WAC 388-78A-2595. Management agreements—Resident funds

(1) If the management agreement delegates day-to-day management of resident funds to the manager, the licensee: (a) Retains all fiduciary and custodial responsibility for funds that have been deposited with the assisted living facility by the resident; (b) Is directly accountable to the residents for such funds; and (c) Must ensure any party responsible for holding or managing residents' personal funds is bonded or obtains insurance in sufficient amounts to specifically cover losses of resident funds; and provides proof of bond or insurance. (2) If responsibilities for the day-to-day management of the resident funds are delegated to the manager, the manager must: (a) Provide the licensee with a monthly accounting of the resident funds; and (b) Meet all legal requirements related to holding, and accounting for, resident funds.