Iowa Administrative Code › Agency 421 - Human Rights Department › Chapter 25 - Individual Development Account (IDA) › Rule 421-25.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
As used in these rules, unless the context otherwise
				requires:
"Account holder"
means an individual who is
				the owner of an individual development account.
"Administrator"
means the administrator of the
				division of community action agencies of the Iowa department of human
				rights.
"Charitable contributor"
means an individual,
				company or organization that makes a contribution through a nonprofit
				association described in Section 501(c)(3) of the Internal Revenue Code, which
				association makes a deposit to an individual development account and which
				association is exempt from taxation under Section 501(a) of the Internal
				Revenue Code.
"Division"
means the division of community
				action agencies of the Iowa department of human rights.
"Federal poverty level"
means the poverty
				income guidelines established annually for a calendar year and published in the
				Federal Register by the U.S. Department of Health and Human Services.
"Financial institution"
means a financial
				institution including, but not limited to, a bank, savings and loan, or credit
				union approved by the division to accept individual development
				accounts.
"Household"
means the adults related by blood,
				marriage or adoption, or who are unrelated but have maintained a stable family
				relationship together over a period of time, and individuals under 18 years of
				age related to the above adults by marriage, blood or adoption who are living
				together. "Living together" refers to domicile as evidenced by the parties'
				intent to maintain a home for their family and does not include a temporary
				visit.
"Individual contributor"
means an individual
				who makes a deposit to an individual development account and is not the account
				holder or a charitable contributor.
"Individual development account"
or
"IDA"
means an investment account which has the
				characteristics described in Iowa Code section
				541A.2
				and is operated by the operating organization.
"Individual development account state match
				fund"
means the fund established in the state treasury under the
				authority of the division into which are deposited funds for payment to
				operating organizations for state match payments to individual investment
				accounts and administrative costs to implement the individual investment
				account program.
"Minor account holder"
means an account holder
				who is younger than 18 years of age.
"Operating organization"
means an entity
				selected by the division for involvement in operating individual development
				accounts directed to the eligible target population.
"Source of principal"
means any of the
				following sources of a deposit:
1. Deposits made by the account holder.
2. Deposits of state match payments.
3. Deposits of individual development account moneys that are
				transferred from another individual development account holder. The moneys
				transferred from another individual development account shall be considered to
				be a deposit of principal made by the account holder.
4. Deposits made on behalf of the account holder by an
				individual contributor or a charitable contributor.