(a) A
community-based organization seeking certification of its existing or proposed
IDA program shall submit its request to the department. The request shall
include:
(1) evidence of the community-based
organization's exempt status from taxation pursuant to section 501(c)(3) of the
Internal Revenue Code of 1986 or any subsequent corresponding provisions of the
internal revenue code of the United States, as from time to time
amended;
(2) a plan outlining the
community-based organization's proposed or existing IDA program which shall
satisfy the requirements of sections 31-51ddd-1 through 31-51ddd-16, inclusive,
of the Regulations of Connecticut State Agencies;
(3) a description of the community-based
organization's proposed process of selecting account holders;
(4) a financial budget specifying the costs
of training, counseling, case management, and administration of the program,
provided such budget contains an assurance that no more than five percent of
the total funds received from the IDA Reserve Fund are to be used for the costs
of program administration and no more than fifteen percent of such total funds
are to be used for the combined costs of training, counseling, case management
and program administration;
(5) a
description of the organization's accounting procedures, including whether the
community-based organization participates in Generally Accepted Accounting
Principles;
(6) any history the
community-based organization has had in successfully operating individual
development account programs and a detailed description of such
programs;
(7) a description of the
manner in which the community-based organization presently coordinates with
other local organizations;
(8) a
description of how the community-based organization will publicize the
program;
(9) a description of the
community-based organization's procedures and timelines for the establishment
of the individual development account to ensure that such establishment is
sufficiently expedient to safeguard the account holder's interest.
(10) a description of its procedures for
monitoring account holder deposits and matching funds deposits; and
(11) a description of the community-based
organization's contingency plan in the event the community-based organization
is no longer able to operate the program. Such contingency plan shall include
but not be limited to:
(A) a requirement of
immediate notice to all account holders and the department; and
(B) all actions the community-based
organization shall take to ensure the orderly closing of the program.
(b) The department
shall review the request for certification and notify the community-based
organization in writing whether the organization's request for certification
has been approved or disapproved. Any notice of disapproval shall include the
reasons for the disapproval. The department's determination shall be final. A
community-based organization may resubmit a request for certification once the
basis for the department's denial of certification has been removed.
(c) The department shall review certified
state IDA programs on an annual basis.
(d) The department may conduct site reviews
of any individual development account program at any time for compliance with
applicable statutes, regulations and contracts.
(e) Community-based organizations operating
certified state IDA programs shall provide the department with full access to
any program records upon request.
