)(a)(xv) certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (176)(a)(i) through (xiv); or(176)(a)(xvi) another interest or instrument commonly known as a security. See Utah Code 31A-1-301(1)(a) the establishment of an escrow account, trust, or reserve fund, and the manner in which the provider will invest the account, trust, or reserve funds; and(1)(b) the name and experience of an individual in the provider’s direct employment who will make the investment decisions;(2) contain a provider financial statement, prepared in accordance with generally accepted accounting principles, and audited by an independent certified public account, that includes:(2)(a) a balance sheet as of the end of the most recent fiscal year;(2)(b) an income statement for each of the three most recent fiscal years; and(2)(c) a cash flow statement for each of the three most recent fiscal years. - Security: means a: