Nursing homes and other healthcare facilities must maintain a system that separately accounts for and tracks each resident's personal funds, according to generally accepted accounting principles. This system should preclude any commingling of resident funds with facility funds or with the funds of any other person. The individual financial record must be made available to the resident through quarterly statements and upon request. The facility must also employ proper bookkeeping techniques to ensure that it can determine the amount of individual resident funds and the interest earned on them. Transactions must be recorded and receipts given to the resident with a copy kept by the facility. Quarterly statements must be provided to the resident or their representative within 30 days of the end of the quarter. Nursing homes and healthcare facilities must take the necessary steps to ensure compliance with these requirements in order to provide the highest quality of care for their residents.

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