TITLE 56

PUBLIC ASSISTANCE AND WELFARE

CHAPTER 11

IDAHO FAMILY ASSET BUILDING INITIATIVE

56-1107.  Fiduciary organizations — Authority and duties. (1) Subject to rules of the individual development account advisory board, a fiduciary organization has sole authority over, and responsibility for, the administration of individual development accounts. The responsibility of the fiduciary organization extends to all aspects of the account program, including marketing to participants, soliciting matching contributions, counseling account holders, providing financial training, and conducting required verification and compliance activities. The fiduciary organization may establish program provisions as the organization believes necessary to ensure account holder compliance with the provisions of this chapter.

(2)  A fiduciary organization may act in partnership with other entities, including businesses, government agencies, nonprofit organizations, community development corporations, community action programs, housing authorities and congregations to assist in the fulfillment of fiduciary organization responsibilities under this chapter.

(3)  A fiduciary organization may use a reasonable portion of moneys allocated to the individual development account program for administration, operation and evaluation purposes.

(4)  A fiduciary organization selected to administer moneys for individual development account purposes or to receive tax deductible contributions shall provide the board with an annual report of the fiduciary organization’s individual development account program activity. The report shall be filed no later than ninety (90) days after the end of the fiscal year of the fiduciary organization, or November 1 of each year, whichever occurs first. The report shall include, but not be limited to, the following information for the preceding year:

(a)  The number of individual development accounts administered by the fiduciary organization;

(b)  The amount of deposits and matching deposits for each account;

(c)  The purpose of each account;

(d)  The amount of withdrawals made for approved purposes, and the amount of withdrawals made for nonapproved purposes;

(e)  The determination of whether certain donors are corporations; and

(f)  Any other information the board may require for the purpose of making a return on investment analysis.

History:

[56-1107, added 2002, ch. 149, sec. 1, p. 439.]