Minnesota Administrative Rules

4655.4150 PERSONAL FUNDS.

Subpart 1.

Account.

Unless otherwise specified by law, the personal funds of any patient or resident in excess of $150 shall be deposited in a demand account in a financial institution authorized to do business in Minnesota, the deposits which are federally insured, except that a facility that is operated by a county shall deposit such funds with the county treasurer. This account must be in a form which clearly indicates that the facility has only a fiduciary interest in the funds. Records shall be maintained which specify on whose behalf funds are deposited or withdrawn from this account.

Subp. 2.

Interest on account.

If a patient's or resident's personal funds are deposited in an interest bearing account, the accrued interest shall, unless otherwise specified by law, be prorated in accordance with the amounts attributable to each patient or resident and recorded on the patient's or resident's account.

Statutory Authority:

MS s 144.56; 144A.02 to 144A.08

Published Electronically:

January 19, 2005