Managing residents finances
Due to the nature of money exchanging hands between your residents and you (your facility) it is prudent of you to keep pristine records regarding your financial affairs. You must also make the choice as to whether or not you will be willing to handle resident funds on behalf of them, which adds even more pressure for your financial office to ensure you are fiscally responsible. Check out the regulation below regarding resident finances provided by DC CRF/CRCFD/HRA:
10112 FINANCIAL AGREEMENTS
10112.1 The complete terms of all financial provisions in a resident’s agreement shall be made available for the resident (or surrogate) to review prior to admission.
10112.2 Funds deposited with or managed by an ALR for the benefit of the resident that total more than two hundred dollars ($200) shall be deposited in an interest-bearing account in the resident’s name in a savings institution. Funds deposited or managed by an ALR for the benefit of the resident that total two hundred dollars ($200) or less may be deposited in an interest-bearing or non-interest-bearing account or secured on-site for the resident’s use as petty cash.
10112.3 An ALR shall not commingle residents’ funds or personal property with the funds or property of the ALR, the licensee, employees, or any other entity or individual other than another resident. The ALR must maintain a system that assures a complete and separate accounting, according to generally accepted accounting principles, of each resident’s funds and personal property entrusted to the ALR on the resident’s behalf.
10112.4 The resident’s financial records pertaining to the funds and personal property described in § 603(a)(2) of the Act (D.C. Official Code § 44-106.03(a)(2)) shall be made available to the resident (or surrogate) upon request. The ALR shall provide a report of the resident’s financial records to the resident (or surrogate) on a quarterly basis.
Top Takeaway:
- 4 The resident’s financial records pertaining to the funds and personal property described in § 603(a)(2) of the Act (D.C. Official Code § 44-106.03(a)(2)) shall be made available to the resident (or surrogate) upon request. The ALR shall provide a report of the resident’s financial records to the resident (or surrogate) on a quarterly basis.
Each resident whose funds are being managed by the facility shall be given the opportunity to receive records of the funds which is why keeping records of every transaction that is made with the resident’s monies.