Accounting for the Individual’s Money

If individuals require assistance to manage their funds, an accounting system must be developed to track income, expenditures, savings, and income tax. The individuals should be as involved as possible in managing all aspects of their own money.

If the home sharing provider is involved in managing the funds of the individual they support, the following measures should be taken:

  • Maintain a separate personal-needs account in a non-interest-bearing account in the province of BC for funds used to pay for personal items and charges on behalf of the individual.
  • Keep the personal-needs account up-to-date at all times and retain receipts for all transactions. Information pertaining to the funds and records of the individual must be kept in a secure and private place in the home.
  • Document the safeguards that are in place to ensure that funds are used for designated and appropriate purposes. If possible, include and inform family members about the method of safeguarding the individual’s funds.

Documentation must also be kept on the following:

  • How the individual gives informed consent for use of her or his funds
  • How the individual will access the records of her or his funds
  • How the individual’s funds will be separated from other funds for accounting purposes
  • How if there is any interest, it will be credited to the individual’s accounts
  • How a monthly account reconciliation is provided to the individual