# Resident trust funds

A term used when buying assisted living facility.

Residents' own money held by the facility, which is never the facility's money.

Florida calls any funds or property belonging to a resident that a facility receives trust funds. They are kept separate from the facility's own and credited to that resident. Washington requires a full, complete and separate accounting for each resident, with no commingling. Where the owner, administrator or staff act as representative payee, Florida adds a surety bond equal to twice the average monthly resident income flowing through the facility. None of it is an asset of the business, so a [balance sheet](https://searchspheresource.com/glossary/balance-sheet) that shows it is wrong.

Part of: Buying an Assisted Living Facility (https://searchspheresource.com/guides/buying-an-assisted-living-facility)

Source: https://searchspheresource.com/guides/buying-an-assisted-living-facility/terms/resident-trust-funds
Not dated: The same editorial definitions as the glossary, inside a trade.

Site index for machines: https://searchspheresource.com/llms.txt