Current through Register Vol. XLI, No. 50, December 13, 2024
Section 64-11-8 - Financial Management8.1. The provider shall have a written budget, approved by the governing body, that shall serve as a plan for managing its financial resources for the fiscal year.8.2. The provider shall have established financial management policies and procedures that follow generally accepted accounting principles (GAAP).8.3. Financial accountability for consumer funds. -- A provider that assumes fiduciary responsibility for consumer funds shall have written operational procedures that ensure: 8.3.1. Separate individual accounting of funds with monthly statements to the consumer and his or her DLR, if any. Funds managed on behalf of consumers shall not be commingled with provider funds. Consumer funds may be maintained in one account for all consumer funds. However, an individual accounting for each consumer must be maintained and one consumer's funds may not be used for the expenses of another consumer; and8.3.2. Compliance with applicable legislative, judicial, and governmental requirements, including those applying to payment of benefits allotted by the state or federal government.8.4. The chief executive officer, governing body, or both shall ensure adequate resources to support the provider's services. Sufficient operating funds shall consist of cash, liquid capital, or an irrevocable letter of credit.8.5. All money earned by a consumer shall be used for the sole benefit of that consumer.8.6. Providers shall allow a consumer or his or her DLR to use his or her personal funds.