2005 Idaho Code - 56-1106 — INDIVIDUAL DEVELOPMENT ACCOUNT ADVISORY BOARD -- POWERS AND DUTIES

                                  TITLE  56
                        PUBLIC ASSISTANCE AND WELFARE
                                  CHAPTER 11
                    IDAHO FAMILY ASSET BUILDING INITIATIVE
    56-1106.  INDIVIDUAL DEVELOPMENT ACCOUNT ADVISORY BOARD -- POWERS AND
DUTIES. 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;
    (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.