Section 440IAC7.5-2-7. Resident finances

   Each agency shall develop and implement written policies and procedures to protect the financial interests of the residents. These policies and procedures shall:

(1) provide financial counseling and training to all residents as needed;

(2) allow a resident's personal funds to be used to secure incidentals and personal and special need items;

(3) encourage residents to maintain savings and checking accounts in community financial institutions;

(4) enable residents to have their own money in their possession, unless the resident has a representative payee, a guardian for financial purposes, or the resident requests assistance in writing from the residential staff;

(5) establish specific policies regarding the agency acting as representative payee for the resident, including meeting the fiduciary duty owed to a resident by a representative payee;

(6) establish an accounting system and maintain a complete record of the disbursements and items purchased for the resident when a resident's funds are disbursed by the agency on behalf of the resident;

(7) provide that the financial record shall be available to the resident or to the resident's legal representative; and

(8) provide that staff persons shall not borrow or accept money or any thing of value from a resident.

(Division of Mental Health and Addiction; 440 IAC 7.5-2-7; filed Jun 10, 2002, 2:25 p.m.: 25 IR 3132; readopted filed Nov 5, 2008, 3:50 p.m.: 20081119-IR-440080742RFA; readopted filed Jul 21, 2011, 9:39 a.m.: 20110817-IR-440110249RFA)