Oregon Administrative Rules › Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT › Division 300 - INDIVIDUAL DEVELOPMENT ACCOUNTS (IDA) › Section 813-300-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
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.