New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 79 - INDIVIDUAL DEVELOPMENT ACCOUNTS
Part 1 - GENERAL PROVISIONS
Section 2.79.1.15 - REPORTING REQUIREMENTS OF PROGRAM ADMINISTRATORS
Current through Register Vol. 35, No. 18, September 24, 2024
A program administrator whose individual development account program is approved by the director shall report to the division no later than November 1st of each year. The report shall not identify individual account owners and shall include, but not be limited to:
A. the number of individual development accounts established, by savings objective, and their status;
B. verification that deposits are being made by the account owners pursuant to the approved savings plans;
C. the balance and sources of funding in the program administrator's local reserve fund;
D. the total money in the aggregate deposited in individual development accounts and reserve accounts administered by the program administrator;
E. the amounts withdrawn from individual development accounts for either allowable uses or for uses other than allowable uses;
F. the projected balance of savings to be deposited by account owners, by quarter, in order to complete their savings goal;
G. levels of participation in financial literacy education courses differentiating between individual development account participants and the general public; and
H. other information requested by the director to monitor the costs and outcomes of the individual development account program.
