TITLE: PROCEDURES FOR CLIENT FINANCES
POLICY 2.6 Rev. July 2023
PURPOSE AND SCOPE This policy outlines the procedures that will be used when Kokua assists a client with their personal finances. A. ACCOUNTS MANAGED BY CLIENTS Clients who are their own guardians and do not have a representative payee should have unobstructed access to their own finances. Kokua will assist, whenever possible, in maximizing clients’ independence in accessing finances. B. FINANCIAL CONSENT FORM A Financial Consent Form will be completed for each client when Kokua handles his/her finances. The Financial Consent Form should be signed by the client, the guardian and the Executive Director or designee. C. CHECKING/SAVINGS ACCOUNT(S) When Kokua is named as representative payee, individual checking/savings account(s) will be opened for each client. Clients should be encouraged to participate in their Individual Financial Plan (IFP) budget and will have access to information regarding their finances. According to Social Security policy clients will not be provided the checking account number of the payee account, Kokua being the owner of the payee accounts. D. Clients will have unrestricted access to all funds for which Kokua does not manage. If a client requests that staff hold his or her checkbook, EBT cards or bankcards, this agreement must be documented in the client’s IFP. E.
INDIVIDUAL FINANCIAL PLAN (IFP) Whenever Kokua assists a client in managing finances, an Individual Financial Plan will be developed with the client. An IFP will include: 1. The part of the client’s funds and income that will be managed by the service provider. 2. The part of client funds and income that will be managed by the client or legal representative; 3. The type of accounts used; 4. A budget process; 5. Asset management, such as personal property, burial plan, retirement funds, stock, and vehicles; 6. Cash management; 7. Money management instruction and/or support; 8. An explanation of which purchases require receipts; and 9. Contingency plan for “spend down” if needed. An example of “spend down” is the lump sum amount given from the Social Security Administration. 10. A signature of the client and client’s guardian, if any.