N.Y. Pub. Health Law § 4664

§ 4664. Asset reserves. An operator shall maintain reserve liabilities\nand supporting assets in an amount for the purposes set forth in a\nregulation issued by the commissioner. Liquid assets shall be maintained\nfor the following reserve liabilities:\n 1. Fifteen percent of the projected annual operating expenses of the\nfacility, exclusive of depreciation.\n 2. A provider shall notify the commissioner in writing at least ten\ndays prior to reducing the amount of funds available to satisfy the\napplicable liquid reserve requirement. A provider shall not expend more\nthan one-half of the required balance each calendar year.\n 3. A provider may use funds in an endowment fund or escrow account,\nincluding an escrow account established by or pursuant to a mortgage\nloan, bond, indenture or other long-term financing, to satisfy the\nreserve requirements of this section, if the funds are available to make\npayments when operating funds are insufficient for these purposes.\n