(1) The fiduciary organization shall structure the accounts to have the following features:
(a)  The fiduciary organization matches amounts deposited by the account holder according to a formula established by the fiduciary organization. The fiduciary organization shall deposit not less than one dollar ($1.00) nor more than five dollars ($5.00) into the account for each one dollar ($1.00) deposited by the account holder.
(b)  The matching deposits by the fiduciary organization to the individual development account are placed in a savings account that is controlled by the fiduciary organization and held separately from the savings account of the account holder.
(2)  Deposits by a fiduciary organization to an account shall not exceed three thousand dollars ($3,000) in any twelve (12) month period.
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Terms Used In Idaho Code 56-1105

  • Account holder: means a member of a low-income household who is the named depositor of an individual development account. See Idaho Code 56-1101
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary organization: means a nonprofit, fundraising organization that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code, approved by the state, including any Indian tribe as defined in section 4(12) of the native American housing assistance and self-determination act of 1996 (25 U. See Idaho Code 56-1101
  • Individual development account: means a contract between an account holder and a fiduciary organization, for the deposit of funds into a financial institution by the account holder, and the deposit of matching funds into the financial institution by the fiduciary organization from private and public contributions made to the fiduciary organization for such purpose, to allow the account holder to accumulate assets for use toward achieving a specific purpose approved by the fiduciary organization. See Idaho Code 56-1101
  • Month: means a calendar month, unless otherwise expressed. See Idaho Code 73-114
(3)  The total amount paid into an individual development account during its existence, including amounts from deposits, matching deposits and interest or investment earnings, may not exceed twenty thousand dollars ($20,000).
(4)  Nothing in this chapter shall be construed to create an entitlement to matching moneys. The number of individuals who may receive disbursement of matching philanthropic moneys by sponsoring organizations pursuant to the provisions of this chapter shall necessarily be limited by the amount of philanthropic moneys available in any given year for such purpose.