There is hereby created the individual development account advisory board. The board shall consist of the administrator of the division of financial management or his designee who shall serve as chair, the director of the department of finance or designee, the director of the department of health and welfare or designee, the director of the department of commerce or designee, the chairman of the Idaho state tax commission or designee, and the superintendent of public instruction or designee. A quorum shall be necessary to transact business. Members of the board shall be compensated by their appointing entity. The individual development account board shall:
(1)  Develop and administer the individual development account program in a manner consistent with this chapter through the adoption of guidelines and procedures, and rules adopted in compliance with chapter 52, title 67, Idaho Code;
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Idaho Code 56-1106

  • 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
  • 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
  • Quorum: The number of legislators that must be present to do business.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(2)  Retain professional services, if necessary, including accountants, auditors, consultants and other experts;
(3)  Seek rulings and other guidance, as necessary, from the United States department of the treasury, the internal revenue service and the state tax commission relating to the program;
(4)  Make changes to the program required for the participants in the program to obtain the federal income tax benefits or treatment provided by section 529 of the Internal Revenue Code of 1986, as amended.
(5)  Interpret, in rules, policies, guidelines and procedures, the provisions of this chapter broadly in light of its purpose and objectives; and
(6)  Approve fiduciary organizations to implement the individual development account program and administer moneys for individual development account purposes. In making the selections, the board shall consider factors including, but not limited to:
(a)  The ability of the fiduciary organization to implement and administer the individual development account program, including the ability to verify account holder eligibility, certify that matching deposits are used only for approved purposes and exercise general fiscal accountability;
(b)  The capacity of the fiduciary organization to provide or raise matching funds for the deposits of account holders;
(c)  The capacity of the fiduciary organization to provide financial counseling and other related services to account holders;
(d)  The links that the fiduciary organization has to other activities and programs designed to increase the independence of this state’s lower-income households through education and training, home ownership and small business development; and
(e)  The ability to meet criteria established by the federal government relating to individual development account programs.