Management of Participant Finances Procedure

Home & Living > Supported Independent Living > Management of Participant Finances Procedure

Authorised by Chief Executive Officer

Issue Date: 5 December 2023

Kyeema Support Services participants are encouraged to manage their own money where possible unless management of participant’s funds is necessary.

Definitions

Management of participant finances refers to cash and electronic transactions and access to funds on behalf of participants.

Transaction: Any activity relating to the use of participant funds or the addition to participant funds.

Scope

This policy applies to all participants who are supported by Kyeema in a residential arrangement such as short-term accommodation or Supported Independent Living, and to the staff supporting them.

Policy

Kyeema will, where required, manage the personal finances of participants where participants reside in Supported Independent Living. For participants who receive individual supports or attend Group Programs, staff will only assist with personal funds as needed or directed by the participant’s support requirements.

Procedure
General

•       Kyeema staff will encourage and support participants to manage their own money where possible, especially their spending money.

•       Kyeema staff involved in the handling or managing of a participant’s finances are responsible for providing a full account of expenditure and acquittal.

•       Withdrawals and deposits at banking institutions are to be completed by the participant. Staff will provide active support in assisting the participant to access these services, where such support is needed.

•       Staff are not to complete the participant's banking without the participant with them.

•       Staff are not to know a participant’s PIN number or be a signature on their bank account.

Residential and Short-Term Accommodation

•       Individual and formal records of participant monies are kept at the residence and regular checks and recording of participants’ funds from shift to shift will be conducted by staff.

•       Participant privacy is respected and liaison by Kyeema managers with a participant’s bank or fund manager (for example, State Trustees or administrator appointed under the Guardianship and Administration Act) is formal and on a strictly need-to-know basis.

•       Reconciliation of participant cash is completed daily, with two staff where practical.

•       Each Kyeema participant who has their money managed has an individual

record of accounts that states:

-        his/her name;

-           date of all transactions – in and out;

-           amount of all transactions – in and out;

-           itemised account for each transaction – in and out;

-     accompanying receipts for purchases and other transactions (for example, ATM transactions including balance before and after transaction);

-     name and signature of person carrying out each transaction must be included on any receipts as well as in the participants finance book.

-           clear record of amount of cash and/or balance remaining of participant’s money.

•       Kyeema participants have access to the record of their finances kept by Kyeema at any time.

•       All participant money that is under the care of a Kyeema staff member is kept separate from that staff members’ personal money.

•       Participant money is available for participant use at all times (that is, not taken away from the participant’s residence by a staff member unless to be used specifically for a planned purchase on behalf of the participant).

•       Accounting for transactions on behalf of a participant are completed and formally recorded on the relevant Cash Handover Sheet or ledger before the end of each staff member’s duty period.

•       Each month a copy of the cash handover sheet/ledger is provided to participants/resident’s financial guardian or trustee

•       Any disagreement with a participant about balancing a participant’s account should be discussed with the relevant Manager as soon as possible.

•       Should any discrepancy in participant’s funds be discovered the cause of the discrepancy is to be investigated. If this cannot be identified or is disputed, then the relevant Manager is informed as soon as possible and an Incident Report completed.

•       A formal audit of participant’s funds will be directed or conducted by either the finance manager or an external auditor when a discrepancy is discovered and/or annually.

Resources

Key Legislation, Acts & Standards

•       National Disability Insurance Scheme Act 2013 (Cth)

•       National Disability Insurance Scheme (Quality Indicators) Guidelines 2018 (Cth)

•       NDIS Practice Standards - Version 1, 2018 (Cth)

•       National Disability Insurance Scheme (Provider Registration and Practice Standards) Rules 2018 (Cth)

•       AS/NZ ISO 31000:2018 – Risk management—Principles and guidelines

Key Aligned Documents

•       Incident, Complaint, WHS Record Form CCF-65

•       Code of Conduct NDIS / TAC etc - Workers

•       Risk Management Policy

•       Participant Finance Register HL-23