OAR 813-300-0010
Definitions
(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 operational costs” means all reasonable and appropriate administrative and program costs approved by the department or its designee 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 (Housing and Community Services Department established) 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, fund raising 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 IDA’s 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. A prospective program plan must accompany any application to the Department or its designee for its approval of a fiduciary organization.(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 (Approved purpose of account)(1)(c) related to college savings plans, a financial institution as defined in ORS 178.300 (Definitions for ORS 178.300 to 178.360).(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 financial institution 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 a residence and one vehicle, and excluding holdings in pension accounts, as defined by the Department by rule, that are valued at $60,000 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.(13)
“Oregon individual development account tax credit” or “tax credit” means a credit against taxes otherwise due under ORS Chapter 316 (Personal Income Tax), 317, or 318, as allowed in return for contributions to a fiduciary organization for eventual distribution to individual development accounts established under ORS 458.685 (Approved purpose of account).(14)
“Pension Account” means an account that is funded by an employee and/or the 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 employee until he/she terminates employment or reaches retirement or are accessible with an early withdrawal penalty.(15)
“Personal development plan” means a written plan developed jointly by the fiduciary organization and the prospective account holder for an IDA that is designed to provide the account holder with appropriate financial and asset training, counseling, career or business planning and other services that will increase the self-reliance of the account holder and his/her household through achievement of the IDA’s approved purposes. The personal development plan must be in conformance with ORS 458.680 (Persons qualifying as account holders), these rules and other requirements of the Department or its designee.(16)
“Related funds” means contributions to fiduciary organizations for IDA program purposes that do not qualify for tax credits and supplemental funding from the Department or its designee for IDA program purposes.(17)
“Resident of this state” has the meaning given in ORS 316.027 (“Resident” defined)(18)
“Reverted funds” means matching IDA deposits that devolve to a fiduciary organization because of the termination or revocation of a person as an account holder or unused tax credit contributions or supplemental funds upon termination or revocation of a fiduciary organization or at the expiration of its program plan.(19)
“Supplemental funding” means funds provided by the Department or its designee to fiduciary organizations for program plan purposes.(20)
“Tax credit contributor” means a contributor who receives a corresponding tax credit as allowed in ORS 315.271 (Individual development accounts).(21)
“Tax credit contributions” means funds obtained from tax credit contributors who, in return, earn a tax credit.(22)
“Trust Land” means all lands held in trust by the United States on behalf of an Indian Tribe or individual Indian.
Source:
Rule 813-300-0010 — Definitions, https://secure.sos.state.or.us/oard/view.action?ruleNumber=813-300-0010.