How detailed do the financial records need to be? – 3
HOW LONG TO KEEP RECORDS?
The RA Act does not say how long a representative must keep records, but you need to keep some kind of records for at least as long as you are in the role of representative.
Set up a filing system early on (a binder, envelopes or a drawer – whatever works for you) to keep yourself organized. Ask the monitor to assist you with setting up the system and perhaps with the filing. It is necessary to have good communication with the monitor and keep them informed, in case someone brings a question or concern to their attention.
The monitor can help you go through the files every few years to remove receipts and details that are not necessary for the long term. Keep in mind that you may have to pass the records on to the alternate representative if they have to take over. Use common sense.
DON’T LOSE SIGHT OF THE GOAL
Remember that the role of a representative is to support and enhance the adult’s abilities. Part of the transition from youth to adulthood can include helping the adult learn about managing their finances and keeping records.
In the case of older adults who have a degenerative disease such as dementia, it is important to remember they have been managing their financial affairs for many years. Finding ways to keep them informed and involved is respectful and may ease feelings of loss and fear as they strive to stay on top of things.
Role of a Representative
Explains the duties and requirements of record keeping for health and personal care matters as well as financial affairs.
Access to Information
How to access records and information as a representative if you are helping an adult.