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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 22. Social Services |
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Agency 40. Department of Social Services |
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Chapter 72. Standards for Licensed Assisted Living Facilities |
Section 150. Safeguarding residents' funds
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A. If the resident delegates the management of personal funds to the facility, the following standards apply:
1. Documentation of this delegation, signed and dated by the resident and the administrator, shall be maintained in the resident's record.
2. Residents' funds shall be held separately from any other moneys of the facility. Residents' funds shall not be borrowed, used as assets of the facility, or used for purposes of personal interest by the licensee/operator, administrator, or facility staff.
3. If the facility's accumulated residents' funds are maintained in a single interest-bearing account, each resident shall receive interest proportionate to his average monthly account balance. The facility may deduct a reasonable cost for administration of the account.
4. If any personal funds are held by the facility for safekeeping on behalf of the resident, a written accounting of money received and disbursed, showing a current balance, shall be maintained. Residents' funds and the accounting of the funds shall be made available to the resident or the legal representative or both upon request.
B. No facility administrator or staff person shall act as either attorney-in-fact or trustee unless the resident has no other preferred designee and the resident himself expressly requests such service by or through facility personnel. Any facility administrator or staff person so named shall be accountable at all times in the proper discharge of such fiduciary responsibility as provided under Virginia law, shall provide a quarterly accounting to the resident, and, upon termination of the power of attorney or trust for any reason, shall return all funds and assets, with full accounting, to the resident or to his legal representative or to another responsible party expressly designated by the resident. See also 22VAC40-72-120 regarding conservators or guardians appointed by a court of competent jurisdiction.
Historical Notes
Derived from Volume 23, Issue 06, eff. December 28, 2006; amended, Virginia Register Volume 25, Issue 08, eff. February 5, 2009.