New Jersey § 26:2h-5

§ 26:2h-5.

As a condition of licensure under P.L.1971, c. 136 ( C.26:2H-1 et al.), a general hospital shall: a. (1) provide to the Department of Health: monthly and quarterly unaudited financial information , quarterly unaudited financial statements, annual audited financial statements , and such other financial information as the department may request ; and (2) annually, upon renewal of its license, post on its Internet website the most recent

public inspection copy that is available of Internal Revenue Service Form 990 and

all schedules and supporting documentation required to be submitted to the Internal

Revenue Service in conjunction with Form 990; except that, if the hospital does not

file a Form 990 with the Internal Revenue Service, the hospital shall post on its

Internet website all governance, financial, and operating information that would otherwise

be reported on Form 990 for the prior tax year, including the information that would

be required to be submitted in the schedules and supporting documentation in conjunction

with Form 990, to the extent that such information exists with respect to a for-profit

hospital; and (3) no less than 90 days prior to signing an agreement for the sale or the lease of

the land or property on which the hospital is located, provide notice to the Department

of Health of the hospital's intent to sign an agreement to sell or lease land or property

on which the hospital is located. Notification to the department shall include a copy of the agreement, the names

of all parties included, and the intended use of proceeds from the sale or lease of

land or property; b. permit the Commissioner of Health, or a monitor appointed by the commissioner,

as applicable, to oversee its financial operations, and, if the commissioner determines

that the hospital is at risk of being in financial distress or is in financial distress

based on criteria specified by regulation, participate in the development and implementation

of a corrective plan to resolve the hospital's financial difficulties, pursuant to

section 2 of P.L.2008, c. 58 ( C.26:2H-5.1a ) ; and c. if the hospital is owned or managed by a for-profit entity, including an entity

that has a majority ownership interest in the hospital, provide to the department

the following information, to the extent that such information is not otherwise reported

pursuant to subsection a. of this section: (1) a report of each business transaction in the fiscal year with an interested person

which exceeds $10,000. The report of business transactions with interested persons shall be the same as

defined in Internal Revenue Service Form 990, except that the term “ interested persons ” shall also include owners of any for-profit hospital; (2) a chart that identifies all related organizations, including any corporation,

company, limited liability company, partnership, individual trust, or other governing

body, entity, or person as defined in Internal Revenue Service Form 990, including

the full name, location, and tax-exempt status of the entity or person; (3) whether the owners or managers of the hospital maintain one or more offices, employees,

or agents outside the United States that do business with the hospital, and any revenues

and expenses of more than $10,000 transacted outside the United States; (4) a list of investors and joint ventures between the hospital owners and its investors,

including the name of the joint venture entity, whether for-profit or nonprofit, a

description of its primary activity, and the percent of profit or stock ownership

held by each of the officers, directors, physicians, and key employees of the hospital

in the joint venture; (5) the name and address of any management company paid to provide services to the

hospital, a description of the primary activity of the company, and the percent of

profit or stock ownership held by each of the officers, directors, physicians, and

key employees of the hospital in the management company; (6) the amounts paid to any affiliates for management or consulting services; (7) a description of any trust that holds an interest in the hospital, including the

names of the trustees, beneficial owners, and grantor or settlor of the trust, along

with a copy of the full trust agreement; (8) a list of any properties for which the hospital has claimed a tax abatement;

and (9) if the hospital had surplus revenues for the prior fiscal year, the total amount

of any such surplus revenue used for each of the following: debt retirement; plant

or facility expansion; or a reserve for operating contingencies. d. The information submitted to the department pursuant to this section during the

period of time encompassing the hospital's current or most recent tax year shall be

posted on the hospital's Internet website, with the exception of any information provided

to the department under subsection c. deemed proprietary by the Commissioner of Health. The department shall provide a link on the department's Internet website to the

information posted on the hospital's Internet website, as required pursuant to this

subsection .