Extensions Apply for FQHCs as New Cost Report Form Still in Review with OMB

AAFCPAs would like to make clients aware that, as of March 11, 2016, the new Federally Qualified Health Centers (FQHCs) Cost Report Form 224-14 had not been finalized and is reportedly still in review by the Federal Office of Management and Budget (OMB).  It is reported that the Centers for Medicare & Medicaid Services (CMS) anticipate the release of final forms and instructions in the spring of 2016.
Freestanding FQHCs with cost reporting periods beginning on or after October 1, 2014, are required to use the proposed (and more detailed) Form 224-14.  This form supersedes the previously required FQHC Form 222-92.  You may preview the draft form CMS-224-14 by clicking here.>>
The annual Cost Report filing is traditionally due five months after fiscal year end; however, it is expected that the CMS will provide extensions to complete the reports due to the delay in issuing a final form.  For health centers with a fiscal year end of September 30, 2015, the reports were technically due on February 29, 2016.  An automatic extension period applies as the form has not yet been finalized.
AAFCPAs will continue to keep clients updated with any information regarding the finalization of the report and extended due dates.  AAF will be available for assistance in preparation and filing of the new form, and to provide guidance and best practices in implementing the changes.
If you have any additional questions about preparation or filing of your FQHC Medicare Cost Report, please contact your AAFCPA partner, or Matt Hutt, Partner, CPA, CGMA at 774.512.4043, mhutt@aafcpa.com.