West Virginia Code of State Rules
Agency 78 - Human Services
Title 78 - LEGISLATIVE RULE DEPARTMENT OF HUMAN SERVICES BUREAU FOR SOCIAL SERVICES
Series 78-03 - Minimum Licensing Requirements for Residential Child Care and Treatment Facilities for Children and Transitioning Adults and Vulnerable and Transitioning Youth Group Homes and Programs in West Virginia
Section 78-3-9 - Financial Management System

Universal Citation: 78 WV Code of State Rules 78-3-9

Current through Register Vol. XLI, No. 38, September 20, 2024

9.1. The organization shall have a written budget, approved by the governing body, that shall serve as a plan for managing its financial resources for the fiscal year.

9.2. The organization shall have established financial management policies and procedures that follow generally accepted accounting principles (GAAP).

9.3. The organization shall have annual financial statements prepared in accordance with generally accepted accounting principles (GAAP).

9.4. Financial Accountability.

9.4.1. The organization shall make available an annual report of fiscal, statistical, and service data that includes summary information regarding its financial position.

9.4.2. The organization shall ensure that an administratively independent auditor conducts an annual audit.

9.4.3. An organization that assumes fiduciary responsibility for client funds or disburses other child funds, such as maintenance or allowance funds, shall have written operational procedures that ensure:
9.4.3.a. Separate individual accounting of funds with monthly statements to the child and his or her parent or guardian. Funds managed on behalf of clients shall not be commingled with organizational funds;

9.4.3.b. Protection of child assets, including a bond sufficient to cover all child accounts, unless the aggregate value of the child accounts is less than $500; and

9.4.3.c. Compliance with applicable legislative, judicial, and governmental requirements, including those applying to payment of benefits allotted by the state or federal government.

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