813-300-0010 Definitions As used in these rules, unless the context indicates otherwise: (1) "Account holder" means an Oregon resident, age 12 or older, of a lower income household that has a net worth of less than $20,000 who is the named depositor of an individual development account. (2) “Administrative and program operational costs” means all reasonable and appropriate administrative and program costs approved by the Department or its designee (typically the Department’s contractor for administration of the Program) for the operation of the IDA program as outlined in the fiduciary organization program plan. Such costs include but are not limited to costs related to marketing, program implementation and evaluation. (3) "Contributor" means a person or entity contributing funds to the Department, its designee or to a fiduciary organization for the purpose of matching IDA deposits by an account holder or for funding program plan operations. (4) "Department" means the Housing and Community Services Department established in ORS 456.555 and, where applicable, its designee. (5) "Designated beneficiary" means a minor-age member of the account holder's household who is the beneficiary of an IDA used to pay the member's extracurricular non-tuition expenses designed to prepare the member for post-secondary education or job training. (6) "Fiduciary organization" means a non-profit organization that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code as amended and in effect on January 1, 1999, or a federally recognized Oregon Indian tribe that is located, to a significant degree, within the boundaries of this state, as selected by the Department or its designee under these rules. (7) "Fiduciary organization program plan" or "program plan" means a mission statement by a fiduciary organization and the corresponding detailed plan by it for the solicitation of contributions (tax credit or otherwise) and prospective account holders, the management of IDAs and their associated personal development plans, and the operation of the fiduciary organization itself — all as approved by the Department or its designee and with such modifications as the Department or its designee may require. (8) "Financial institution" means an organization regulated under ORS Chapters 706 to 716, 722 or 723, or in the case of an account established for the purpose described in 458.685(1)(c) related to college savings plans, a financial institution as defined in ORS 178.300. (9) "Individual development account", "account" or "IDA" 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 a designated account by the fiduciary organization, to allow the account holder to accumulate assets for use toward achieving a specific purpose approved by the fiduciary organization. (10) "Lower income household" means a household having an income equal to or less than the greater of the following: (a) 80 percent of the median household income for the area as determined by the Department or its designee. In making the determination, the Department or its designee shall give consideration to any data on area household income published by the United States Department of Housing and Urban Development. (b) 200 percent of the poverty guidelines as determined by the Department or its designee. In making the determination, the Department or its designee shall give consideration to poverty guidelines published by the United States Department of Health and Human Services or may consider other income data periodically published by other federal or Oregon agencies. (11) "Median Household Income" means, for the appropriate household size, the higher of: (a) The median family income for the Metropolitan Statistical Area or county as published annually by the United States Department of Housing and Urban Development, or (b) The statewide median family income for Oregon as published annually by the United States Department of Housing and Urban Development. (12) "Net worth" means the value of all assets owned in whole or part by household members excluding equity in one residence and one vehicle, and excluding holdings in pension accounts that are valued at $120,000 or less, minus the total debts and obligations of household members, all as measured at the time the prospective account holder applies to establish the IDA. “Pension Account” includes accounts funded by an individual and/or an employer specifically to provide a retirement income, and in which the account is structured so that the funds in the account are either inaccessible to the individual until the individual ends employment or reaches retirement or are accessible with an early withdrawal penalty. In addition, defined benefit pension plans that are never accessible as a lump sum distribution are not included in net worth, regardless of the value. (13) "Oregon individual development account tax credit" or "tax credit" means a credit against taxes otherwise due under ORS Chapter 316, 317, or 318, as allowed in return for contributions to the Oregon IDA Initiative through a fiduciary organization or the Agency's designee for eventual distribution to individual development accounts established under ORS 458.685 and for program and administrative expenses. (14) "Personal development plan" means a written plan developed jointly by the fiduciary organization and the account holder in conformance with ORS 458.680, these rules and other requirements of the Department or its designee. (15) "Resident of this state" has the meaning given in ORS 316.027 (16) "Reverted funds" means matching IDA deposits that devolve to a fiduciary organization because of (i) the revocation of a person’s status as an account holder or (ii) unused tax credit contributions or supplemental funds upon revocation by the Department of an organization’s status as a fiduciary organization or at the expiration of its program plan. (17) "Supplemental funding" means funds provided by the Department or its designee to fiduciary organizations for program plan purposes. (18) "Tax credit contributor" means a contributor who receives a corresponding tax credit as allowed in ORS 315.271. (19) "Tax credit contributions" means funds obtained from tax credit contributors who, in return, earn a tax credit. (20) "Trust Land" means all lands held in trust by the United States on behalf of an Indian Tribe or individual Indian. Statutory/Other Authority: ORS 456.625, ORS 456.555 & ORS 458.700 Statutes/Other Implemented: ORS 315.271, ORS 458.670 - 458.700, ORS 178.300 & ORS 458.670 (6)(b)(B) History: OHCS 4-2024, amend filed 04/03/2024, effective 04/03/2024 OHCS 7-2022, amend filed 03/08/2022, effective 03/18/2022 OHCS 10-2021, temporary amend filed 09/30/2021, effective 09/30/2021 through 03/23/2022 OHCS 8-2021, temporary amend filed 09/24/2021, effective 09/25/2021 through 03/23/2022 OHCS 1-2020, amend filed 01/24/2020, effective 01/24/2020 OHCS 7-2018, amend filed 05/30/2018, effective 05/30/2018 OHCS 31-2014, f. & cert. ef. 6-12-14 OHCS 25-2013(Temp), f. & cert. ef. 12-18-13 thru 6-16-14 OHCS 3-2010, f. & cert. ef. 1-7-10 OHCS 2-2008, f. & cert. ef. 3-18-08 OHCS 13-2007(Temp), f. & cert. ef. 10-2-07 thru 3-30-08 OHCS 9-2003, f. & cert. ef. 12-19-03 OHCS 1-2003, f. & cert. ef. 4-4-03 OHCS 12-2002(Temp), f. & cert. ef. 10-8-02 thru 4-5-03