Sec. 43.
A pro forma financial plan shall include a financial forecast for a period of 3 years, presented on the same accounting basis as the financial statements, including all of the following:
(a) A balance sheet.
(b) A statement of changes and activities or statement of operations.
(c) A statement of cash flow.
(d) Expected cash proceeds from sales of continuing care agreements based on projected occupancy and attrition rates.
(e) Expected cash proceeds from monthly service fees, donations, interest, and entrance fees.
(f) Amount of reserves expected to be provided for capital replacement, improvements, maintenance, refunds, and other expenses.
(g) A statement of assumptions and principles used to make the forecast.
History: 2014, Act 448, Eff. Apr. 2, 2015
Structure Michigan Compiled Laws
Chapter 554 - Real and Personal Property
Act 448 of 2014 - Continuing Care Community Disclosure Act (554.901 - 554.993)
Section 554.901 - Short Title.
Section 554.903 - Definitions; a to C.
Section 554.905 - Definitions; D to L.
Section 554.907 - Definitions; M to O.
Section 554.909 - Definitions; P to R.
Section 554.911 - Definitions; S.
Section 554.921 - Incomplete Application; Notification; Order Approving or Denying Registration.
Section 554.923 - Effect of Order Approving or Filing Registration.
Section 554.925 - Renewal of Registration; Application Form to Be Sent by Department.
Section 554.929 - Extension of Registration; Requirements; Fees.
Section 554.933 - Reportable Changes; Amendment of Registration.
Section 554.937 - Disclosure Statement.
Section 554.939 - Continuing Care Agreement; Requirements.
Section 554.941 - Financial Statements; Requirements.
Section 554.943 - Financial Forecast.
Section 554.947 - Alternative Financial Arrangement.
Section 554.949 - Records; Reports.
Section 554.951 - Advertising or Marketing Communication.
Section 554.955 - Offer or Sale of Continuing Care Agreement; Prohibited Acts.
Section 554.957 - Appointment of Independent Conservator or Guardian.
Section 554.959 - Arbitration.
Section 554.961 - Service of Process; Irrevocable Consent Appointing Department.
Section 554.963 - Investigations.
Section 554.965 - Review and Audit of Documents and Records.
Section 554.967 - Repayment of Entrance Fee; Temporary Suspension.
Section 554.969 - Order Denying, Suspending, or Revoking Registration.
Section 554.971 - Cease and Desist Order.
Section 554.973 - Injunction, Restraining Order, or Writ of Mandamus.
Section 554.975 - Civil Fine; Costs; Sanctions; Continuing Care Agreement as Voidable; Refund.
Section 554.977 - Liability; Offer of Rescission.
Section 554.979 - Liability by Implication; Liability Under Other Statute or Common Law.
Section 554.983 - Statute of Limitations.
Section 554.987 - Promulgation of Rules.
Section 554.989 - Disclosure of Filings; Exemption; Confidentiality of Social Security Numbers.
Section 554.991 - Life Interest or Long-Term Lease Agreement Under Former Act.
Section 554.993 - Facility or Person Registered or Exempt Under Former Act.