(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.
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Terms Used In Idaho Code 56-1107

  • 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
  • Board: means the individual development account advisory board as established pursuant to the provisions of this chapter. See Idaho Code 56-1101
  • 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
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • 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
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(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.