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Virginia Administrative Code
Title 22. Social Services
Agency 40. Department of Social Services
Chapter 100. Minimum Standards for Licensed Child Caring Institutions
11/21/2024

22VAC40-100-60. Finances.

A. The institution shall have a plan of financing which gives assurances of sufficient funds to enable it to carry out its defined purposes and provide adequate care for children. The initial application shall give evidence that there are sufficient funds to assure the first year of operation.

B. The institution shall annually, together with the application for license renewal, submit evidence of financial responsibility which shall include an annual financial statement. Such statement shall reflect the current fiscal condition of the institution and shall include its working budget.

C. The institution shall have adequate liability and fire insurance in force. A copy of the insurance policy shall be made available to the Commissioner's representative upon request.

Statutory Authority

§§ 63.2-217 and 63.2-1734 of the Code of Virginia.

Historical Notes

Derived from VR615-24-01 §IIB, eff. November 22, 1972; amended, eff. July 1, 1981, eff. February 1, 1984, eff. May 1, 1984, eff. July 1, 1984.

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