Conn. Agencies Regs. § 17a-150-69 - Finances
(a) The child placing agency shall have
sufficient income and resources to enable it to provide proper care for
children and operate the program. A budget shall be prepared which demonstrates
the applicant's ability to carry out the stated purpose of the
program.
(b) If fees are charged, a
fee schedule shall be submitted to the department with the application for
licensing or re-licensing. The fee schedule shall include a description of how
the fees are applied.
(c) The
applicant shall identify the sources of income, including fees, and demonstrate
the ability to operate the program as a going concern.
(d) Financial records showing the amount and
source of all income and expenses and of all assets and liabilities of the
child placing agency and the sponsoring child placing agency shall be
maintained through the use of a general ledger and subsidiary ledgers posted
not less than once each quarter.
(e) The applicant is required to disclose all
related party transactions. Related party transactions include but are not
limited to the ownership of, or interest in any other entity with which the
child placing agency does business by any child placing agency director,
employee or volunteer.
(f) There
shall be an annual audit of all capital resources, assets, liabilities,
receipts and expenditures by a qualified public accountant not affiliated with
the child placing agency. The department may accept a financial statement in
lieu of an annual audit for a child placing agency which has been licensed for
a total of less than two (2) years. A copy of each such annual audit or
financial statement shall be submitted to the department annually, or upon
request and be a part of the child placing agency's record.
(g) The department shall have access to all
financial records as may be necessary to ensure the quality and delivery of
services, as well as conformance with sections
17a-150-51 through
17a-150-123,
inclusive, of the Regulations of Connecticut State Agencies.
Notes
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