Resident personal funds

1. A facility may not require a resident to deposit personal funds with the facility. 2. Upon written authorization of a resident or the resident's legal representative, a facility shall hold, safeguard, manage, and account for the resident's personal funds deposited with the facility. 3. A facility may not charge the resident for holding, safeguarding, managing, or accounting for the resident's personal funds. Any related administrative costs, including bank charges, must be included in the daily rate. A facility may not impose a charge against a resident's personal funds for any item or service included in the daily rate. 4. A facility may maintain a resident's personal funds that do not exceed fifty dollars in a noninterest-bearing account. A facility shall deposit any resident's personal funds in excess of fifty dollars in an interest-bearing account that is separate from any of the facility's accounts and that credits all interest earned on the resident's account to the account. 5. A facility shall maintain a system that ensures a full, complete, and separate accounting, according to generally accepted accounting principles, of each resident's personal funds. An individual financial record must be available on request and a written accounting of transactions must be provided quarterly to the resident or the resident's legal representative. 6. A resident's personal funds may not be commingled with any facility funds or with funds of any person other than another resident. 7. Upon death of a resident, the facility shall promptly convey the resident's personal funds, and a final accounting of those funds, to the individual administering the resident's estate. For purposes of this section, an "individual administering the resident's estate" includes a person lawfully empowered to facilitate the transfer of small estates without the use of a personal representative. 8. A facility shall purchase a surety bond or provide self-insurance to ensure the security of all resident personal funds deposited with the facility.