Participant Finances

01. Written Policy and Procedure. Each agency must develop and implement a written policy an d procedure that describes the management of participant funds. In order for an agency to manage participant’s funds , they must have written designation as a payee by either Social Security Administration or the participant’s guardia n or conservator if they are not a recipient of Social Security funds. (3-17-22) 02. Participant’s Personal Finance Records. When the agency, or its employees or contractors, are designated as the payee on behalf of the participants, the agency must establish and maintain an accounting system that assures a full and complete accounting of participants’ personal funds entrusted to the agency, its employees, o r contractors on behalf of participants. Records of financial transactions must be sufficient to allow a thorough audit o f the participant’s funds. An agency that manages participant funds must: (3-17-22) a. Not commingle of participant funds with agency funds. Borrowing between participant accounts i s prohibited; (3-17-22) b. Document any financial transactions. A separate transaction record is to be maintained for each participant, including receipts for each expenditure paid for using the participant funds, except for purchases mad e with participant’s personal funds; (3-17-22) c. Restore funds to the participant if the agency cannot produce proper accounting records o f participant’s funds or property; and (3-17-22) d. Provide access to the participant’s funds to the participant or their legal guardian or conservator. (3-17-22) e. Document dispersion of participant personal spending money. Documentation is to include the dat e and amount of the money given to the participant. The participant must acknowledge in writing receipt of th e spending money at the time it is dispersed. (3-17-22)