May 2009 Vs. 1 Managing the Money – Direct Funding Simplified Page 1 of 3
MANAGING THE MONEY
DIRECT FUNDING SIMPLIFIED
This guide explains the financial procedures for families receiving Direct Funding of $6,000.00 or
less for an individual during a twelve month period.
Individuals or families receiving Direct Funding of more than $6,000.00 for an individual
annually should refer to the guide called Managing the Money ‐ Direct Funding Standard.
You do not need to open a separate bank account. CLBC funds can be deposited and expenses
paid directly to/from your personal account. However, if you choose to open a separate account
so that CLBC funds and expenses are not mixed with your personal banking transactions it will
make it easier for you to explain how you spent the money received from CLBC if you are
requested to do so.
The bank account used to manage the money must be in the name of the family member signing
the Direct Funding Agreement Simplified. You can use your personal account, including joint
accounts, if the account name contains the name of the person signing the Direct Funding
If you want to open a separate bank account, look for banks or credit unions that waive fees for
persons with developmental disabilities. For example, VanCity Credit Union has indicated that
it will provide free banking services for individuals supported by CLBC.
Receiving Funds from CLBC
When you sign a Direct Funding Agreement Simplified, CLBC will provide you with a Direct
Deposit Application form (FIN 312) that must be completed so that the money can be transferred
electronically to your bank account. Enter the name and location of the bank and the account
details (transit and account number) for the bank account that you plan to use to manage the
money you receive from CLBC. Either have the bank or credit union verify the details on the
form and both stamp and sign it to that eff