The Intellectual and Developmental Disabilities Provider Transparency and Financial Accountability Act mandates the Commissioner of Human Services, in collaboration with the State Comptroller, to create a standardized chart of accounts that provider managed residences and programs must submit. This chart will detail various financial aspects, including wages, salaries, operational costs, and related-party transactions. Providers receiving over $250,000 in state and federal funds are required to submit quarterly expenditure reports, which must be verified by their chief financial officer. Failure to comply may result in a withholding of up to 10% of their monthly reimbursements until the report is submitted.

Additionally, the bill requires provider managed residences and programs to file an annual disclosure statement regarding related-party transactions involving state or federal funds. The State Comptroller is tasked with conducting annual financial audits of a percentage of these providers to ensure accuracy in reporting. If significant discrepancies are found, the department may take action against the provider's license or impose penalties. The Department of Human Services will also establish a public web portal to enhance transparency and allow the public to compare financial data across different residences and programs. A report analyzing the financial data will be submitted to the Governor and Legislature three years after the chart's development, assessing spending on direct care versus administrative costs and making recommendations for potential adjustments.