65-7103. Same; program establishment; authorities and duties of institute.
65-7103
65-7103. Same; program establishment; authoritiesand duties of institute.(a) There is hereby established within the institute aprogramto be known as the individual development account program. The program shallprovide eligible families and individuals with an opportunity to establishspecial savings accounts for moneys which may be used by such families andindividuals for assistive technology.
(b) The institute shall adopt rules and regulations and policies to implementand administer the provisions of K.S.A. 65-7101 through 65-7107, andamendments thereto.
(c) The institute shall enter into contracts as deemed appropriate to carryout the provisions of this act.
(d) The institute shall prepare arequest forproposals from community-based organizations seekingto administer an individual development account reserve fund on anot-for-profitbasis. Thecommunity-based organization proposals shall include:
(1) A requirement that the community-based organization make matchingcontributions to the development account of an individual account holder's orfamily's contributions to the individual development account;
(2) a process for including account holders in decision making regarding theinvestment of funds in the accounts;
(3) specifications of the population or populations targeted for priorityparticipation in the program;
(4) a process for including economic education seminars in the individualdevelopment account program; and
(5) a process for regular evaluation and review of individual developmentaccounts to ensure program compliance by account holders.
(e) A notice of the request for proposals shall be published once a week fortwo consecutive weeks in a newspaper having general circulation in thecommunity at least 30 days before any action thereon. The request for proposalsshall also be posted on readily accessible bulletin boards in all offices ofthe institute and sent elsewhere as the institutedeems best.
(f) In reviewing the proposals of community-based organizations, theinstitute 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 or raisemoneys 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, includingeconomic education seminars and their relationship to the goals of theindividualdevelopment account program.
(g) No more than 20% of all funds in the reserve fund account may be used foradministrative costs of the program in the first and second years of theprogram, and no more than 15% of such funds may be used for administrativecosts in any subsequent year. Funds deposited by account holders shall not beused for administrative costs.
(h) No provision of this act shall be deemed to require the institute to beobligated toprovide matching funds or to incur any expense in the administration of anindividual developmentaccount reserve fund.
History: L. 2001, ch. 176, § 3; July 1.