The National Federation of Municipal Analysts released a list of best practices for financial disclosure in the not-for-profit long-term-care and senior living industries. NFMA said it "has become clear that issuers of these securities would welcome guidance as to what investors and potential investors are seeking" in terms of financial disclosure. Recommendations include minimum quarterly disclosures, the appointment of an investor contact, and dispersal of financial data to anyone who asks. The 10-page document contains separate recommendations for continuing care retirement communities, assisted living facilities and skilled nursing facilities. Outside contributors including issuers made "significant contributions" in developing the guidelines, according to the NFMA. A draft was circulated for comment in late 2001, and the guidelines were discussed at a conference that was jointly sponsored by NFMA, the Municipal Securities Rulemaking Board and the American Association of Homes and Services for the Aging in April. The guidelines are posted on NFMA's Web site. -- by Mary Chris Jaklevic
NFMA releases list of best practices for disclosure
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.