Where must resident funds be kept?

Resident funds must be kept in an account that is separate from the home's funds to ensure that each resident's financial assets are protected and managed independently. This separation helps to prevent any potential misuse or co-mingling of funds, which could lead to confusion or financial discrepancies. Having individual accounts ensures transparency and accountability in managing residents' money, safeguarding their financial interests.

Additionally, this practice is in line with regulations designed to protect residents in assisted living facilities, where personal finances must be handled with care and integrity. It reinforces trust between the residents and the facility, as well as ensures that the funds can be accessed only as intended for the residents' benefit. Keeping funds separate from the facility’s operational funds means that residents' financial assets are not at risk from the home's business activities or financial issues.