Financial Aspects of Purchasing and Managing the Home

The biggest challenge will be raising the money to buy the house and the cost to maintain it, for example: insurance, taxes, utilities, maintenance. In addition, there is the cost of food, medical care, transportation, entertainment, and supervisory staff.

Because every situation is different, this section only points out things to be “considered.” The ways to obtain the necessary cash will have to be determined locally. Typical sources of cash include:

a)Federal, state and local matching funds for the disabled: Medicare, Social Security, local agencies

b)Parents of the residents

c)Donations by wealthy area citizens

d)Donations from area businesses

e)Fund-raising events

f)Money left in estates

g)Income from resident employment in the area

Costs to consider:

1. Mortgage payments 8. Staff salaries
2. Down payment 9. Medical expenses if no insurance
3. Furniture 10. Vehicle & maintenance
4. Food and clothing 11. CPA & legal fees
5. Utilities 12. Home maintenance
6. Insurance 13. Entertainment
7. Property taxes 14. Miscellaneous personal needs

Your county social services department will determine if the resident qualifies for government aid and a room-and-board allowance. Then you should request aid from the state. The state must be billed every month based on approval of aid amount for each resident. Spending money of about $75 per month is paid to each resident in many states and $600 for room and board.

Note: Each county and state has its own aid plans. Check out your own state. Also, the amount of aid may vary depending on the level of capability and functionality of each resident.

Money earned from part-time jobs by the resident is usually shared with the home. About 75% is kept for personal use by the resident.

Medical expenses are the responsibility of the parents of the resident and/or private insurance, Medicare, etc. The Group Home will have a record of contact information of each resident’s personal medical doctor in case there is a need for unscheduled medical attention.

The families of residents, if financially able, are asked to make monthly donations to assist the Home.