Virginia Regulatory Town Hall

Final Text


Information for Licensure-CRF
Stage: Final

22VAC40-151-20. Investigation. (Repealed.)

The department will arrange and conduct an on-site inspection of the facility, a thorough review of the activities and services, and an investigation of the financial responsibility, character, and reputation of the applicant.


22VAC40-151-130. Fiscal accountability.

A. Facilities operated by corporations, unincorporated organizations or associations, individuals, or partnerships shall prepare at the end of each fiscal year:

1. An operating statement showing revenue and expenses for the fiscal year just ended;

2. A working budget showing projected revenue and expenses for the next fiscal year that gives evidence that there are sufficient funds to operate; and

3. A balance sheet showing assets and liabilities for the fiscal year just ended.

B. A. There shall be a system of financial recordkeeping that shows a separation of the facility's accounts from all other records.

C. B. The provider shall develop and implement written policies and procedures that address the day-to-day handling of facility funds to include:

1. Handling of deposits;

2. Writing of checks; and

3. Handling of petty cash.