465 IAC 2-9-39 Financial resources; accounting; insurance

Sec. 39. (a) The child caring institution shall maintain financial resources to meet the rules established by the SDPW. The child caring institution shall document these resources and make such documentation available to the SDPW upon request. (b) A new child caring institution shall certify that funds are available for the first three (3) months of operation. (c) The child caring institution shall prepare an annual budget showing income according to sources and estimated expenditures classified according to the following: (1) Salaries. (2) Food. (3) Clothing. (4) Child development and child care program. (5) Fixed expenses. (6) Maintenance, repair, and replacement of furnishings and equipment. (d) The child caring institution shall have an annual audit or financial review of all accounts by a certified public accountant appointed by the governing body. This accountant may not be a member of the governing body nor be an employee of a member of the governing body. (e) Governmentally operated child caring institutions shall comply with any auditing requirements of the state of Indiana. (f) The treasurer, administrator, and any other persons handling funds shall be bonded. (g) Any child caring institution, which is not governmentally operated, shall carry insurance which includes the following: (1) Public liability. (2) Worker's compensation. (3) Fire and disaster insurance on the property. (h) The child caring institution shall carry or require staff to carry automobile liability and property damage insurance if the child caring institution uses an automobile, whether it is owned by the child caring institution, an employee, or a volunteer.