N.Y. Comp. Codes R. & Regs. tit. 10 § 87.10

Current through Register Vol. 46, No. 50, December 11, 2024

Section 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.

N.Y. Comp. Codes R. & Regs. Tit. 10 § 87.10