541A.7 Individual development account state match fund.
140 words·~1 min read·
/ia/chapter-541a-individual-development-accounts/541a-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. An individual development account state match fund is created in the state treasury under the authority of the department. Notwithstanding section 8.33, moneys appropriated to the fund shall not revert to any other fund. Notwithstanding section 12C.7, subsection 2, interest or earnings on moneys deposited in the fund shall be credited to the fund.
2. Moneys available in the fund for a fiscal year are appropriated to the department to be used to provide the state match for account holder deposits in accordance with section 541A.3. At least eighty-five percent of the amount appropriated shall be used for state match payments and the remainder may be used for the administrative costs of the operating organization. Administrative costs include but are not limited to accounting services, curriculum costs for financial education or asset-specific training, and costs for technical assistance contractors.