If a facility holds money or property for safekeeping, how often must they provide a statement?

In the context of facilities that hold money or property for safekeeping, it is essential to ensure transparency and accountability in how those assets are managed. Providing a statement on a quarterly basis helps maintain a clear record of the holdings, giving individuals confidence in the facility's practices. This frequency allows for regular updates on the status of the assets, helping clients to stay informed about their property or funds.

The quarterly requirement aligns with standard practices in financial reporting, as it strikes a balance between providing timely updates and allowing the facility sufficient time to accurately report on the status of the held assets. This periodic reporting serves both the facility and the clients by facilitating prompt communication and reducing the risk of issues or misunderstandings regarding the care and management of the assets.