Oklahoma Administrative Code
Title 340 - Department of Human Services
Chapter 110 - Licensing Services
Subchapter 5 - Requirements For Child-Placing Agencies
Part 1 - REQUIREMENTS FOR CHILD-PLACING AGENCIES
Section 340:110-5-7 - Finances

Universal Citation: OK Admin Code 340:110-5-7

Current through Vol. 42, No. 1, September 16, 2024

(a) Evidence of sufficient funds. The child-placing agency (agency) has evidence of sufficient funds.

(1) New agencies submit a letter to Licensing from a licensed public accountant with the initial request for licensedocumenting procedures are in place for operating the fiscal management system so the agency's financial statements can be audited at the first fiscal operational year end.

(2) New agencies also submit a budget for the first 12 months of operation with the initial request for license including a written plan documenting predictable funds for the first 12 months of operation as well as reserve funds or reserve funds documentation.

(3) Existing and new agencies have a written financial plan projecting sufficient funds to carry out the program's defined purposes and provide proper care for children.

(b) Fiscal responsibility. The agency executive director is responsible for:

(1) maintaining complete financial records of all income and disbursements; and

(2) ensuring the individual responsible for receiving cash funds is bonded.

(c) Accountability. The agency demonstrates financial accountability.

(1) The agency's' financial records are audited:
(A) by a certified public accountant who is not agency personnel or a board member; or

(B) per the governmental funding source.

(2) A When completed a copy of the auditor's letter:
(A) is submitted to Licensing; and

(B) includes a statement that the agency's financial records accurately reflect the financial operations, per generally accepted accounting principles.

(d) Insurance. The agency is covered by property casualty insurance and liability insurance unless operated by a government entity that is self-insured , per Section 404.3 of Title 10 of the Oklahoma Statutes (10 O.S. § 404.3). 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 child-placing agency, and made available to Licensing.

Amended at 10 Ok Reg 2273, eff 6-11-93; Amended at 13 Ok Reg 997, eff 1-24-96 (emergency); Amended at 13 Ok Reg 2663, eff 6-28-96; Amended at 23 Ok Reg 1092, eff 6-1-06; Amended at 26 Ok Reg 415, eff 11-20-08 (emergency); 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

Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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