N.J. Admin. Code § 8:96-6.1

Current through Register Vol. 56, No. 21, November 4, 2024

Section 8:96-6.1 - Policy for business transactions with interested persons

(a) Each hospital, regardless of whether it is for-profit or nonprofit, shall establish a policy regarding business transactions with interested persons that requires the hospital, at a minimum, to issue a report using the same form that an I.R.C. § 501(c)(3) organization files as part of its IRS Form 990, Schedule L, Part IV, to report any business transaction it enters into with an interested person, during its fiscal year, that meets or exceeds the reporting threshold, and annually, by no later than the 15th day of the 11th month after the end of the hospital's fiscal year:

1. Submit the report to the Department; and

2. Concurrently post the report at a conspicuous place on the hospital's website.

(b) As an alternative means of compliance with (a) above, a hospital operating pursuant to I.R.C. § 501(c)(3) may provide Schedule L, Part IV of its IRS Form 990 to the Department and display it on the Department's website.

(c) Prior to the due date, hospitals may apply, in writing, for an extension to the requirements to submit or post this information for good cause, which will be subject to the review and approval of the Department.

N.J. Admin. Code § 8:96-6.1

Adopted by 55 N.J.R. 2335(b), effective 11/20/2023