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PDFWAC 388-78A-2595

Management agreements—Resident funds.

(1) If the management agreement delegates day-to-day management of resident funds to the manager, the licensee:
(a) Retains all fiduciary and custodial responsibility for funds that have been deposited with the assisted living facility by the resident;
(b) Is directly accountable to the residents for such funds; and
(c) Must ensure any party responsible for holding or managing residents' personal funds is bonded or obtains insurance in sufficient amounts to specifically cover losses of resident funds; and provides proof of bond or insurance.
(2) If responsibilities for the day-to-day management of the resident funds are delegated to the manager, the manager must:
(a) Provide the licensee with a monthly accounting of the resident funds; and
(b) Meet all legal requirements related to holding, and accounting for, resident funds.
[Statutory Authority: Chapter 18.20 RCW. WSR 13-13-063, § 388-78A-2595, filed 6/18/13, effective 7/19/13; WSR 10-03-066, § 388-78A-2595, filed 1/15/10, effective 2/15/10.]
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