Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 300 - INDIVIDUAL DEVELOPMENT ACCOUNTS (IDA) › Section 813-300-0040 - Fiduciary Organization General Responsibilities

Current through Register Vol. 63, No. 7, July 1, 2024
(1) All entities must satisfy applicable
			 legal standards, including these rules as modified from time to time as well as
			 orders and other directives of the Department or its designee, and be
			 authorized in writing by the Department or its designee, prior to and during
			 all times that such entities function as fiduciary organizations.
(2) Authorized fiduciary organizations must
			 operate in a manner consistent with the program plan and organizational
			 documents submitted by them to the Department or its designee as approved by
			 the Department or designee. Fiduciary organizations may amend program plans and
			 organizational documents from time to time with the prior written approval of
			 the Department or its designee. The Department or its designee, from time to
			 time, also may require changes to a program plan.
(3) Subject to Department or its designee
			 approval, fiduciary organizations may engage third-party contractors or
			 otherwise partner with others to perform program plan duties. Any contract or
			 other agreement between a fiduciary organization and a third-party contractor
			 or other partner must provide that the terms thereof and performance by the
			 parties is subject to applicable law, these rules as amended from time to time,
			 and the orders and directives of the Department or its designee.
(4) Fiduciary organizations assume full
			 responsibility to the Department or its designee for operation of their program
			 plan and the use of tax credit contributions and supplemental funds from the
			 Department or its designee. Such assumption does not limit the Department's or
			 its designee's rights or powers with respect to, or the responsibility of,
			 third-party contractors, fiduciary organization partners, account holders,
			 designated beneficiaries, or others.
(5) The program plan duties of a fiduciary
			 organization include, but are not necessarily limited to:
(a) Complying with applicable law, including
			 these rules as amended from time to time, and orders and other directives of
			 the Department or its designee;
(b)
			 Preparing, updating, and complying with an applicable program plan as
			 authorized by the Department or its designee;
(c) Correlating with account holders and
			 designated beneficiaries in preparing and effecting the preparation of
			 appropriate personal development plans consistent with the program
			 plan;
(d) Managing personal
			 development plans including where relevant, but not limited to, counseling
			 account holders and designated beneficiaries, providing financial and asset
			 literacy training, and conducting required verification and compliance
			 activities;
(e) Arranging for,
			 coordinating with, remunerating, auditing, and otherwise ensuring compliance by
			 appropriate third-party contractors and others;
(f) Marketing to, evaluating applications by,
			 and signing individual development account agreements with appropriate
			 potential account holders;
(g)
			 Establishing agreements with appropriate financial institutions to operate IDA
			 accounts;
(h) Marketing tax
			 credits, soliciting contributions, and providing other funding as necessary to
			 cover those and other program plan costs including, without limitation, the
			 management of personal development programs and the matching of IDA deposits by
			 account holders;
(i) Maintaining
			 records with respect to all program plan activities in a manner satisfactory to
			 the Department and its designee, and providing the Department and its designee
			 access to such records as required by the Department and its
			 designee;
(j) Providing annual
			 reports of IDA activity acceptable to the Department or its designee within 90
			 days after the end of the fiscal year of the fiduciary organization;
(k) Providing such other informational
			 reporting to the Department as the Department or its designee may require in
			 the form and at the times required by the Department or its designee;
			 and
(l) Fully complying with all
			 verification requirements of the Department or its designee, in a timely
			 manner.