Current through Vol. 42, No. 1, September 16, 2024
(a)
Evidence of sufficient
funds. The program demonstrates evidence of sufficient funds.
(1) A new program submits a letter to
Licensing from a certified public accountant documenting the procedures in
place for operating the fiscal management system so the program's financial
statements can be audited at the first fiscal operational year end.
(2) A new program submits a budget for the
first 12 months of operation including predictable funds , as well as reserve
funds.
(3) The program maintains a
written financing plan projecting sufficient funds to carry out the program's
defined purposes and provide proper care for children.
(b)
Fiscal responsibility. The
program demonstrates fiscal responsibility.
(1) The executive director maintains complete
financial records of all income and disbursements.
(2) When cash funds are received, the
executive director requires individuals with cash handling responsibilities be
bonded.
(c)
Accountability. The program demonstrates financial accountability.
(1) Program financial records are audited by
a certified public accountant, who is not program personnel or a board member,
or audited , per the governmental funding source.
(2) When completed, a copy of the auditor's
letter, including a statement verifying the program's financial records
accurately reflect its financial operations , per generally accepted accounting
principles, is submitted to Licensing.
(d)
Insurance. The program
maintains insurance. Insurance policies are available for Licensing review.
(1) The program is covered by property
casualty insurance, unless operated by a government entity that is
self-insured, per state law.
(2)
The program is covered by general liability insurance, unless exempt by state
law. Coverage is at least $200,000 for each occurrence of negligence. Form
07LC092E, Insurance Verification, that includes a certificate of insurance
obtained from the insurance agent is completed annually, maintained at the
facility, and made available to Licensing.
(3) Vehicles used to transport children are
covered by liability and medical insurance.
Amended at 10 Ok Reg
3663, eff 7-12-93; Amended at 18 Ok Reg 3331, eff 10-1-01 (emergency); Amended
at 19 Ok Reg 1171, eff 5-13-02; Amended at 26 Ok Reg 2239, eff 7-1-09; Amended
at 27 Ok Reg 48, eff 10-1-09 (emergency); Amended at 27 Ok Reg 1869, eff
7-1-10
