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The Organization of Residents Associations of New Jersey

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Finance Guidebook

2010 Revision

Guidebook for a resident who is serving on a Finance Committee

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Table of Contents and page

Part I – General Information 1

A. Introduction 1
B. Purpose 1

Part II – Five Key Financial Topics 2

A. Financial Statements 2

A1. Budgets 2
A2. Operating Statement 3
A3. Balance Sheet 4
A4. Auditor’s Report 5

B. Long-Term Financial Stability 10

B1. Long Term Financial Plans 11
B2. Future Services Obligation Calculation 11
B3. Detailed Actuarial Analyses 12

C. CCRC Contracts 14

C1. Type A – All Inclusive Plans 14
C2. Type B – Modified Plans 14
C3. Type C – Fee-For-Service Plans 14
C4. Other Plans 15

D. NJ Statutes & Regulations Related to CCRC Finances 16

D1. “The Act” – New Jersey Public Law 52:27D-330 16
D2. “Chapter 19” – CCRC Regulations 17
D3. Annual Disclosure Statements 18
D4. New Jersey Income Tax Deductions 19

E. Federal Regulations Related To CCRC Finances 20

E1. 501 (c) (3) CCRCs 20
E2. Form 990 IRS Tax Reports 21
E3. Federal Income Tax Deductions 22

Part III – Attachments

A. Obtaining Copies of Reference Documents
B. Overview of Entrance Fee Accounting
C. Future Services Obligation Calculation Details and Typical Values
D. Detailed Actuarial Analyses and Typical Values
E. Summary Description of The Act – New Jersey Public Law 52:27D–330
F. Summary Description of Chapter 19 – Paragraphs Of Financial Interest