2005 Idaho Code - 56-1107 — FIDUCIARY ORGANIZATIONS -- AUTHORITY AND DUTIES

                                  TITLE  56
                        PUBLIC ASSISTANCE AND WELFARE
                                  CHAPTER 11
                    IDAHO FAMILY ASSET BUILDING INITIATIVE
    56-1107.  FIDUCIARY ORGANIZATIONS -- AUTHORITY AND DUTIES. (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.
    (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.