Family development account program established--proposals,content--department--duties--rulemaking authority.
208.755. 1. There is hereby established within the department of economicdevelopment a program to be known as the "Family Development Account Program".The program shall provide eligible families and individuals with anopportunity to establish special savings accounts for moneys which may be usedby such families and individuals for education, home ownership or smallbusiness capitalization.
2. The department shall solicit proposals from community-basedorganizations seeking to administer the accounts on a not-for-profit basis.Community-based organization proposals shall include:
(1) A requirement that the individual account holder or the family ofan account holder match the contributions of a community-based organizationmember by contributing cash;
(2) A process for including account holders in decision makingregarding the investment of funds in the accounts;
(3) Specifications of the population or populations targeted forpriority participation in the program;
(4) A requirement that the individual account holder or the family ofan account holder attend economic literacy seminars;
(5) A process for including economic literacy seminars in the familydevelopment account program; and
(6) A process for regular evaluation and review of family developmentaccounts to ensure program compliance by account holders.
3. In reviewing the proposals of community- based organizations, thedepartment shall consider the following factors:
(1) The not-for-profit status of such organization;
(2) The fiscal accountability of the community-based organization;
(3) The ability of the community-based organization to provide orraise moneys for matching contributions;
(4) The ability of the community-based organization to establish andadminister a reserve fund account which shall receive all contributions fromprogram contributors; and
(5) The significance and quality of proposed auxiliary services,including economic literacy seminars, and their relationship to the goals ofthe family development account program.
4. No more than twenty percent of all funds in the reserve fundaccount may be used for administrative costs of the program in each of thefirst two years of the program, and no more than fifteen percent of such fundsmay be used for administrative costs for any subsequent year. Funds depositedby account holders shall not be used for administrative costs.
5. The department shall promulgate rules and regulations to implementand administer the provisions of sections 208.750 to 208.775. No rule orportion of a rule promulgated pursuant to the authority of sections 208.750 to208.775 shall become effective unless it has been promulgated pursuant to theprovisions of chapter 536, RSMo.
(L. 1999 S.B. 387, et al. § 10)
CROSS REFERENCE:
Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830
Family development account program established--proposals,content--department--duties--rulemaking authority.
208.755. 1. There is hereby established within the department of economicdevelopment a program to be known as the "Family Development Account Program".The program shall provide eligible families and individuals with anopportunity to establish special savings accounts for moneys which may be usedby such families and individuals for education, home ownership or smallbusiness capitalization.
2. The department shall solicit proposals from community-basedorganizations seeking to administer the accounts on a not-for-profit basis.Community-based organization proposals shall include:
(1) A requirement that the individual account holder or the family ofan account holder match the contributions of a community-based organizationmember by contributing cash;
(2) A process for including account holders in decision makingregarding the investment of funds in the accounts;
(3) Specifications of the population or populations targeted forpriority participation in the program;
(4) A requirement that the individual account holder or the family ofan account holder attend economic literacy seminars;
(5) A process for including economic literacy seminars in the familydevelopment account program; and
(6) A process for regular evaluation and review of family developmentaccounts to ensure program compliance by account holders.
3. In reviewing the proposals of community- based organizations, thedepartment shall consider the following factors:
(1) The not-for-profit status of such organization;
(2) The fiscal accountability of the community-based organization;
(3) The ability of the community-based organization to provide orraise moneys for matching contributions;
(4) The ability of the community-based organization to establish andadminister a reserve fund account which shall receive all contributions fromprogram contributors; and
(5) The significance and quality of proposed auxiliary services,including economic literacy seminars, and their relationship to the goals ofthe family development account program.
4. No more than twenty percent of all funds in the reserve fundaccount may be used for administrative costs of the program in each of thefirst two years of the program, and no more than fifteen percent of such fundsmay be used for administrative costs for any subsequent year. Funds depositedby account holders shall not be used for administrative costs.
5. The department shall promulgate rules and regulations to implementand administer the provisions of sections 208.750 to 208.775. No rule orportion of a rule promulgated pursuant to the authority of sections 208.750 to208.775 shall become effective unless it has been promulgated pursuant to theprovisions of chapter 536, RSMo.
(L. 1999 S.B. 387, et al. § 10)
CROSS REFERENCE:
Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830
Family development account program established--proposals,content--department--duties--rulemaking authority.
208.755. 1. There is hereby established within the department of economicdevelopment a program to be known as the "Family Development Account Program".The program shall provide eligible families and individuals with anopportunity to establish special savings accounts for moneys which may be usedby such families and individuals for education, home ownership or smallbusiness capitalization.
2. The department shall solicit proposals from community-basedorganizations seeking to administer the accounts on a not-for-profit basis.Community-based organization proposals shall include:
(1) A requirement that the individual account holder or the family ofan account holder match the contributions of a community-based organizationmember by contributing cash;
(2) A process for including account holders in decision makingregarding the investment of funds in the accounts;
(3) Specifications of the population or populations targeted forpriority participation in the program;
(4) A requirement that the individual account holder or the family ofan account holder attend economic literacy seminars;
(5) A process for including economic literacy seminars in the familydevelopment account program; and
(6) A process for regular evaluation and review of family developmentaccounts to ensure program compliance by account holders.
3. In reviewing the proposals of community- based organizations, thedepartment shall consider the following factors:
(1) The not-for-profit status of such organization;
(2) The fiscal accountability of the community-based organization;
(3) The ability of the community-based organization to provide orraise moneys for matching contributions;
(4) The ability of the community-based organization to establish andadminister a reserve fund account which shall receive all contributions fromprogram contributors; and
(5) The significance and quality of proposed auxiliary services,including economic literacy seminars, and their relationship to the goals ofthe family development account program.
4. No more than twenty percent of all funds in the reserve fundaccount may be used for administrative costs of the program in each of thefirst two years of the program, and no more than fifteen percent of such fundsmay be used for administrative costs for any subsequent year. Funds depositedby account holders shall not be used for administrative costs.
5. The department shall promulgate rules and regulations to implementand administer the provisions of sections 208.750 to 208.775. No rule orportion of a rule promulgated pursuant to the authority of sections 208.750 to208.775 shall become effective unless it has been promulgated pursuant to theprovisions of chapter 536, RSMo.
(L. 1999 S.B. 387, et al. § 10)
CROSS REFERENCE:
Tax Credit Accountability Act of 2004, additional requirements, RSMo 135.800 to 135.830
