22 Va. Admin. Code § 40-73-80 - Management and control of resident funds

Pursuant to § 63.2-1808A 3 of the Code of Virginia, the resident shall be free to manage his personal finances and funds regardless of source, unless a committee, conservator, or guardian has been appointed for a resident. However, the resident may request that the facility assist with the management of personal funds, and the facility may assist the resident in such management under the following conditions:

1. There shall be documentation of this request and delegation, signed and dated by the resident and the administrator. The documentation shall be maintained in the resident's record.
2. All resident funds shall be held separately from any other moneys of the facility. No resident funds shall be borrowed, used as assets of the facility, or used for purposes of personal interest by the licensee, operator, administrator, or facility staff.
3. The resident shall be given a choice of whether he wishes his funds to be maintained in an individual resident account or in a single account for the accumulated funds of multiple residents, Either type of account may be interest-bearing. If the account is interest-bearing, the resident must be provided his appropriate portion of the interest.
4. The facility may charge a reasonable amount for administration of the account, except for residents who are recipients of an auxiliary grant as account administration is covered by the grant.
5. The facility shall maintain a written accounting of money received and disbursed by the facility that shows a current balance. The written accounting of the funds shall be made available to the resident at least quarterly and upon request, and a copy shall also be placed in the resident's record.
6. The resident's funds shall be made available to the resident upon request.


22 Va. Admin. Code § 40-73-80
Derived From Virginia Register Volume 34, Issue 6, eff. February 1, 2018.

Statutory Authority: §§ 63.2-217, 63.2-1732, 63.2-1802, 63.2-1805, and 63.2-1808 of the Code of Virginia.

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