True or False? An ALF can hold a resident's money without any reporting requirements.

The statement that an ALF (Assisted Living Facility) can hold a resident's money without any reporting requirements is false. Assisted Living Facilities are typically required to have clear policies and procedures regarding the management of residents' funds. This includes maintaining accurate records and often necessitates reporting to ensure the safety and proper management of the residents’ financial assets. Such requirements are in place to protect residents from potential mismanagement or misuse of their money. Additionally, many states have regulations governing the handling of residents' personal funds, which also promotes accountability and transparency within the facility. Therefore, it is essential for ALFs to adhere to these reporting requirements to ensure the financial well-being of their residents.