An approved provider must deliver regular updates and information to the Secretary of the Department of Health and Aged Care (the Department), residents, prospective residents and their representatives, about their compliance with the Liquidity, Governance, Records and Disclosure Standards.
It includes information on their compliance with the Prudential Standards, the total of the refundable deposits they hold, their use of refundable deposits, an independent audit report and details of their financial position.
A provider must submit this information to the Department within four months of the end of the financial year which, for most providers, will be by 31 October.
Providing information to the Department of Health and Age Care
The Disclosure Standard, section 51-58 of the Fees and Payments Principles, requires providers holding refundable deposits to deliver regular updates and information about their compliance with the Liquidity, Governance, Records and Disclosure Standards to:
- the Secretary of the Department of Health and Aged Care via the Annual Prudential Compliance Statement (APCS)
- prospective consumers and their representative.
Annual Prudential Compliance Statement (APCS)
Approved providers must submit an APCS to the Commission via the Secretary of the Department of Health and Aged Care about their prudential compliance responsibilities. It should incorporate information on their financial position including:
- consumers who have paid a refundable deposit or prospective consumers – including information about the refundable deposits and balances held during the financial year
- consumers who have paid a refundable deposit – including the annual disclosure of the resident’s entry in the RAD register within four months of the end of the financial year (for most providers, before 31 October)
- consumers who have signed an accommodation agreement – a summary of the permitted uses of refundable deposits and details of the approved provider’s prudential compliance including non-compliance with repaying refundable deposits. It should also capture details of any investment objectives if refundable deposits are used for investment within seven days of signing the accommodation agreement or within seven days of a request by the consumer.
- details of (non-residential) fees paid by residents through My Aged Care and via their website (if applicable)
- Secretary of the Department of Health and Aged Care statements and other information required as part of their APCS within four months of the end of the financial year (for most providers, before 31 October)
Notifying the Commission of provider breaches via the APCS
If an approved provider is aware they have breached the requirements against the Prudential Standards, they must declare the breach in their APCS submission during the reporting period. They must state they:
- did not comply with the relevant Prudential Standard
- what actions they took to fix the non-compliance
- ensure the breach does not occur in future.
For further information on completing the APCS can be viewed in the APCS User Guide.
Breaches of the Disclosure Standard
The APCS is part of the Disclosure Standard. Any late submissions of any part of the APCS is a breach and should be reported in the following year’s APCS.
Similarly, letters to care recipients or their representatives sent after 31 October each year must be reported as a breach in the following year’s APCS.
The common forms of evidence required to assess compliance with the Disclosure Standard are:
- the APCS
- letters sent to care recipients within four months of the end of the financial year (for most providers, before 31 October)
- accommodation agreements
- information on the approved provider’s website.