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MEMBERS ACCOUNTS
I. PURPOSE:
To establish a private account for residents’ personal monies which the
resident has authorized the facility to manage.
Members accounts held by the facility cannot be commingled. Residents
will receive a quarterly written account of all funds and itemized
property deposited with the facility Business Office. Statements shall
show the balance in the account at the beginning and end of the
accounting period, as well as a listing of all deposits and withdrawals.
II. EARNED INTEREST:
Member’s personal accounts will earn interest at a rate to be computed
annually. Interest is to be credited quarterly to their account.
The interest rate credited to the residents will be adjusted as needed.
This rate will be the actual interest rate earned.
III. INVESTMENTS:
The Business Manager at the Veterans Home will maintain the funds under
their control in the following:
A. INSTITUTIONS: Operating funds must be deposited within the state of
New Jersey at banking institutions which are federally insured by an
agency of the government of the United States of America. Funds must not
exceed the level of insurance provided by these institutions.
B. INVESTMENT: Excess funds (other than normal balances) are to be
invested in the New Jersey Cash Management Fund.
Original: January 1994
Revised: January 1999
BUSINESS OFFICE - 44-02-004
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