Section 26-C2102. APPLICANT ORGANIZATION ELIGIBILITY AND ASSESSMENT

 

2102.1In order to approve an application, the Office shall determine that the applicant is exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C. § 501 (c)(3)).

 

2102.2In addition to section 2102.1 above, the Office shall consider the following factors in approving or disapproving applications filed pursuant to sections 2101.2 through 2101.5:

 

(a)The administrative and technical ability of the applicant to administer an opportunity account program;

 

(b)The fiscal accountability of the applicant including accounting procedures and audit reports;

 

(c)The ability of the applicant to provide or raise money for matching contributions;

 

(d)The ability of the applicant to establish and administer an opportunity account reserve fund to receive contributions from opportunity account program contributors;

 

(e)The amount and quality of proposed auxiliary services that the applicant will provide, including economic literacy training, asset training, counseling, and asset purchase assistance;

 

(f)The experience and training of the staff that the applicant will assign to the opportunity account program;

 

(g)The record of the applicant in administering an opportunity accounts program, or other asset-based programs such as homeownership, education community development, or social services;

 

(h)The likelihood that the applicant will be able to administer a successful opportunity account program; and

 

(i)Any other factors the Office considers relevant to ensure the creation and operation by the applicant of an efficient and effective opportunity account program.

 

source

Final Rulemaking published at 49 DCR 4983, 4986-4987 (May 31 2002).