(1) Subject to Housing and Community Services Department rules, 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 additional matching contributions, counseling account holders, providing financial literacy education, and conducting required verification and compliances activities. The fiduciary organization may establish program provisions as the organization believes necessary to ensure account holder compliance with the provisions of ORS § 458.680 and 458.685. A fiduciary organization may establish income and net worth limitations for account holders that are lower than the income and net worth limitations established by ORS § 458.670 (5) and 458.680 (2).

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Terms Used In Oregon Statutes 458.700

  • Fiduciary: A trustee, executor, or administrator.
  • 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.
  • 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.

(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 ORS § 458.670 and 458.675 to 458.700.

(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 shall provide the Housing and Community Services Department with an annual report of the fiduciary organization’s individual development account program activity. The report must be filed no later than 90 days after the end of the fiscal year of the fiduciary organization. The report must include, but is not limited to:

(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 number of withdrawals made; and

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

(5) The department may make all reasonable and necessary rules to ensure fiduciary organization compliance with ORS § 458.670 and 458.675 to 458.700. [1999 c.1000 § 7; 2001 c.648 § 6; 2003 c.280 § 20; 2007 c.765 § 10; 2015 c.701 § 10; 2015 c.843 22,23; 2021 c.525 § 13]

 

See note under 458.670.

 

COMMUNITY DEVELOPMENT PROJECTS