Oregon Administrative Rules
Chapter 419 - OFFICE OF TRAINING, INVESTIGATIONS AND SAFETY
Division 400 - CHILD-CARING AGENCY LICENSING UMBRELLA RULES
Section 419-400-0050 - Licensing Umbrella Rules: Financial Management

Universal Citation: OR Admin Rules 419-400-0050

Current through Register Vol. 63, No. 3, March 1, 2024

(1) Budget. A child-caring agency must operate under an annual line-item budget, showing planned expenditures and sources of income, which has been approved by the governing board as the plan for management of its funds, and provide a copy to the Department as required by OAR 419-400-0210 and upon request.

(2) Funding. The annual budget of a licensee must document that the licensee has sufficient funds to meet the requirements of licensure, to operate the programs the licensee is licensed to operate, and to provide the services the licensee has stated the child-caring agency will provide.

(3) Fiscal accountability.

(a) A child-caring agency must maintain complete and accurate accounts, books, and records following generally accepted principles of accounting. A child-caring agency must provide to the Department current internal financial statements, general ledgers, bank statements, and any other financial records as required in OAR 419-400-0210 and upon request.

(b) The Department may conduct an audit, including a forensic audit, of any child-caring agency to determine compliance with applicable laws and administrative rules. An audit under this subsection shall be at the expense of the Department.

(4) A child-caring agency that is a nonprofit corporation must comply with the requirements of ORS 128.610 to 128.769.

(5) Insurance. A child-caring agency must at all times maintain each of the following:

(a) General liability insurance in an amount that is reasonably related to the exposure to risk, but in no case in an amount less than $1,000,000 for each occurrence and $3,000,000 aggregate.

(b) Adequate fire insurance.

(c) Adequate auto insurance if the child-caring agency owns or operates a vehicle.

Statutory/Other Authority: ORS 409.050, ORS 418.005, ORS 418.255 & ORS 418.240

Statutes/Other Implemented: ORS 418.205 - 418.327

Disclaimer: These regulations may not be the most recent version. Oregon 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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