New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 79 - INDIVIDUAL DEVELOPMENT ACCOUNTS
Part 1 - GENERAL PROVISIONS
Section 2.79.1.10 - PARTICIPATION CRITERIA FOR PROGRAM ADMINISTRATORS
Universal Citation: 2 NM Admin Code 2.79.1.10
Current through Register Vol. 35, No. 18, September 24, 2024
A. In order to receive state funds and be approved by the director, a program administrator shall demonstrate, to the satisfaction of the division, that it meets the criteria below.
(1) It shall qualify as a tax-exempt,
not-for-profit organization under Sections 501(a) and 501(c)(3) of the Internal
Revenue Code of 1986, a tribe or an instrumentality of the state.
(2) It shall establish a reserve account with
an authorized financial institution sufficient to meet the matching fund
commitments made to all account owners participating in the program and shall
report at least quarterly to each account owner the amount of money available
in the reserve account to match the account owner's withdrawal for an allowable
use following completion of all program requirements.
(3) It shall offer a comprehensive financial
literacy program and other necessary training pertinent to the allowable uses
agreed to by the account owner either with its own staff or through a plan of
action utilizing qualified providers.
(4) It shall develop partnerships with
financial institutions, develop account owner matching funds and manage the
operations of an individual development account that is established by the
program administrator with fiduciary care.
(5) It shall have access to facilities that
are reasonably accessible to account owners and comply with state and federal
building laws.
(6) It shall have
human and material resources sufficient to implement an individual development
account program and shall have a successful history of providing service to
low-income persons and of success in raising funds for that purpose. If it is a
new organization, it shall have staff and board members who have had such
experience in other organizations.
(7) It shall present a workable plan for
development, implementation, fiduciary care and management of an individual
development account program. The plan shall include endorsement from at least
one cooperating local financial institution. The plan shall indicate the length
of time, in months and years, of the operation of the program by the
organization, taking into account the resources that are or will be
available.
(8) It shall provide a
description of its contingency plan in the event the program administrator 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 owners and the division; and
(b) all actions the program administrator
shall take to ensure the orderly closing of the program.
(9) It shall not possess any other deficit
that may raise doubt as to its ability to administer an individual development
account program, including but not limited to, conviction of a crime by any
officer of the program administrator.
(10) It shall enter into a contract with the
division delineating its responsibilities in a form prescribed by the
division.
B. The division may conduct site reviews of any individual development account program administrator at any time for compliance with applicable regulations and contracts. The program administrator shall provide the division with full access to any program records upon request.
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