Adequate and Sufficient Records

100 - Adequate and Sufficient Records (Rev. 30, 09-05-03) Cost data developed by an HCPP must be current, accurate, and in sufficient detail for CMS to make a proper determination of the HCPP's costs. Records must be maintained in a consistent manner from one reporting period to another. However, a proper regard for consistency need not preclude a desirable change in accounting procedures if the HCPP makes a full disclosure to CMS of the significant changes in advance and secures approval for the change. At a minimum, the following financial records/information must be maintained: • Matters of ownership, organization, and operation of the HCPP's financial, medical, and other record keeping systems; • Financial statements for the current and prior three reporting periods (this will include such things as management letter comments and access to related workpapers); • Federal income tax or information returns for the current and prior three reporting periods; • Asset acquisition documents and leases; • Agreements, contracts, and subcontracts; • Franchise, marketing, and management agreements; • Schedules of charges for the HCPP's fee-for-service patients; • Records pertaining to costs of operations; • Amounts of income received by source and payment; • Cash flow statements; • Any financial reports filed with other Federal programs or state authorities; and • Minutes from the Board of Directors' meetings taking place during the reporting period.