Section 388-107-1660 - Management agreements-Resident funds(1) If the management agreement delegates day-to-day management of resident funds to the manager, the licensee: (a) Retains all fiduciary and custodial responsibility for funds that have been deposited with the enhanced services facility by the resident;(b) Is directly accountable to the residents for such funds; and(c) Must ensure any party responsible for holding or managing residents' personal funds is bonded or obtains insurance in sufficient amounts to specifically cover losses of resident funds; and provides proof of bond or insurance.(2) If responsibilities for the day-to-day management of the resident funds are delegated to the manager, the manager must: (a) Provide the licensee with a monthly accounting of the resident funds; and(b) Meet all legal requirements related to holding, and accounting for, resident funds.Wash. Admin. Code § 388-107-1660
Adopted by WSR 14-19-071, Filed 9/12/2014, effective 10/13/2014