Rule 290-2-29-.08 - Financing(1) The home shall: (a) Have a sound plan of financing which assures sufficient funds to support adequately the services offered, to provide for residents accepted for care including care of infants born to residents, and to carry out the stated purposes of the home. A full and complete accounting of the financial affairs of the home shall be provided to the Board on an annual basis;(b) Provide evidence that it has sufficient funds available to pay operating costs including compensation for a sufficient number of administrative and service staff through the current year of operation for which the license is to be issued;(c) Maintain financial records of all receipts, disbursements, assets and liabilities and shall establish an accounting system capable of tracking all movements of funds and the actual expenditures for each case;(d) Provide bond for Board members, the Director and staff responsible for handling substantial amounts of funds;(e) Not require gratuities such as money or other things of value or services from residents or their representatives beyond the established fee; and(f) Comply with all local and state and federal laws relating to the solicitation of funds.(2) A schedule of fees shall be established and implemented and made available to a parent(s) or legal guardian(s), or legal representative(s) of residents considered for admission to the home. The schedule shall detail the basic cost of services and any additional costs for other services.(3) An audited financial report shall be conducted annually by an independent certified public accountant.(4) An annual budget shall be prepared and subsequently approved. Copies of the current year's budget and expenditure records shall be maintained for examination and review by the Department.Ga. Comp. R. & Regs. R. 290-2-29-.08
O.C.G.A. Secs. 49-5-3, 49-5-8.
Original Rule entitled "Financing" adopted. F. Dec. 15, 2011; eff. Jan. 4, 2012.