Section 710IAC2-6-1. Financial condition

   For purposes of IC 23-2-4-8(a)(6), the commissioner may find that the financial condition of a provider may jeopardize the care of the residents if:

(1) the report of an independent public accountant, based upon an examination of the provider's financial statements in conformity with generally accepted accounting principles, expresses doubt that the provider will be able to continue in business or is qualified due to uncertainties arising from recurring operating losses, working capital deficiency, negative cash flow, default on a loan agreement, loss of key personnel, work stoppages or other labor difficulties, or an uninsured catastrophe; or

(2) the provider is in default on the payment of principal or interest on any debt which is secured by a mortgage on the real estate on which the home is located.

(Securities Division; 710 IAC 2-6-1; filed Dec 5, 1988, 8:20 a.m.: 12 IR 920; readopted filed May 31, 2002, 11:34 p.m.: 25 IR 3462; readopted filed Dec 2, 2008, 9:01 a.m.: 20081224-IR-710080819RFA; readopted filed Sep 23, 2015, 2:54 p.m.: 20151021-IR-710150280RFA)

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