388-76-11065  <<  388-76-11070 >>   388-76-11080

WAC 388-76-11070

Management agreements—Resident funds.

(1) If the management agreement delegates day-to-day management of resident personal funds to the manager, the adult family home must:
(a) Retain all fiduciary and custodial responsibility for funds that have been deposited with the adult family home by the resident;
(b) Remain directly accountable to the residents and resident representatives for such funds; and
(c) Ensure any party responsible for holding or managing resident's personal funds:
(i) Is bonded or obtains insurance in sufficient amounts to specifically cover losses of resident funds;
(ii) Provides proof of bond or insurance; and
(iii) Provides proof of payment of the bond or insurance premium.
(2) If responsibilities for the day-to-day management of the resident funds are delegated to the manager, the manager must:
(a) Give the adult family home a monthly accounting of the residents' funds;
(b) Meet all legal requirements related to holding, and accounting for, resident funds; and
(c) Comply with all requirements under this chapter relating to residents rights and financial affairs.
[Statutory Authority: RCW 70.128.040. WSR 10-03-064, § 388-76-11070, filed 1/15/10, effective 2/15/10.]
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