Iowa Administrative Code › Agency 421 - Human Rights Department › Chapter 25 - Individual Development Account (IDA) › Rule 421-25.5 - Requests for Proposals-operation of Idas

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Issuance of requests for
			 proposals.
The division shall issue requests for proposals (RFPs) for
			 operating organizations interested in operating an IDA program. The RFP shall
			 require the operating organization to provide information in its proposal
			 regarding the financial institution that the operating organization will use
			 for the proposed IDA program. The division shall include such information in
			 evaluating proposals submitted in response to the RFP.
(2)
Review criteria used to evaluate
			 and select proposals responding to the RFP.
The division shall
			 evaluate and select proposals submitted by operating organizations in response
			 to the RFP based upon, but not limited to, the criteria as provided in the RFP
			 and the following criteria, which shall be ongoing responsibilities of the
			 operating organization:
a. The project shall
			 provide for a safe and secure investment mechanism for IDAs using a financial
			 institution approved by the division. This provision shall include assurances
			 to contributors that a process is in place to ensure that contributions will be
			 used for approved purposes as provided in subrule 25.6(1).
b. The proposed project shall link the making
			 of an account holder's contributions to an IDA with other services provided by
			 or outcomes identified by the operating organization in the proposal. The
			 proposed project shall include mechanisms for the operating organizations to
			 monitor and enforce the identified outcomes and services.
c. The operating organization shall provide
			 documentation establishing experience and ability to execute the project as
			 proposed. Minimum capabilities shall include:
(1) An ability to provide financial education
			 including asset-specific education;
(2) An ability to link with tax preparation
			 assistance;
(3) Familiarity and
			 ability to work with the proposed target population; and
(4) A strong record of successful
			 management.
d. The
			 operating organization's proposal shall include a commitment by the operating
			 organization to provide independent matching funds for contributions made by
			 account holders to an IDA on not less than a 1:1 ratio.
e. The proposal shall include a monitoring
			 and evaluation plan for certifying the proposed project's outcomes.
f. The proposal shall include agreement and
			 acknowledgment by the operating organization that it shall have ongoing
			 responsibility for:
(1) Certifying that an
			 investment account is an IDA based on its having the characteristics described
			 in Iowa Code section
			 541A.2.
(2) Certifying annually the income
			 eligibility of each account holder and the amount of contributions made by the
			 account holder to the IDA during the preceding tax year, in order to determine
			 the account holder's eligibility for the state match payment for such
			 year.
(3) Recording annually the
			 contributions made by the account holder, individual and charitable
			 contributors, and the state.
(4)
			 Submitting information regarding the IDA and account holders to the division as
			 requested.