                                 CODE OF VIRGINIA

ANNUAL DISCLOSURE STATEMENTS (§ 38.2-4904)

A. Within four months following the end of the provider&#8217;s fiscal year,
each provider shall file with the Commission and make available by written
notice to each resident at no cost an annual disclosure statement which shall
contain the information required for the initial disclosure statement set forth
in &#xA7; 38.2-4902.

B. The annual disclosure statement shall also be accompanied by a narrative
describing any material differences between:

   1. The prior fiscal year&#8217;s pro forma income statement, and

   2. The actual results of operations during that fiscal year.

C. The annual disclosure statement shall describe the disposition of any real
property acquired by the provider from residents of the facility.

D. In addition to filing the annual disclosure statement, the provider shall
amend its currently filed disclosure statement at any other time if, in the
opinion of the provider, an amendment is necessary to prevent the disclosure
statement from containing any material misstatement of fact or failing to state
any material fact required to be stated therein. Any such amendment or amended
disclosure statement shall be filed with the Commission before it is delivered
to any resident or prospective resident and is subject to all the requirements
of this chapter, and the provider shall notify each resident of the existence of
such amendment or amended disclosure statement.

E. If the Commission determines that the disclosure statement does not comply
with the provisions of this chapter, it shall have the right to take action
pursuant to &#xA7; 38.2-4931.

HISTORY: 1985, c. 554, § 38.1-959; 1986, c. 562; 2012, cc. 208, 303.