Section 26-C2104. OFFICE CONTRACT AGREEMENTS

 

2104.1Following the selection of a non-profit organization to administer an opportunity account program, the Office shall enter into an agreement with the non-profit organization. In addition to the other requirements of the Office, the agreement shall provide that the administering organization will provide a report to the Office every six (6) months identifying the following:

 

(a)The number of opportunity account holders that the administering organization assists;

 

(b)The aggregate dollar amount in opportunity accounts contributed by account holders and in matching funds which are supervised by the administering organization;

 

(c)The sources of matching funds received and the amount received from each source;

 

(d)The amount available in the administering organization's opportunity account reserve account;

 

(e)The amounts withdrawn from opportunity accounts and the opportunity account reserve account and the use of those funds withdrawn;

 

(f)The activities undertaken by the administering organization to recruit opportunity account holders;

 

(g)The activities undertaken to raise the non-District of Columbia matching funds, either private or federal, (unless at the time of selection, the amount of non-District of Columbia matching funds, either private or federal, was in hand or committed to the administering organization);

 

(h)A list of financial institutions at which opportunity accounts or opportunity accounts reserve accounts are held that are supervised by the administering organization, including number of accounts and aggregate dollars at each; and

 

(i)Such other information as the Office requires.

 

2104.2Each administering organization must also agree as follows:

 

(a)That the administering organization will use no more than twenty percent (20%) of the entire grant for operating funds over the entire life of the grant. For example, if an administering organization receives one hundred thousand dollars ($100,000), it can use only twenty thousand dollars ($20,000) of that amount for operating for the opportunity accounts funded with that grant even though some opportunity accounts may be open and active for five (5) years from the grant;

 

(b)That the administering organization shall establish procedures to assure that:

 

(1)All match rates provided by District of Columbia funds shall be a maximum of two dollars ($2) of matching funds to one dollar ($1) of participant's savings;

 

(2)All match rates provided by non-District of Columbia funds shall, at a minimum, equal the District of Columbia matching funds;

 

(3)No more than three thousand dollars ($3,000) of District of Columbia funds are provided to any opportunity account;

 

(4)The administering organization notifies financial institutions holding accounts of any changes in the status of the account, including the death of the account holder; and

 

(5)The administering organization meets other program and financial requirements as the Office requires.

 

2104.3If the Office determines that an administering organization has failed to comply fully with the requirements of the Act, these rules, or its agreements with the Office, the Office may take such action as it deems appropriate, including establishing a deadline for complete compliance; temporary termination from participation in the program; and permanent termination of participation in the program.

 

source

Final Rulemaking published at 49 DCR 4983, 4988-4989 (May 31 2002).