440 IAC 7.5-2-7 Resident finances

Sec. 7. Each agency shall develop and implement written policies and procedures to protect the financial interests of the residents. These policies and procedures shall: (1) provide financial counseling and training to all residents as needed; (2) allow a resident's personal funds to be used to secure incidentals and personal and special need items; (3) encourage residents to maintain savings and checking accounts in community financial institutions; (4) enable residents to have their own money in their possession, unless the resident has a representative payee, a guardian for financial purposes, or the resident requests assistance in writing from the residential staff; (5) establish specific policies regarding the agency acting as representative payee for the resident, including meeting the fiduciary duty owed to a resident by a representative payee; (6) establish an accounting system and maintain a complete record of the disbursements and items purchased for the resident when a resident's funds are disbursed by the agency on behalf of the resident; (7) provide that the financial record shall be available to the resident or to the resident's legal representative; and (8) provide that staff persons shall not borrow or accept money or any thing of value from a resident.