Required Annual Reports and Statements. Each section 556 related institution shall submit annually to the Commission, within 90 days after the close of the related institution's annual accounting period (fiscal year), the following reports and statements as specified in Section III of Accounting and Reporting System for Related Institutions: A balance sheet (Schedule D); A statistical, cost finding and revenue analysis report (Schedules A, B, and G); A profit and loss statement (Schedule C); Statements of selected data related to owners and related organizations (Schedules E and F); Certification (Schedule H); A statement of its dealings and relationships with certain entities. Report Formats. The required report and statement formats to be used by section 556 related institutions when submitting the annual reports and statements required by §A, of this regulation, are those presented in the Commission's “Accounting and Reporting System for Related Institutions,” except for the statement required under §A(6), of this regulation. Nonprofit related institutions shall file a verified statement pursuant to §A(6), of this regulation, setting forth the following information in substantially the following form: Proprietary related institutions shall file a verified statement pursuant to §A(6) setting forth the following information in substantially the following form: Failure to File Reports. Any section 556 related institution which does not file any report or statement required herein is liable for a civil penalty of $100 per day for each day the filing of the report or statement is delayed unless an extension is granted as provided in §D of this regulation. This penalty may not be considered a part of reasonable costs for purposes of rate setting by the Commission. Requests for Extension of Time to File Required Reports or Statements. Any section 556 related institution may file with the Commission written requests for reasonable extensions of time to file any or all of the required reports or statements. The requests for extensions shall be supported by justification for the approval of the extension requests. The Executive Director shall respond promptly in writing to the requesting related institution upon receipt of the requests by either approving or disapproving the requests. If needed for evaluation of any request, the Executive Director will seek additional information from the requesting related institution. Review of Denial of Request for Extension. Any related institution denied an extension of time under §D may file a written petition with the Commission for a hearing to review the action of the Executive Director in refusing its request for extension. A petition for a hearing to review the Executive Director's action shall be filed with the Commission within 15 days of the date on which the related institution aggrieved was notified in writing of the action with respect to the requested extension and shall state the grounds for the petition. A hearing on the petition, at which the petitioner may be represented by counsel, shall be held within 30 days of the date on which the petition was filed, before a review subcommittee composed of three members of the Commission chosen by the Chairman for this purpose. The review subcommittee shall consist of at least two persons who have no connection with the management or policy of any hospital or related institution. Promptly after the hearing, the subcommittee shall report to the Commission, which shall make its decision within 45 days after the date of the submission of the petition to review. The decision of a majority of the Commission, which shall be rendered in the form of a written decision filed in the Commission's office, shall be final, subject to the right of review in accordance with Health-General Article, §19-221, Annotated Code of Maryland. Stay of Charges. Unless the Commission reverses the action of the Executive Director, the filing of a petition pursuant to §E may stay the continued accrual of the charges levied under §C against a related institution which fails to meet the deadline for filing reports or statements required in these regulations. In cases where the Commission affirms the action of the Executive Director, the penalties which accrued during the appeal may be suspended or reduced by the Commission.