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4.20 ICF – Individual Funds Management

Purpose

For the individuals to develop the skill to become as self-sufficient as possible in money management per their cognitive abilities. This includes opening and maintaining a checking account, depositing income, writing checks, making withdraws, carrying money, paying for purchases and/or financial obligations and budgeting.

Person-Centered Plan (PCP)

This will address specific information pertinent to financial management, such as if an individual often refuses to sign or initial, routinely chooses to keep original receipts, individual often reports missing money or frequently does not acknowledge financial responsibilities etc. Individuals’ financial supports will be reviewed and updated at their PCP meetings, however the financial supports may be revised through the team process at any time or at the individual’s request. Their PCP will state their financial support needs and strategies to become more independent and will indicate the following:

  1. Depends on Park West Court Apartments (PWCA) for financial support
  2. Allows PWCA to complete monthly financial audits to ensure funds are secure, reconciled, and within Medicaid parameters
  3. Has consents in place if PWCA assists with their funds
  4. Identifies the maximum dollar amount they can spend without receipt
  5. Receives money on a regular basis from their petty cash or formal program from habilitation funds
  6. Has financial contingencies
  7. Keeps their money in a personal lock box/space
  8. Completes their banking transactions in the community

For purchases over $100.00 it requires approval by the PCP team who will review the individuals’ financial status, personal needs, wants, and/or preferences to decide or recommend and will be documented in their PCP meeting minutes. Individuals are encouraged to make purchases based on their own preferences, interests, and choices.

Financial Counseling/Guidance/Assistance

Individuals will receive financial counseling and support as identified in their PCP or per their request. Individuals will be guided to make sound financial decisions including budgeting, saving for specific purchases, buying high quality and services for a good value, and teaching responsibility for debts. They are encouraged to access community financial supports as necessary and can contact their QIDP or community supports in the area.

Financial Consents

To assist individuals with their financial management, a financial consent form must be signed on an annual basis thereafter by the individual, guardian, and PWCA representative. This form will indicate if they need PWCA to provide financial supports and these consents can be revoked at any time by the individual or guardian.

Checking Accounts

Each individual will establish a checking account and those who have PWCA as their payee for financial supports will have their name and PWCA representative on their account. Individuals who manage their account either independently or through another entity will not have PWCA as a representative on their account. The payee for will maintain the account information, checkbook, and/or bank card in a secure location unless their PCP specifies alternative measures and are responsible for properly maintaining their checking account ledger. The payee is also responsible for reconciling the monthly bank statements against the ledger to ensure they balance out. PWCA uses electronic banking software therefore, signatures or initials are not required on the ledgers.

Stable Accounts

Payee can assist with STABLE account set up, transactions, maintenance and storage of records, and statement review for individuals per regulations set forth by State of Ohio. A STABLE account helps supplement current benefits with a way to save for qualified expenses. If receiving Supplemental Security Income (SSI), individual can have up to $100,000 in the account without it counting towards the $2,000 asset limit. The money in STABLE account will not affect your eligibility for Medicaid benefits. The money in your account can be used for everyday expenses. Qualified expenses are geared toward improving health, independence, and quality of life, and include: Living expenses, Education, Housing, Transportation, Employment, training, and support, Assistive technology, Personal support services, Health, prevention, and wellness, Financial management, Administrative services, Legal fees, Oversight and monitoring, Funeral and burial costs, etc.

Individual Petty Cash

Will be readily accessible for the individual to use and will not exceed $100.00 per individual on any one day without written approval from the designee. Petty cash is secured in a designated lock space as identified in their PCP. It may be replenished by their checking account and/or cashing their monthly allotment check or payroll checks if applicable and the payee will replenish the funds and submit all receipts.

Personal Lockbox/Space

The individuals’ PCP will indicate if they need the support of a personal lockbox/space to maintain their personal funds. The QIDP is responsible to ensure there is a lockbox available and that it is locked/secured per the PCP. The amount an individual may maintain and how it is replenished will identified in their PCP meeting. If an individual who does not already have a lockbox/space would like one, they should contact their QIDP so this may be addressed.

Weekend Petty Cash Box

Funds will be available on the weekends and holidays to ensure individuals have access to funds for activities/events and any immediate needs. The petty cash box contains PWCA funds that will be reimbursed within four working days from the individuals’ personal account. Designated personnel are responsible for the oversight of the petty cash which includes a cash count/review at the beginning and end of their shift, approving unplanned travel request forms, disbursing money, obtaining receipts and completing the ledger form. The payee is responsible for reconciling the box, updating the individual accounts, and replenishing the box for the upcoming weekend.

Allotment Checks

Individuals will have access to their designated allowance from their social security check by the fifth day after the funds are deposited into their account each month.

Payroll Checks

Individuals who receive payroll checks from an employer are asked to give checks to the payee for safe keeping until it can be deposited or cashed.

Receipts

Required for all expenditures unless the PCP indicates that a specific amount may be spent without one. Original vendor receipts are preferred in situations when a receipt is not available from a vendor or is lost, a hand-written receipt must be completed by the employee immediately following the purchase/event and it must be signed by a supervisor. If the individual wants to keep the original, the employee should make a copy of the receipt and note the individual kept the original. All receipts should contain the date, time of purchase, vendor, amount of purchase, individuals’ initials, employee signature, and notation if they kept the original. If the receipt does not clearly indicate items purchased or information is not legible the employee should write the items or information on the receipt. Receipts will be obtained individually and should never contain purchases with both individual and PWCA funds.

Monitoring

  • Will be completed, utilizing Ledgers, Program Staff, Payee Accounts Coordinator and Accounting department.
  • Financial audits and reconciliations will be completed every 30 days by Payee Rep with second audit by designated person who is not the person responsible for the fund management.
  • Stable account transaction reviews will occur monthly during bank statement reconciliations.
  • Formal Stable account reconciliations will occur when statements are received (generally quarterly).
  • Payee will monitor assets and financial accounts to ensure that individual does not exceed allowable resources. Payee will provide notice to team when individual resources have potential to reach maximum allowable limits per regulation and ensure proper measures are taken to prevent loss of benefits or eligibility for services.
  • The Program Manager will track completion of the monitoring requirements and will initiate special and random audits.
  • As requested, CCHS will file annual taxes for the individual.
  • For employee reimbursement for individual outings, please refer to P&P 2.05.
  • Staff failing to follow the policy and procedures for individual finances will be subject to CCHS disciplinary process. (Refer to P&P 2.15)
  • Any financial discrepancies noted will be reported to Incident Hotline, incident report written with details, and any missing money will be replenished within 24 hours. 

Signed by:

Rebecca Sharp Porter
Chief Executive Director

Last Revised: 4/16/24

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