Section 260.255 - Maintaining a Trust Fund Account(a) When managing a trust fund account, a program provider must: (1) maintain documentation of an individual's personal funds that: (A) follows generally accepted accounting principles; and(B) includes: (i) the individual's name;(ii) identification of individual's representative or person assigned to receive the individual's income, if any;(iv) individual's earned interest, if any;(v) documentation of each transaction; and(vi) receipts for purchases and payments, including cash register tapes or sales statements from a vendor;(2) ensure an individual's personal funds are expended only for the individual's use and benefit;(3) reimburse the individual if the individual's personal funds are lost or stolen while in the program provider's control;(4) not charge an individual or LAR for the administrative handling of a trust fund checking account;(5) provide the individual or LAR with a quarterly statement for the individual's personal funds held by the program provider in a trust fund account that includes the following: (A) name and location of the financial institution for the trust fund account;(B) account number for the trust fund account;(C) the statement coverage period;(D) the balance at the beginning of the statement period;(E) all deposits and withdrawals;(F) interest earned, if any; and(6) retain all statements from the financial institution regarding the trust fund account.(b) A program provider must not charge bank fees to an individual or LAR if the individual's personal funds are maintained by the program provider in:(1) a pooled checking account; or(2) an individual checking account at a financial institution chosen by the program provider at the written request of the individual or LAR.(c) If an individual or LAR chooses to have the program provider maintain the individual's personal funds in an individual checking account at a financial institution chosen by the individual or LAR, the individual or LAR must pay the bank fees.(d) If the trust fund account is a pooled checking account, as described in § 260.253(b)(1) of this subchapter (relating to Establishing a Trust Fund Account), that pays interest, the program provider must:(1) distribute the interest to each individual for whom the program provider maintains personal funds; and(2) prorate the actual interest:(A) at the time the financial institution pays the interest; and(B) on the basis of the individual's balance of personal funds in the account at the time the financial institution pays the interest.(e) Within 72 hours after receiving a written request from an individual or LAR for an accounting of the individual's personal funds maintained in a trust fund account, a program provider must provide the individual or LAR with a written record of the individual's personal funds maintained by the program provider in a trust fund account.26 Tex. Admin. Code § 260.255
Adopted by Texas Register, Volume 48, Number 07, February 17, 2023, TexReg 0915, eff. 2/26/2023