Active Rhodium catalyst and impurities are separated from a hydroformylation process stream containing both active and inactive organo-rhodium catalyst by binding active catalyst and impurities to an acidic ion exchange resin containing an acidic group. The purified hydroformylation stream can be returned to the hydroformylation reactor. All or a portion of inactive rhodium can be reactivated before recycling purified hydroformylation process stream to the reactor. During regeneration of the resin, a neutral solvent is used first to remove impurities which are discarded, then an acidic solvent is used to remove active organic rhodium catalyst from the resin. Such active catalyst can be rehydrided and returned to the hydroformylation reactor. An ion exchange resin having at least one acid group disposed on a silica backbone and an active organo-rhodium complex from a hydroformylation process stream bound to the resin can be produced.