Financial Stability 622-05-10-10-02

(Revised 6/1/22 ML #3677)

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Federal standards require foster care providers to 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 assessment must be completed and signed by each foster care provider before initial licensure and during each renewal (Licensing Packet SFN 1037).

 

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

 

Foster care reimbursement is provided to offset the cost of caring for a child in foster care. Foster care reimbursement is not income, foster care providers are not paid to provide foster care, rather they are reimbursed for costs associated with caring for a child in foster care. Foster care providers 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 to meet the foster care providers own personal expenses. The reimbursement issued on behalf of a child in foster care is intended to meet the needs of the child. (NDAC 75-03-14-05)