Financial Stability 622-05-10-10-02

(NEW 10/1/2019 ML #3564)

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Federal standards for foster parenting require foster parents be financially stable with reasonable income or resources available to care for oneself and all members of the household. (NDAC 75-03-14-04) A financial report (SFN 843) must be completed and signed by each foster parent before initial licensure and during each renewal.

 

The licensing worker will confirm the information when completing the home study. The licensing worker will consider the income and expenses, discuss the family’s financial stability and consider overall management of income as more important than the amount of income.

 

Foster care reimbursement is provided to offset the cost of caring for a foster child in the home. Foster care reimbursement is not income, foster parents are not paid to provide foster care, rather they are reimbursed for costs associated with caring for a foster child. Foster parents are not taxed and are not issued a W-2 or a 1099 from the Department. Foster care reimbursement shall not be the primary source of income or needed for the foster family’s own expenses. The maintenance payments issued on behalf of a foster child are intended to meet the needs of the foster child. (NDAC 75-03-14-05)