Section 38-14-8 Selection of Fiduciary Organizations.
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/al/title-38-public-welfare/chapter-14-individual-development-account-program/38-14-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The department shall select fiduciary organizations through competitive processes. In making the selections, the department may consider factors including, but not limited to, the following:
(1)The ability of the fiduciary organization to implement and administer the individual development account program, including the ability to verify account owner eligibility, certify that matching funds are used only for qualified purposes, and exercise general fiscal accountability.
(2)The capacity of the fiduciary organization to provide or raise matching funds for the deposits of account owners.
(3)The capacity of the fiduciary organization to provide, or to arrange for the provisions of, financial counseling, financial literacy education and training specific to the assets the account owners will be purchasing, and other related services to account owners.
(4)The links the fiduciary organization has to other activities and programs designed to increase the independence of this state’s low-income households and individuals through education and training, home ownership, small business capitalization, and other asset-building programs.
(5)The feasibility of the fiduciary organization’s program design, including match rates and savings goals, to lead to asset purchase.