Section 640033 in .NET

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Section 640033
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36 36
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PROVIDERS OF HEALTH CARE SERVICES
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364 SPECIAL ACCOUNTING PROBLEMS OF SPECIFIC TYPES OF PROVIDERS
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(a) CONTINUING CARE RETIREMENT COMMUNITIES CCRCs are organizations that provide or guarantee residential and health care services for persons who may reside in apartments, other living units, or a nursing center They are usually characterized by an obligation to provide future services and some sort of up-front payment on the part of the resident, part of which may be refundable Unique accounting issues pertaining to CCRCs include: refundable fees, fees repayable to residents from reoccupancy proceeds, nonrefundable fees, the obligation to provide future services, the use of facilities to current residents, and costs of acquiring continuing-care contracts (i) Refundable Advance Fees Frequently, continuing care contracts provide for some or all of a resident s advance fee (also called an entrance fee) to be refunded if the resident dies or withdraws from the CCRC In many cases, the refundable portion decreases with time or other contractual provisions If provisions of the contract allow a refund to be made, an estimate should be made each year of the amount of refundable advance fees that are expected to be refunded to current residents upon death or withdrawal The estimate would be based on the individual facility s own experience or, if not available, on the experience of comparable facilities The estimated amount refundable would be reported as a liability The remainder of the advance fee would be accounted for as deferred revenue As time passes or other contract provisions cause the amount refundable to decrease, the portion that becomes nonrefundable should be reclassi ed to deferred revenue and amortized into income The amortization of this deferred revenue is discussed in Section (iv) below The gross amount of contractual refund obligations under existing contracts at the balance sheet date should be disclosed for each year the balance sheet is presented The CCRC s refund policy should also be disclosed in the notes to the nancial statements Amounts refunded should be classi ed in the statement of cash ows as a nancing transaction These conclusions do not apply to refunds that are contingent upon the resale of the unit Those situations are discussed in Section (iii) (ii) Nonrefundable Advance Fees Most contracts provide that at least some portion of the entrance fee will not be refundable upon the resident s death or withdrawal Some contracts do not allow any of the entrance fee to be refunded According to the Guide, nonrefundable fees represent payment for future services to be provided over the life of the resident (unless the contract terms state otherwise) Therefore, nonrefundable amounts should be reported as deferred revenue when received and amortized into income as described in Section (iv) below Upon the death or withdrawal of a resident, any unamortized deferred revenue from nonrefundable advance fees pertaining to his or her contract should immediately be reclassi ed to revenue (iii) Fees Refundable to Residents from Reoccupancy Proceeds of a Contract Holder s Unit Some contracts provide that entrance fees will be refunded only when and if the contract holder s unit is resold to a new resident Presumably, each subsequent contract would similarly allow a refund only in the event the unit is again sold The Guide states that in such situations, the portion of advance fees that is refundable upon reoccupancy should be reported as deferred revenue (provided that law and management policy and practice support the withholding of refunds under this condition) CCRCs generally structure contracts in this manner to recover the cost of the facilities over their economic lives; therefore, the amount reported as deferred revenue should be amortized to income over the remaining useful life of the facility The basis and method of amortization should be consistent with the method for calculating depreciation, and should be disclosed in the notes to the nancial statements No liability for the refund amount exists until the unit is in fact resold At that time, the liability will be paid from the proceeds of the unit s resale If the amount received from the new resident is greater than the amount to be refunded to the former resident, the excess also should be considered
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