North Carolina General Statutes Chapter 58. Insurance § 58-64A-200. Contents of annual audited financial statements

(1) Report of independent certified public accountant.

(2) Balance sheet reporting assets, liabilities, and net assets or equity.

(3) Statement of operations.

(4) Statement of cash flows.

(5) Statement of changes in net assets or equity.

(6) Notes to financial statements.

(1) If a provider is required by generally accepted accounting principles to have their financial statements consolidated with other persons, the audited consolidated financial statements shall include a consolidating balance sheet, a consolidating statement of operations and changes in net assets or equity, and a consolidating statement of cash flows as supplemental information to the audited consolidated financial statements.  This supplemental information shall also include a statement of operations for each continuing care retirement community operated by the provider under this Article.

(2) If the provider includes one or more persons acting in concert to offer and provide continuing care, the audited financial statements shall be combined and shall include a combining balance sheet, a combining statement of operations and changes in net assets or equity, and a combining statement of cash flows as supplemental information to the audited combined financial statements.  This supplemental information shall also include a statement of operations for each continuing care retirement community operated by the provider under this Article.

(3) If a provider is part of an obligated group, the audited financial statements shall be either consolidated or combined with the other members of the obligated group and shall include a combining or consolidating balance sheet, a combining or consolidating statement of operations and changes in net assets or equity, and a combining or consolidating statement of cash flows as supplemental information to the audited combined or consolidated financial statements.  This supplemental information shall also include a statement of operations for each continuing care retirement community operated by the provider under this Article.

(4) If the provider is not required by generally accepted accounting principles to have their financial statements consolidated with other persons, does not include one or more persons acting in concert to offer and provide continuing care, and is not part of an obligated group, then the audited financial statements shall be a stand-alone financial audit of the provider.  The audited financial statements must include as supplemental information, if the provider operates more than one continuing care retirement community or has operations that are separate and distinct from the operation of a continuing care retirement community or communities under this Article, a statement of operations for each continuing care retirement community operated by the provider under this Article.