LAC 48:I.7267. Client Funds

A. The facility's admission agreement shall include the client's rights regarding personal funds and list the services offered and charges, if any. B. The facility shall offer safekeeping and management of a client’s funds. If a client chooses to entrust funds with the facility, the facility shall obtain written authorization from the client and/or his/her representative for the safekeeping and management of the funds. C. The facility shall: 1. provide each client with an account statement on a quarterly basis with a receipt listing the amount of money the facility is holding in trust for the client; 2. maintain a current balance sheet containing all financial transactions to include the signatures of staff and the client for each transaction; 3. provide a list or account statement regarding personal funds upon request of the client; 4. maintain a copy of each quarterly account statement in the client’s record; 5. keep the funds received from the client in a separate interest-bearing account; and 6. not commingle the clients’ funds with the facility’s operating account. D. The facility shall develop, implement, and follow written policies and procedures to protect client funds. E. Unless otherwise provided by state law, upon the death of a client, the facility shall provide the executor or administrator of the client's estate or the client’s representative, as agreed upon in the admission agreement, with a complete account statement of the client's funds and personal property of the client being held by the facility. F. A client with a personal fund account managed by an FSTRA facility may sign an account agreement acknowledging that any funds deposited into the personal account by, or on the client’s behalf, are jointly owned by the client and his legal representative or next of kin. The account agreement shall state that: 1. the funds in the account shall be jointly owned with the right of survivorship; 2. the funds in the account shall be used by, for or on behalf of the client; 3. the client or the joint owner may deposit funds into the account; and 4. the client or joint owner may endorse any check, draft or other monetary instrument to the order of any joint owner, for deposit into the account. G. If a valid account agreement has been executed by the client, upon the client’s death, the facility shall transfer the funds in the client’s personal fund account to the joint owner within 30 days of the client’s death. H. If a valid account agreement has not been executed, upon the client’s death, the facility shall comply with the federal and state laws and regulations regarding the disbursement of funds in the account and the properties of the deceased. The facility shall abide by the procedures of the Louisiana Department of the Treasury and the Louisiana Uniform Unclaimed Property Act for the handling of funds of a deceased client that remain unclaimed. I. The provisions of this Section shall have no effect on federal or state tax obligations or liabilities of the deceased client’s estate. If there are other laws or regulations which conflict with these provisions, those laws or regulations will govern over and supersede the conflicting provisions. J. A termination date of the account and the reason for termination shall be recorded on the client’s participation file. A notation shall read, “to close account.” The endorsed cancelled check with check number noted on the ledger sheet shall serve as sufficient receipt and documentation.