N.J. Admin. Code § 10:44C-2.10

Current through Register Vol. 57, No. 1, January 6, 2025

Section 10:44C-2.10 - Funds and financial records: persons served

(a) Each person served shall have the right to manage his or her own personal funds consistent with his or her abilities as documented in his or her ITP.

1. If the TDT has determined that the person served cannot independently manage his or her funds and finances, the TDT shall determine how much money, if any, can be managed by the person served at any given time.

(b) The licensee shall develop procedures regarding the management of funds for persons served who have been determined in need of assistance by the TDT.

(c) At the time of admission, each person served shall be provided with a written statement listing the services regarding the safekeeping and management of funds.

(d) The licensee shall obtain written authorization for any of the funds of a person served to be entrusted.

1. The authorization shall specify which funds are to be entrusted to the licensee, including, but not limited to, Personal Needs Allowance, paychecks, Patient Trust Fund, monetary gifts, payment from family members, transportation reimbursements, public assistance, income tax rebates and insurance claims.

2. The person served and his or her guardian or power of attorney (POA), where applicable, shall sign the authorization.

(e) For all funds entrusted to the licensee, the licensee shall maintain records and receipts of all income received and all disbursements of the funds of the person served.

1. All receipts related to disbursements of a person's funds and purchases made on behalf of a person served shall be maintained while the person served resides at the residence.

(f) If a person's funds are entrusted to an agency, moneys received by a person served in excess of $ 200.00 shall be placed in an interest bearing account unless otherwise determined by the TDT.

1. The account shall be in a form that clearly indicates that the licensee is acting in a fiduciary capacity regarding the funds of the person served and that any interest from the account shall accrue to the person served.

2. The licensee may keep up to $ 200.00 of a person's money in a non-interest bearing account or petty cash fund, to be readily available for current expenditures, providing it is kept for safekeeping in an account separate from all other funds for the residence.

i. Any increase in this amount shall be authorized by the person served and his or her guardian or power of attorney (POA), where applicable.

(g) The licensee shall, upon written request from the person served and his or her guardian, where applicable, return any or all of the person's funds given to the licensee for safekeeping, including the interest accrued from deposits.

(h) There shall be no loans of finances, resources or property from a person served to the licensee, staff member, or any other person served.

(i) The licensee to whom the person served entrusts his or her funds shall assure that the management of such funds does not jeopardize the person's entitlements to any appropriate Federal or private benefit.

(j) The licensee shall allow each person served and guardian, where applicable, access to a written record of all financial arrangements and transactions involving the person's funds, upon request. Copies of this record shall be made available to the person served and his or her guardian, upon request.

N.J. Admin. Code § 10:44C-2.10

Amended by 49 N.J.R. 259(a), effective 2/6/2017

Amended by 55 N.J.R. 58(a), effective 1/3/2023